Progressive payment calculator
Progressive Payment Calculator – Use This Calculator To Calculate The Actual Payment Amount And Milestones For The Purchase Of Your Dream Home.
The Normal Payment Scheme also known as The Progressive Payment Scheme is a payment schedule offered to home-buyers making a purchase in a building that hasn’t been fully built yet. The option to purchase your new house using this payment method is preferred instead of making a full cash payment upfront.
The Progressive Payment Scheme is structured such that the buyer pays for a property according to the stage of construction. As such, if the construction gets delayed, the payment schedules will also be delayed and when each stage of the building is completed, the developers will notify your lawyer informing them that you need to make your progressive 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.