Deferred Payment Scheme (DPS)
The Aurelle of Tampines EC Deferred Payment Scheme allows purchasers to start with a downpayment of 20 percent, which consists of 5% in cash, along with the option to pay the remaining 15% either in cash or through CPF. The key benefit of this scheme is the substantial 65% payment deferment until the issuance of the Notice of Temporary Occupation Permit (TOP). Essentially, this means that the payment delay continues until the new EC home is ready for key collection, with the final 15% due upon the new EC receiving the Certificate of Statutory Completion (CSC).
Choosing the Aurelle EC Deferred Payment Scheme when acquiring a New Launch EC involves a slightly higher cost, generally about 3% more than the typical EC purchase price. This small increase is often seen as a valuable investment for individuals looking to transition from an HDB flat to an EC. Additionally, those who opt for the EC deferred payment scheme can view the 3% as a one-time interest fee, as it is necessary to cover 65% of the expenses during the construction phase.
Stage | Payment Under a Standard Payment Scheme (% of Purchase Price) |
Upon the grant of Option to Purchase | 5% Cash (Booking Fee) |
Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date | 15% Cash or CPF |
Completion of foundation work | – |
Completion of reinforced concrete framework of unit | – |
Completion of partition walls of unit | – |
Completion of roofing/ceiling of unit | – |
Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit | – |
Completion of car park, roads and drains serving the housing project | – |
Notice of Vacant Possession (TOP) | 5% Cash 60% Cash / CPF / Loan |
On Completion date | 15% Cash / CPF / Loan |
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