Malaysia/Singapore Progressive Payment Schedule
Malaysia:
Progressive Payment Schedule For typical Malaysia new launch projects, 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房屋建设进度付款： | Paying Stages in %付款 |
| Booking fee/ Upon granting of Option to Purchase 买房订金 | Booking fee (varies) |
| Immediately upon signing of SPA 完成买卖合约（S&P） | 10.0% – Booking fee, |
| Completion of foundation work 完成打桩/地基 | 10.0% |
| Completion of the structural framework 完成框架和地板 | 15.0% |
| Completion of the walls with door and window frames 完成墙壁和门窗架 | 10.0% |
| Completion of the roofing, electrical wiring, plumbing (without fittings), gas piping (if any)and internal telephone trunking and cabling. 完成屋顶/天花板/电线配管 (没有配件)/气体管道(若有)/内部电话联接 | 10.0% |
| Completion of the internal and external finishes including the wall finishes.完成内外墙的灰 | 10.0% |
| Completion of the sewerage works 完成污水运作系统 | 5.0% |
| Completion of the drains serving the said Building 完成沟渠运作系统 | 5.0% |
| Completion of the roads serving the said Building 完成道路运作系统 | 5.0% |
| On the date the Purchaser takes vacant possession of the said Parcel with water and electricity supply ready for connection拿锁匙，水电具备 | 12.5% |
| On the date the Purchaser takes vacant possession of the said Parcel as in item 3 and to be held by the Vendor’s solicitors as stakeholder for payment to the Vendor within twenty-one (21) working days after the receipt by the Purchaser of the written confirmation of the Proprietor/Vendor’s submission to and acceptance by the Appropriate Authority of the application for subdivision of the said Building or Land, as the case may be | 2.5% |
| On the date the Purchaser takes vacant possession of the said Parcel as in item 3 and to be held by the Vendor’s solicitors as stakeholder for payment to the Vendor as follows. 剩下的5%由律师楼保管 | 5.0% |
| (a) two point five per centum (2.5%) at the expiry of eight (8) months after the date the Purchaser takes vacant possession of the said Parcel 拿锁匙的6个月后 | |
| (b) two point five per centum (2.5%) at the expiry of twenty-four (24) months after the date the Purchaser takes vacant possession of the said Parcel 拿锁匙的18个月后 |
Other Fees Payable:
- Stamp Duty for S&P – Stamp duty based on 4% of Purchase Price – RM6,000.
- Stamp Duty for bank loan – Stamp duty based on 0.5% of Loan Amount.
- Legal Fee for S&P – about 0.8% of Purchase Price
- Legal Fee for Bank Loan – about 1% of Loan Amount.
- State Levy (if applicable) – Johor RM12K (including miscellaneous fee), Kuala Lumpur RM1K (no State Levy but as registration fee)
Mortgage Loan: Typical loan quantum: Local: 80- 90% ; Singaporean: 70-80%; Foreginer 60-70%. Loan tenure: up to 40 years or age of 70 subjects to bank’s approval. Current interest rate: around 4.2% Other considerations when deciding a loan package: Lock-in period, flexi/semi-flexi loan.
Singapore:
Progressive Payment Schedule For typical Singapore new launch project, 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房屋建设进度 | Paying Stages in %付款 |
| Upon granting of Option to Purchase 买房订金 | 5% (Booking fee) |
| Upon signing of the Sale & Purchase Agreement 完成买卖合约（S&P） | 15% |
| Completion of foundation work 完成打桩/地基 | 10% |
| Completion of reinforced concrete framework of unit 完成框架和地板 | 10% |
| Completion of brick walls of unit 完成墙壁 | 5% |
| Completion of roofing/ceiling of unit 完成屋顶/天花板 | 5% |
| Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit 完成电线配管 (没有配件)/气体管道(若有)/内部电话联接和门窗架 | 5% |
| Completion of car park, roads and drains serving the housing project 完成停车场，道路和污水运作系统 | 5% |
| Notice of Vacant Possession 拿锁匙，水电具备 | 25% |
| On Completion Date 法定工程完工 | 15% |
Other Fees Payable:
- Stamp Duty – Stamp duty payable is tiered based on the purchase price. Generally you can use 4% as a quick calculation.
- 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:
- Nationality, Property Count & Rate:
SC: 1st 0% | 2nd 20% | 3rd or more 30%
PR: 1st 5% | 2nd 30% | 3rd or more 35%
Foreigner: 60% Flat Rate
Entity/ Trustees: 65% Flat Rate
- Nationality, Property Count & Rate:
- Legal Fees – approx $2,500 to $3,500
Obtaining Mortgage Loan:
Max up to 75% bank loan – If this is the first housing loan. (up to 30 years or age of 65)
Max up to 45% 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)
CPF Minimum Sum: Purchasers 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 $x amount in your OA + SA.
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