Payment Scheme of Ki Residences is Also known as Progressive Payment Scheme, allows you to service your loan via monthly instalments progressively stage by stage as the property is being built.
Understanding The Progressive Payment Scheme
Progressive Payment Scheme is a payment plan offered to purchasers making a buy in a private structure that hasn’t been completely constructed at this point. The choice to buy your new home utilizing this payment scheme is favored as opposed to making full payment forthright.
The Progressive Payment Scheme is organized with the end goal that the purchaser pays for a property as indicated by the phase of development. Thus, if development gets postponed, your payment timetables will likewise get pushed back and when each phase of the structure is finished, the developers will send your attorney a notification illuminating that you have to gain your ground payment for that stage. Contingent upon your financing game plans, you will either be called upon to make the payment in real money, or the bank giving you an advance will be reached to deliver a payment.
The payment must arrive at the developer inside 14 days of receipt of the notification from the developer, otherwise, late payment charges will apply.
Contingent upon the hour of procurement, the purchaser will be needed to meet and finish the payment stage at the hour of procurement
|Stage||Payment Under a Standard Payment Scheme (% of Purchase Price)|
|Upon the grant of Option to Purchase||5% (Booking Fee)|
|Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date||20% less Booking Fee|
|Completion of foundation work||10%|
|Completion of reinforced concrete framework of unit||10%|
|Completion of partition walls of unit||5%|
|Completion of roofing/ceiling of unit||5%|
|Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit||5%|
|Completion of car park, roads and drains serving the housing project||5%|
|Notice of Vacant Possession (TOP)||25%|
|On Completion date||15%|
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