When you opt for Progressive Payment Scheme, you make instalment payments in tandem with the construction progress. It refers to the payment by instalments, typically 5 – 10 per cent. Therefore, if construction gets delayed, your payment deadlines will also get pushed back.
The Progressive Payment Scheme deals with uncompleted houses/apartments that are in the process of being built. Being regarded as a Normal Payment Scheme, this scheme is a standard payment schedule for a new residential project under construction. In other words, new home buyers make payments by instalments, stage by stage, with each payment being made when a specific milestone of the building is reached. So you would pay the developers based on the progress of construction.
The Overall payment timeline can be divided into several stages including the down payment, foundation, reinforced concrete framework, and many more. One upside to the progressive payment scheme is the lower initial monthly repayments, you don’t start to pay the full costs until you can move in and enjoy the new home. You can use our Progressive Payment Calculator to have a better experience of the payment schedule. You can refer to the following table.