Purchasers of a new Executive Condominium (EC) have a choice of Normal Progressive Payment Scheme (NPS) or Deferred Payment Scheme (DPS).
Deferred Payment Scheme (DPS) allows the purchaser to defer the 80% loan repayment till the project is ready for move in, i.e. received the Notice of Vacant Possession. No loan repayment is required before Temporary Occupation Permit (TOP) is served. However, do note that the purchase price on DPS is about 3% higher than the NPS price.
The payment schedule and the % of purchase price payable is illustrated in the table below:
|Upon the grant of Option to Purchase||5% (Booking Fee)|
|Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date||15%|
|Completion of foundation work||10%|
|Completion of reinforced concrete framework/td>||10%|
|Completion of brick walls||5%|
|Completion of roofing /ceiling||5%|
|Completion of electrical wiring, internal plastering, plumbing & installation of door & window frames||5%|
|Completion of car park, roads & drains serving the housing project||5%|
|Notice of Vacant Possession (TOP)||25%|
|On Completion Date||15%|