EC Eligibilty Criterias
two standard payment schemes for executive CONDOMINIUMS
Normal Progress Payment Scheme (NPS)
Normal Progress Payment Scheme (NPS)
Normal Progress Payment Scheme (NPS)
NPS is how a buyer would normally pay, based on the property’s completion process.
Defer Payment Scheme (DPS)
Normal Progress Payment Scheme (NPS)
Normal Progress Payment Scheme (NPS)
Only pay 20% + 5% downpayment. The remaining 75% can be paid once the project receives its TOP.
So which payment scheme is more suitable of you? How should you leverage on the different payment sc
Normal Progressive Scheme (NPS) allows you to service your loan via monthly instalments progressively, in stages, as the property is being built while the Deferred Payment Scheme (DPS) allows EC buyers to put down an 20 percent downpayment. The remaining 65 percent is deferred until receiving a Notice of Temporary Occupation Permit (TOP). Or in other words, until the Executive Condominium is ready to move into.
If buyers opt for the Deferred Payment Scheme, the advantage is that they do not need to handle two mortgage loans at the same time. No loan repayment is required during the construction period. It offers those with existing loan commitments some flexibility in managing their finances.
However, please note that the purchase price when opting for the Deferred Payment Scheme is expected to be 2-3% higher than the purchase price under the Normal Progressive Scheme. DPS is attractive to those with outstanding mortgage loans who want more time to repay the existing loan