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Many people interested in buying an Executive Condominium (EC) in Singapore consider the financing options to be a crucial part of their purchasing experience. Grasping the various payment schemes can enable you to make well-informed choices that align with your financial circumstances. In this article, you will learn about two main payment schemes that are frequently available for Executive Condominium acquisitions.

The first payment scheme is known as the Normal Progressive Payment Scheme. With this option, payments are made to the developer as the construction of the property advances. This scheme allows you to synchronize your payment timeline with the completion milestones of your new residence. Generally, payments are organized across several stages, such as when the foundation is finished, when the structure reaches its peak, and upon receiving the Temporary Occupation Permit (TOP). This arrangement means that your financial obligation is distributed over time, reducing the strain of a significant upfront payment. It is a favorable option for many buyers, as it facilitates better cash flow management during the construction phase.

By choosing the Normal Progressive Payment Scheme (NPS), you will also have the opportunity to arrange your mortgage and other financing options as the completion date of your property draws near. As you proceed with these payments, you can expect to have a clearer picture of your future financial obligations once you receive the keys to your new Rivelle EC. Furthermore, this scheme keeps buyers updated about their investment, providing periodic progress reports and allowing you to interact with the developer in a constructive manner.

The second payment option for purchasing your Executive Condominium is the Deferred Payment Scheme. Under this arrangement, you are required to pay 20% of the total cost upfront—usually at the time of signing the Sale and Purchase Agreement. The selling price is generally 3% higher than the standard purchase price. You must pay 65% of the purchase price before or at the time you receive the keys to the unit. (During TOP)

This deferred payment scheme (DPS) may be attractive to you as it allows you to remain in your current residence. With this option, you can acquire your home outright without needing to make additional payments while construction is ongoing, thereby easing your financial obligations. It is advantageous if you prefer to avoid extended installment plans and only wish to pay the 20% deposit upfront. However, this choice may necessitate careful financial planning to ensure you can handle the remaining payments upon TOP.

No matter which payment scheme you select, it is crucial to assess your financial preparedness, budgeting skills, and long-term homeownership objectives. Seeking advice from a financial advisor can be helpful as you explore your financing options for your Executive Condominium. Being aware of your available payment schemes enables you to embark on your property journey with greater assurance, ensuring that your investment aligns with both your lifestyle and financial goals.

Schedule an appointment with us today to discover which scheme is best suited for you regarding Rivelle.