Loans and affordability
Progressive Payment
A quick view of the progressive payment scheme for a home under construction: what is paid at each stage, how much of it the loan covers and what the monthly repayment is at that point.
JamesWongHomes
Progressive Payment
- Loan, % of the price
- 75%
- Loan period in years
- 30 years
- Interest rate a year
- 4%
- Foundation (10%)
- 6 months
- Reinforced concrete framework (10%)
- 6 months
- Partition walls (5%)
- 3 months
- Roofing or ceiling (5%)
- 3 months
- Doors, windows, wiring and plumbing (5%)
- 3 months
- Car park, roads and drains (5%)
- 3 months
- Temporary occupation permit (TOP) (25%)
- 12 months
- Certificate of statutory completion (CSC) (15%)
- 12 months
Result
A little more is needed
Still needed: Purchase price.
What this calculator leaves out
- Stamp duties and legal fees: use the New Launch Purchase calculator.
- Changes in the interest rate during construction.
- It works from the figures you enter. It is not a bank's approval, a valuation or advice.
Want the figures looked over?
James can go through your figures with you and point out what a calculator cannot see: timing, eligibility and the order in which to do things. Nothing you typed here is sent with your enquiry; bring the figures or a printout.
Related calculators
- New Launch PurchaseStage-by-stage payments, loan drawdowns and duties for a private home bought under construction.
- New Executive Condominium PurchasePayments, loan and income check for an executive condominium bought from the developer.
- Buyer's Stamp Duty and ABSDStamp duty on buying a home, for one buyer or two, by profile and homes already owned.
- New Launch TimelineDates for every payment on a new launch, from booking to completion, with an income check.