River Isles – Financing and Payment.
Normal Progressive Payment Scheme (NPS)
At River Isles, a qualified purchaser must make installment payments of the purchase price under the Sales and Purchase agreement in the following manner when a property developer finishes a certain construction phase of the project.
|Purchasing Stage||Paying Stages in terms of Purchasing Price|
|Upon granting of Option to Purchase||5% (Booking fee)|
|Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date||15% excluding Stamp Fees and Legal Fees|
|Completion of foundation work||10% (Start of Monthly Installments)|
|Completion of reinforced concrete framework of unit||10%|
|Completion of brick walls of unit||5%|
|Completion of roofing/ceiling of unit||5%|
|Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit||5%|
|Completion of car park, roads and drains serving the housing project||5%|
|Notice of Vacant Possession||25%|
|On Completion Date||15%|
Other Fees Payable:
A1) Stamp Duty – Stamp duty based on 3% of Purchase Price -5400. Payable in cash first.
A2) Additional Buyer Stamp Duty (ABSD) – This is an additional stamp duty on top of the basic stamp duty.
ABSD is only applicable if you are either:
- A Singapore Citizen, ownership of 2nd property : 7% ABSD, subsequent : 10% ABSD
- A Singapore PR, ownership of first property : 5% ABSD, subsequent : 10% ABSD
- A Foreigner, ownership of 1st property (and subsequent) : 15% ABSD
B) Legal Fees – approx $2,500 to $3,500
** There is absolutely no Agent Fees involved **
Obtaining Mortgage Loan:
Max up to 80% bank loan – If this is the first property purchase, or if you have no outstanding mortgage loan. (up to 30 years or age of 65)
Max up to 50% bank loan – If this is the 2nd or subsequent property purchase on top of an outstanding mortgage loan; eg, currently servicing a HDB loan. (up to 30 years or age of 65)
(We have a panel of professional mortgage bankers from various banks who can give you the best possible loan package for River Isles. Contact us for more info)
CPF Minimum Sum:
Purchasers for River Isles have to note that if this is the 2nd or subsequent property purchase that utilises your CPF funds, its mandatory to set aside the minimum sum of $69,500 (before July 2013) in your OA + SA. More info: CPF Board – How much is the minimum sum