progressive payment calculator for singapore home loan

Progressive Calculator

Estimate your payments with our progressive payment calculator for your new uncompleted property. See how the payments change as the stages progress.

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. 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

progressive calculator example 1

Result

progressive calculator result example 1

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 PaymentStagePayment under a standard payment scheme ( % of purchase price )Estimated timeline
1st paymentUpon the grant of Option to Purchase5% – 10% (booking fee)2-3 weeks
Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date20% less booking fee8 weeks
2nd paymentCompletion of foundation work10%6-9 months later from work commencement
3rd paymentCompletion of reinforced concrete framework of unit10%6-9 months later after 2nd payment
4th paymentCompletion of partition walls of unit5%3-6 months later after 3rd payment
5th paymentCompletion of roofing/ceiling of unit5%3-6 months later after 4th payment
6th paymentCompletion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit5%3-6 months later after 5th payment
7th paymentCompletion of car park, roads and drains serving the housing project5%3-6 months later after 6th payment
8th paymentIssue of Temporary Occupation Permit25%To be advised
9th paymentOn Completion Date2%To be advised
Issue of Certificate of Statutory Completion8%To be advised
Expiry of the defects liability period5% To be advised

Source: URA

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Which Home Loan Type Should I Choose?

The type of home loan may affect your monthly payments and interest rate. Here’s a look at the pros and cons of some common loan types.

Fixed Rate

Suitable for:Homeowners who prefer stable payments.

Features:Usually rates are fixed for the first few years. Thereafter it will be a variable rate. Commonly there will be a penalty for partial or full redemption during the lock-in period.

SIBOR

Suitable for:Homeowners who are comfortable with changing payments.

Features:Commonly use rates are 1M or 3M SIBOR. Rate is transparent and can be found in papers. Provide a lot of flexibility in terms of repayment.

Fixed Deposit Rate

Suitable for:Homeowners who prefer some stability in their monthly payments.

Features:Uses the bank’s fixed deposit rate as a benchmark. Rates are priced internally by the respective bank.Usually there is a lock-in period.

Board Rate

Suitable for:Homeowners who prefer some stability in their monthly payments.

Features:Uses the bank’s board rate as a benchmark. Rates are priced internally.

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