**Standard payment scheme (Progressive Payment Scheme)**

As the loan is progressively drawn down, your loan instalment will increase slowly. Hence its less demanding on your cash flow compared to a completed private property. Nevertheless you should be prudent in your budget and not make any purchase that you think you will have a problem servicing when its fully disbursed.

## Progressive Payment Calculator (1) – comparing banks offers rates to your showroom offer

**How to use: **

**Loan amount (SGD)** – Enter the loan amount for your new purchase in the calculator below. The minimum loan amount is $200,000

**Loan Tenure (Year)** – Enter the loan tenure. The minimum loan tenure is 5 years, up to a maximum of 30 years.

**Loan Type** – Use the drop down list and select “new home loan“.

**Property Type** – Use the drop down list and select “Private (Uncompleted)”.

Then click “Get offers now” to compare current banks offers.

## Progressive Payment Calculator (2) – DIY the estimated payment

MoneyIQ has created a progressive payment calculator to help new homeowners estimate the loan payment at each stage. Homeowners may use the progressive payment calculator below to DIY a quick budget on the payments. Do note that the estimate timeline is different for every project. Some projects may complete faster than others.

## Using the Progressive Payment Calculator

**Example:**

Joe is buying an uncompleted private property and wants to use the progressive payment calculator to estimate his monthly payments. The purchase price is $1,200,000 and the loan to valuation is 80%. The mortgage package given by the bank is 1.45% p.a for the first 3 years and 1.75% p.a thereafter. Joe likes to take 25 years loan tenure.

With reference to the calculator, he will input

**Results**

**Note:** Buyer will be informed of the actual drawdown month by the developer.

The time for payment and the amount of purchase price for uncompleted projects or building under construction (BUC) payable under the standard payment scheme is as below.

Order of Payment | Stage | Payment under a standard payment scheme ( % of purchase price ) | Estimated timeline |

1^{st} payment | Upon the grant of Option to Purchase | 5% – 10% (booking fee) | 2-3 weeks |

Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date | 20% less booking fee | 8 weeks | |

2^{nd} payment | Completion of foundation work | 10% | 6-9 months later from work commencement |

3^{rd} payment | Completion of reinforced concrete framework of unit | 10% | 6-9 months later after 2^{nd} payment |

4^{th} payment | Completion of partition walls of unit | 5% | 3-6 months later after 3^{rd} payment |

5^{th} payment | Completion of roofing/ceiling of unit | 5% | 3-6 months later after 4^{th} payment |

6^{th} payment | Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit | 5% | 3-6 months later after 5^{th} payment |

7^{th} payment | Completion of car park, roads and drains serving the housing project | 5% | 3-6 months later after 6^{th} payment |

8^{th} payment | Issue of Temporary Occupation Permit | 25% | To be advised |

9^{th} payment | On Completion Date | 2% | To be advised |

Issue of Certificate of Statutory Completion | 8% | To be advised | |

Expiry of the defects liability period | 5% | To be advised |

###### Source: URA

## More Calculators

### Affordability Calculator

MIQ affordability calculator helps you determine the maximum loan amount you can borrow under the regulations. The calculation will be based upon your income, age, Total Debt Servicing Ratio (TDSR) and Loan to Value (LTV) restriction.

Go to Affordability Calculator

### HDB vs Bank Loan Calculator

Use this HDB loan calculator to determine whether a HDB home loan is better than a bank loan. This calculator also allows user to see how much more they have to pay if interest rate increases.

Go to HDB vs Bank Loan Calculator

### Refinance Savings Calculator

Use this refinance savings calculator to help you decide if you should refinance. The refinance calculator estimates the monthly payment and total interest.

Go to Refinance Savings Calculator

### TDSR Calculator

Use this TDSR calculator to determine your maximum loan under the TDSR restriction. The calculation will be based upon your income, age and debt obligations.

Go to TDSR Calculator

## Contact Us

If you have any questions on the progressive payment calculator, please feedback to us at contact@moneyiq.sg

TERMS OF USE

The computation above is for indicative purposes only and is not an offer of credit facilities. Credit facilities are granted at the discretion of the Bank.

MoneyIQ accepts no liability for errors or omissions, nor for any loss arising from use of or reliance on the calculation herein.

The maximum loan amount is subjected to prevailing regulatory requirements and the bank.