New launch payment schedule
With a new launch you pay in stages as the building goes up. See what's due at each stage, what you pay in cash or CPF and what the loan covers, and how your monthly instalment grows until completion.
Stages and percentages follow the normal payment scheme for new launches. Loan limits and minimum cash are MAS rules for options granted from 6 Jul 2018, checked 4 Oct 2026. Instalments are estimates; your bank confirms the actual amounts.
How new launch payments work
When you buy a new launch from the developer, you pay in stages as the building goes up (the normal progressive payment scheme). Your bank loan is drawn down stage by stage, and you pay interest only on what has been drawn, so your monthly instalment starts small and grows as construction goes on.
Example: a $1.5 million new launch with a 75% loan
| Stage | % | Amount | Usually paid by |
|---|---|---|---|
| Booking (option to purchase) | 5% | $75,000 | Cash |
| Sale and purchase agreement, within 8 weeks | 15% | $225,000 | Cash or CPF |
| Foundation | 10% | $150,000 | $75,000 cash or CPF (the rest of your 25%), then the bank |
| Concrete framework | 10% | $150,000 | Bank loan |
| Partition walls | 5% | $75,000 | Bank loan |
| Roof and ceiling | 5% | $75,000 | Bank loan |
| Doors, windows, wiring and plumbing | 5% | $75,000 | Bank loan |
| Car park, roads and drains | 5% | $75,000 | Bank loan |
| TOP (you get the keys) | 25% | $375,000 | Bank loan |
| CSC (completion) | 15% | $225,000 | Bank loan |
Buyer's stamp duty (and ABSD, if it applies) is due within 14 days of signing the sale and purchase agreement, on top of the stages above. Construction usually takes about three to four years from launch to TOP.
Questions people ask me
Can I use CPF for the 5% booking fee?
No. The 5% booking fee is paid in cash when you get the option to purchase. CPF can be used for the 15% at the sale and purchase agreement stage, and for later payments within CPF's limits.
When do I start paying my mortgage on a new launch?
Once your own 25% down payment has been used up, usually around the foundation stage with a 75% loan. From then, the bank pays each stage and your instalments rise as more of the loan is drawn.
What are TOP and CSC?
TOP (Temporary Occupation Permit) is when the building is ready to move into and you collect your keys: 25% is due then. CSC (Certificate of Statutory Completion) comes later, when the project is certified complete: the final 15%.
Is there a deferred payment scheme?
Some developers offer one, usually at a higher price. New ECs from sites tendered from 8 May 2026 no longer have one: see my guide to the 2026 EC rule changes.
Stages and percentages follow the normal payment scheme for uncompleted homes. Your bank's drawdown and your down payment split may differ. This is general information.