New Purchase Property- Building Under Construction - BUC

Property - Building Under Construction- BUC


Building Uner Construction or Commonly known as BUC in short, this refers to property that is normally sold off the plans while the physical building is still under construction.

For such properties, the Temporary Occupation Permit (TOP) and/or Certificate of Statutory Completion (CSC) have not yet been issued.

If you had purchased a BUC property, you will have to make payments to the developer based on the following work schedule:

Table of Building Schedule Payment Quantum (usually a % of the agreed purchase price)

1 Booking Deposit 5%

2 Signing of Sales & Purchase Agreement 15%

3 Completion of Foundation 10%

4 Completion of Superstructure 10%

5 Completion of Brick Wall 5%

6 Completion of Ceiling/ Roofing 5%

7 Completion of Electrical Wiring/ Plumbing 5%

8 Completion of Roads/ Cars Parks/ Drainage 5%

9 Issuance of Temporary Occupation Permit 25%

10 Certificate of Statutory Completion 15%

Whether you have purchased your property for personal lodging, investment purpose, or rental income, your key concern should be to have the power to own a property with the least cash outlay possible at any given time.

Having made this decision, your main consideration should be to check around for the available best banks' home loans and to secure a housing loan first.

It is important that you secure the a few mortgage packages while the banks are provide you with choice of different packages, so that you can choose one package that best suit your housing loan needs. Low rates mean more savings, which means paying off your housing loan in faster and short the number of years you need to pay your mortgages.

Your property may have enjoyed an appreciation in value and while the value can still be supported, it is prudent to lock in a housing loan so that you do not have to fork out any more cash than you had originally anticipated.

With valuations falling, it would be wise to consider securing a housing loan for your property soonest, especially when valuations can still support your loan at this point of time.

A loan application( Approval -In -Principal ) costs nothing but means everything when the valuation falls below your purchase price. Lock in your housing loan today with the best package in town structured specially for you and have a peace of mind knowing that your investment is secure!

Just like buying a completed residential property, you need to obtain a pre-approved loan prior to committing to any purchase. (I need to know more about the Pre-Approved Loan)

If you have already bought a residential property under construction, you may wish to go to (NEW HOUSING LOAN).