Parc Clematis Developer – Normal Payment Scheme
Parc Clematis Developer Payment Scheme is also known as Progressive Payment Scheme.
Understand more on Progressive Payment Scheme
The progressive payment scheme applies to private properties which are in the process of being built. The buyer will have to make instalment payments, in tandem with the construction progress – hence the term, Progressive Payments. The instalments are paid in stages, all the way until buyer receive the Certificate of Statutory Completion (CSC).
Buyers will be able to service their instalment payment progressively, stage by stage as the property is being built. This increases the flexibility of their funds and reassures any financial considerations. The smaller instalments translate to smaller, more manageable mortgage instalment obligations; this is definately a welcoming piece of news to any buyer.
Instalments are made every few months whenever the developer hits certain pre-set milestones in construction. This works out to a payment of about 5 – 10 percent of the purchase price every 6 months or so, until around the time the Temporary Occupation Permit (TOP) is issued (about 3 years from launch), at which point the remaining 40 percent falls due.
This makes new launch condominiums a great option for the buyer who doesn’t really have much by the way of upfront capital as it allows the buyer to stretch out his payment obligations over a longer period of time.