When come to payment scheme for EC, It has two types of payment scheme as following:
1. Normal Payment Scheme (also known as Progressive Payment Scheme)
Progressive Payment Scheme drawdown chart:
Stage | Percentage |
Upon the grant of Option to Purchase | 5% (Booking Fee) |
Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date | 15% |
Completion of foundation work | 10% |
Completion of reinforced concrete framework | 10% |
Completion of brick walls | 5% |
Completion of roofing /ceiling | 5% |
Completion of electrical wiring, internal plastering, plumbing & installation of door & window frames | 5% |
Completion of car park, roads & drains serving the housing project | 5% |
Notice of Vacant Possession (TOP) | 25% |
On Legal Completion Date | 15% |
Compare and check for different payment scheme for your property here
2. Deferred Payment Scheme (DPS)
A Deferred Payment Scheme is basically enable the buyer to defer the 80% payment unit the project going to TOP. However, the developer is required to seek approval from Controller of Housing before allow to offer any form of deferred payment scheme to purchasers.
There is no serving of loan during before TOP, unlike Progressive Payment Scheme, buyer has to make loan repayment base on the project progress. Nevertheless the purchase price for DPS is usually 2% – 4% higher compare to Progressive Payment Scheme.
For example, a property price of $1m under Progressive Payment Scheme will cost around $1.02m to $1.04m under Deferred Payment Scheme.
However DPS give second timer’s buyer better ability to managing their finances, due to in most o the case they are still serving their existing HDB loan.
Buyers who opt for DPS just need to pay the initial 20% downpayment, 3% Stamp Duty fee and some miscellaneous cost like legal fee etc during the first 9 weeks, then they can concentrate on their exiting loan only.
Deferred Payment Scheme drawdown chart:
Stage | Percentage |
Upon the grant of Option to Purchase | 5% (Booking Fee) |
Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date | 15% |
Notice of Vacant Possession (TOP) | 65% |
On Completion Date | 15% |
Compare and check for different payment scheme for your property here
3. Maximum Loan Financing
Executive Condo’s buyers will have to obtain loans from banks or financial institutions as HDB does not provide housing loans for the purchase of EC. The ceiling for bank loans is as follows:
Date of Booking (EC) | Loan Ceiling |
Date of booking on or after 20 February 2010 | 80% of purchase price |
| Resale Levy | Payment Schedule | HDB Housing Grant |