There are two types of payment schemes available for Executive Condominiums, namely:
1) Normal Progressive Payment Scheme (NPS)
2) Deferred Payment Scheme (DPS)
1. Normal Progressive Payment Scheme (NPS)
5% cash, on booking of unit
(within 9 weeks)
15% CPF, on signing of Sales & Purchase agreement
80% by bank loan, paid via monthly installment progressively based on construction stages:
- 10% – on completion of foundation work
- 10% – on completion of reinforced concrete framework
- 5% – on completion of brick walls
- 5% – on completion of ceiling / roofing
- 5% – on completion of doors, windows frames, wiring, piping, etc
- 5% – on completion of car parks, roads & drains
- 25% – upon production of the Temporary Occupation Permit (TOP)
- 15% – upon production of the Certificate of Statutory Completion (CSC)
2. Deferred Payment Scheme (DPS) – additional 2% on top of purchase price
5% cash, upon booking of unit
(within 9 weeks)
5% cash + 10% CPF / cash, upon signing of Sales & Purchase agreement
10% CPF / cash - on completion of foundation work
10% CPF / cash - on completion of reinforced concrete framework
60% by bank loan, installment will start after TOP
** If you got an existing mortgage loan, you can still get up to 80% loan from the bank. Terms & conditions apply. Do contact us for more info.
Other fees payable:
1) Stamp duty
Stamp duty is basically a document tax payable to the government. It will be payable upon signing Sales and Purchase agreement, typically within 9 weeks.
It can be calculated using the following formula:
3% purchase price – 5400
eg, If you are buying a 1mil property, stamp duty: 3% * $1,000,000 – 5400 = $24,600.
** Stamp duty is payable in cash first, reimburse via CPF at a later stage.
** Additional Buyer Stamp Duty (ABSD) does not apply to this development.
2) Legal fees
Legal fees, or conveyancing fees are usually subsidized by bank, depending on the loan amount and bank package. We do have a full panel of mortgage specialist across different banks handling ECs. We can assist you to get a loan package with best interest rates. Do contact us for more info.