Financing and Payment

Normal Progressive Payment Scheme (NPS)

A qualified purchaser must make installment payments of the purchase price under the Sales and Purchase agreement in the following manner when a property developer finishes a certain construction phase of the project.

Purchasing Stage

Paying Stages in terms of Purchasing Price

Upon granting of Option to Purchase 5%
(Booking fee)
Upon signing of the Sale & Purchase Agreement or within 8 weeks
from the Option date
excluding Stamp Fees and Legal Fees
Completion of foundation work 10%
(Start of Monthly Installments)
Completion of reinforced concrete framework of unit 10%
Completion of brick walls of unit 5%
Completion of roofing/ceiling of unit 5%
Completion of electrical wiring, internal plastering, plumbing and
installation of door and window frames of unit
Completion of car park, roads and drains serving the housing
Notice of Vacant Possession 25%
On Completion Date 15%

Other Fees Payable:

A1) Stamp Duty – Stamp duty based on 3% of Purchase Price – 5400. Payable in cash first.

A2) Additional Buyer Stamp Duty (ABSD) – This is an additional stamp duty on top of the basic stamp duty. ABSD is only applicable if you are either:

  1. From 12 Jan 2013, buyers or transferees who are :

    a) FR and entities* would have to pay ABSD of 15% on the purchase or acquisition of any residential property.
    b)(i) SPR would have to pay ABSD of 5% on the purchase or acquisition of their first residential property
    b)(ii) SPR who already own#1 or more residential properties would have to pay ABSD of 10% on the purchase or acquisition of another residential property.
    c)(i) SC who already own#one residential property would have to pay ABSD of 7% on the purchase or acquisition of the second residential property.
    c)(ii) SC who already own#two or more residential properties would have to pay ABSD of 10% on the purchase or acquisition of another residential property.

    #Whether owned wholly, partially or jointly with others.

    * Entity means a person who is not an individual, and includes an unincorporated association, a trustee for a collective investment scheme when acting in that capacity, a trustee-manager for a business trust when acting in
    that capacity and, in a case where the property conveyed, transferred or assigned is to be held as partnership property, the partners of the partnership whether or not any of them is an individual.

    The ABSD is payable by affected buyers at fixed rates on the actual price paid or market value of the property whichever is the higher.

    BSD continues to be payable by all property buyers at unchanged rates.

    Please refer to IRAS for more details.

B) Legal Fees – approx $2,500 to $3,500

** There is absolutely no Agent Fees involved **

Obtaining Mortgage Loan:


Max up to 80% bank loan – If this is the first property purchase, or if you have no outstanding mortgage loan. (up to 30 years or age of 65)

Max up to 50% bank loan – If this is the 2nd or subsequent property purchase on top of an outstanding mortgage loan; eg, currently servicing a HDB loan. (up to 30 years or age of 65)

(We have a panel of professional mortgage bankers from various banks who can give you the best possible loan package for New Launch Project Property. Contact us for more info)

Please visit MAS for more details on Debt Servicing Framework for Property Loans

CPF Minimum Sum:

Purchasers have to note that if this is the 2nd or subsequent property purchase that utilises your CPF funds, its mandatory to set aside the minimum sum of $74,000 (after July 2013) in your OA + SA. More info: CPF Board – How much is the minimum sum