Also known as Progressive Payment Scheme, allows you to service your loan via monthly instalments progressively stage by stage as the property is being built.
|Stage||Payment Under a Standard Payment Scheme (% of Purchase Price)|
|Upon the grant of Option to Purchase||5% (Booking Fee)|
|Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date||20% less Booking Fee|
|Completion of foundation work||10%|
|Completion of reinforced concrete framework of unit||10%|
|Completion of partition walls of unit||5%|
|Completion of roofing/ceiling of unit||5%|
|Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit||5%|
|Completion of car park, roads and drains serving the housing project||5%|
|Notice of Vacant Possession (TOP)||25%|
|On Completion date||15%|
The Deferred Payment Scheme(DPS) allows buyers to push back the timing of the payments. Instead of making small payments every few months, DPS buyers need only pay 20 percent of the purchase price at the outset, while the remaining 80 percent is paid once the project is completed.
DPS usually comes with a higher price tag of about 2 – 3 percent as compared to buying under the NPS. As such, it’s usually better to go with the NPS, unless you’re not confident with being able to keep up with the NPS payment timings, or if you can put the money to better use in the meantime.
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