Payment Scheme
Purchasers of a new Executive Condominium have a choice of Normal Progressive 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.
Usually the purchase price for Deferred Payment Scheme will be slightly higher (eg. 3% more) than the Normal Progressive Payment Scheme.
The payment schedule and the percentage of purchase price payable are illustrated in the table below:
Standard Payment Scheme
| Stage | Payment under a standard payment scheme ( % of purchase price ) |
| Upon the grant of Option to Purchase | 5% – 10% (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% |
| Issue of Temporary Occupation Permit | 25% |
| On Completion Date | 2% |
| Issue of Certificate of Statutory Completion | 8% |
| Expiry of the defects liability period | 5% |
Deferred Payment Scheme
|
Stage |
Payment under a deferred 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 of Option date |
20% less booking fee |
| Notice of Vacant Possession |
65% |
| On Completion Date |
15% |
Featured EC
E-Services
