On the 18th of September 2008, Taman Seri Cendana (Villa Cendana) received its Occupancy Permit from the authorities. Along with it came the bill for the final 20% drawdown from the Home Mortgage for the following

1.  12.5% - On the date the Purchaser takes vacant possession of the said building with water and electricity ready for connection                                                       
2. 2.5% - Within twenty-one (21) working days after receipt by the Purchaser’s solicitors of the separate document of title to the said lot together with a valid and rgistrable Memorandum of Transfer to the Purchaser duly executed by the Vendor or on the date the Purchaser takes vacant posession of the said building, whichever is later                                
3. On the date the purchaser takes vacant possession of the said building as in item3 & to be held by the Vendor’s solicitor as stakeholder payment to the vendor as follows

• 2.5% - Two point five per centum (2.5%) at the expiry of 6 months after the date the purchaser takes vacant possession of the said building.                      
• 2.5% - Two point five per centum (2.5%) at the expiry of 18 months after the date the purchaser takes vacant possession of the said building.                    

Overall it was quite a hefty bill but one that worth the investment considering that this is our dream house. Click here for more details of Schedular Home Loan Drawdowns 

Lets trace back how it all came about …..in the next article.