Normal Payment Scheme (NPS)
Also known as Progressive Payment Scheme, allows you to service your loan via monthly installments progressively stage by stage as the property is being built. The Progressive Payment Scheme deals with uncomplete houses/apartments that are in the process of being built. Being regarded as a Normal Payment Scheme, this scheme is a standard payment schedule for a new residential project under construction. In other words, new home buyers make payments by installments, stage by stage, with each payment being made when a specific milestone of the building is reached. So you would pay the developers based on the progress of construction.
The Overall payment timeline can be divided into several stages including the down payment, foundation, reinforced concrete framework, and many more. One upside to the progressive payment scheme is the lower initial monthly repayments, you don’t start to pay the full costs until you can move in and enjoy the new home. You can use our Progressive Payment Calculator to have a better experience of the payment schedule. You can refer to the following table and video to get some better ideas.
|Stage||Payment Under a Standard Payment Scheme (% of Purchase Price)|
|Upon the grant of Option to Purchase||5% (Booking Fee)|
|Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date||20% less Booking Fee|
|Completion of foundation work||10%|
|Completion of reinforced concrete framework of unit||10%|
|Completion of partition walls of unit||5%|
|Completion of roofing/ceiling of unit||5%|
|Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit||5%|
|Completion of car park, roads and drains serving the housing project||5%|
|Notice of Vacant Possession (TOP)||25%|
|On Completion date||15%|
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