Buying Guides
A first-time buyer’s guide to booking and installments
Booking money, down payment, installments and registration explained in plain language, with the questions to ask before you sign.
Buying your first home involves a handful of terms that sales teams use every day and buyers hear once in a lifetime. Here is what they mean.
Booking money
A booking amount holds a specific unit in your name for a short, fixed period. Ask for a money receipt and confirm in writing how long the hold lasts and whether the amount is refundable.
Down payment
The down payment is usually paid within a few weeks of booking, when the sale agreement is signed. It is typically 20 to 30 percent of the price.
Installments
The balance is spread over the construction period. A good schedule is tied to dates you can plan around, and every payment should produce a receipt.
- Ask whether installments are interest free
- Ask what happens if a payment is late
- Ask whether you can pay early
Handover and registration
The final payment is normally due at handover. Registration costs, utility connections and the service charge deposit are separate from the unit price, so ask for an estimate at the start.
Before you sign
- Read the allotment letter and the agreement fully
- Check the unit number, size and floor against the approved plan
- Keep every receipt in one place
