There are 2 payment schemes available for the purchase of Provence Residence Executive Condominium.
One is the Normal Progressive Scheme, which allows you to service your loan via monthly instalments progressively, in stages, as the property is being built.
The other is the Deferred Payment Scheme. The Deferred Payment Scheme 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.
If you need further assistance on the payment schemes at Provence Residence, please drop us a note here.
|Stage||Timeline||Normal Progressive Scheme (NPS)|
% of Purchase Price
|Deferred Payment Scheme (DPS)#
% of Purchase Price
|Upon the grant of Option to Purchase||Option Date||5%||5%|
|Upon signing the Sales & Purchase Agreement (S&P)||9 weeks from Option Date||15%||15%|
|Completion of Foundation work||6-9 months||10%||-|
|Completion of Reinforced Concrete Framework||6-9 months||10%||-|
|Completion of Brick walls||3-6 months||5%||-|
|Completion of Roofing/Ceiling||3-6 months||5%||-|
|Completion of Electrical Wiring Internal Plastering, Plumbing & Installation of Door & Window Frames||3-6 months||5%||-|
|Completion of Car Park, Roads and Drains Servicing the Housing Project||3-6 months||5%||-|
|Notice of Vacant Possession||TOP||25%||65%|
|Legal Completion Date||CSC||15%||15%|
#Please note that the overall purchase price of your unit will be 2-3% higher if you opt for the Deferred Payment Scheme.
Buyer’s Stamp Duty is applicable for EC purchase, calculate your Stamp Duty here.
For buyers who have taken subsidies before, Resale Levy applies, find out here.
Bridging Loan is available for buyers with existing HDB. Reach out to us here to find out more.
**This timeline can be earlier than stated.
The timeline from OTP to 15% payment is a MAXIMUM of 9 weeks. If there are any delays, it is mandatory to inform the developer in writing and is subject to approval.
In the event that the purchaser did not exercise the S&P at the law firm within 3 weeks, the developer will be entitled to forfeit 1/4 of the booking fee, which is equivalent to 1.25% of the purchase price. The remaining 3/4 of the booking fee will be refunded to the Purchaser. Thereafter, the developer is entitled to sell the unit to any interested party.
If Purchase Price is $1M or below, BSD = (3% of Purchase Price) - $5,400
If Purchase Price is above $1M, BSD = (4% of Purchase Price) - $15,400