What is the Deferred Payment Scheme (DPS)?
Deferred payment scheme (DPS) is one of the most popular payment scheme for Executive Condo(EC) buyers. This scheme is a payment arrangement offered by developer, where the buyer forks out only a certain percentage (usually 20% to of the purchase price) as a down payment and reserves the unit.
After the initial down payment, the next payment is deferred till TOP, when your unit if ready for occupation, ie; receive your keys to your unit, then start servicing EC mortgage loan. This allows homeowners to better manage their finances while having the EC unit reserved.
| Item | Amount (SGD) | Payment Mode |
|---|---|---|
| Purchase Price (Normal Price + 3%) | $1,030,000 | Paid to Developer |
| 5% Paid On Booking Day | $51,500 | Cash Only |
| 15% Upon Signing Sales & Purchase Agreement – Within 9 Weeks From Option Date |
$154,500 | Cash + CPF |
| Stamp Duty (4% x purchase price or market value) – $15,400 | $25,800 | Cash + CPF |
| Legal Fees | $3,000 | Cash or CPF |
| Total Funds Required for DPS | $234,800 | Min. $50,000 Cash + CPF |
| No further payment required until TOP (Key collection) | ||
| 5% On issue of Temporary Occupation Permit (TOP) | $51,500 | Cash + CPF |
| Home Loan = $772,500 (75%) @ 4% interest rate for 30 years | ||
Deferred Payment Scheme (DPS) vs Normal Payment Scheme (NPS)
| description | normal payment scheme (NPS) | deferred payment scheme (DPS) | |
|---|---|---|---|
| Purchase Price | Normal Price | Normal Price + 3% | |
| Booking Fee | 5% Cash | 5% Cash | |
| Upon Signing Sales & Purchase (S&P) Agreement | 9 Weeks from Option Date | 15% + BSD + Legal Fees | 15% + BSD + Legal Fees |
| Foundation Stage | 6 – 9 months | 10% | Deferred |
| Frameworks Stage | 6 – 9 months | 10% | |
| Wall Stage | 3 – 6 months | 5% | |
| Ceiling Stage | 3 – 6 months | 5% | |
| Window Stage | 3 – 6 months | 5% | |
| Car Park Stage | 3 – 6 months | 5% | |
| Notice of Vacant Possession | Upon obtaining of Temporary Occupation Permit (TOP) | 25% | 65% |
| Legal Completion | Upon obtaining of Certificate of Statutory Completion (CSC) | 15% | 15% |