Payment schedule for a new build (harmonogram plateb)
A breakdown of when and how much the buyer pays the developer of a new build: deposits tied to signing contracts and to construction stages (shell, occupancy approval), then the balance on the purchase agreement. It is an annex to the agreement on a future purchase agreement (SoSBK). It determines how much you need from own funds and how much the bank must release before occupancy approval (kolaudace).
Example
Flat for CZK 5,000,000, schedule 10/20/70: CZK 500,000 on the SoSBK, CZK 1,000,000 after the shell is complete, CZK 3,500,000 after kolaudace. The buyer has CZK 1,000,000 of own money, so the bank releases CZK 500,000 even before kolaudace. Until full drawdown only interest is paid: at 5.00 % roughly CZK 2,083 a month.
In practice
Only some banks can pay out before kolaudace, and they secure it with a lien on the unfinished unit or the land, or with a pre-mortgage loan (předhypoteční úvěr). Check in advance that your bank accepts the schedule. Be wary of a schedule front-loaded with deposits that exceed your own funds and that the bank will not cover.
How it differs
The payment schedule is your agreement with the developer on when you must pay; staged drawdown (postupné čerpání) is how the bank releases mortgage money. The mortgage repayment schedule (splátkový kalendář) is something else again: it concerns repaying the bank and starts only after full drawdown.
Related terms
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