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PROGRESSIVE PAYMENT SCHEME
Understanding The Progressive Payment Scheme
Progressive Payment Scheme is a payment schedule offered to buyers making a purchase in a residential building that hasn’t been fully built yet. The option to purchase your new home using this payment scheme is preferred instead of making a full payment upfront.
The Progressive Payment Scheme is structured such that the buyer pays for a property according to the stage of construction. As a result, if construction gets delayed, your payment schedules will also get pushed back and when each stage of the building is completed, the developers will send your lawyer a notice informing that you need to make your progress payment for that stage. Depending on your financing arrangements, you will either be called upon to make the payment in cash, or the bank giving you a loan will be contacted to release a disbursement.
The payment must reach the developer within 14 days of receipt of the notice from the developer, otherwise late payment charges will apply.
Depending on the time of purchase, the buyer will be required to meet and complete the payment stage at the time of purchase.