Deferred payment still exist?

[Cupcakes]

Just to check if deferred payment is still allowed? And how will the payment be based on a 1m condo. I am relatively new in property. Need some sincere input pls. Thanks.

[zeamybro]

Deferred Payment Scheme

A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date. The developer is required to seek the approval of the Controller of Housing before offering any form of deferred payment scheme to purchasers.

On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered.

http://www.ura.gov.sg/lad/HBG/progressPayments.htm#deferred

[Cupcakes]

In other words, there may be some buc offering dps right? Thanks

[zeamybro]

In other words, there may be some buc offering dps right? Thanks

Mountbatten Suites was amongst the last few I could remember, but the bros and sis here should be in a better position to advise u better.

[focus]

ECs still can have DPS.

[buttercarp]

Some developers still offer DPS.
But the price of the unit is usually higher maybe about 5% higher.
You have to ask if you want as they will not advertise it.

[newbie11]

Dps is offered for EC as its under same treatment as hdb. U pay slightly higher price and get to defer. Not every loan is applicable for dps as some require disbursement within a period of time.

[Sleepyhead]

Are you sure you want to take up DFS?

It's pretty scary, given that you will only need to get a mortgage at the time of TOP, which means the loan will be based on valuation of the property at that time. If prices drop between now and TOP, you will be asked to top up the difference before you can even get a loan. Otherwise, you will have to do a forced sale.

Seen that happening to many people in 2009.

[samuelk]

DPS is good if you fear job lost n almost can confirm you back in a job within 2 years during the recession period.

with the looming uncertainty for 2013, you have to weight the cost . 5% is no small figure.

[Cupcakes]

Happy new year to all. Thanks for all the replies.
The reason why I'm looking into DPS is because currently I have a slight os with hdb, around <40k. Did my maths recently, I don't think I would want to pay it off in cash but I will be able clear everything in 2 years time using CPF. Any kind advice for my situation pls other than questioning on job stability? Is there any alternative? I have around 230k spare cash. Below 30 years old. This property will be meant for own stay and capital appreciation, even if property market were to crash in 2014 - 2015, I will aim for the 3rd property during the downturn.

[newbie11]

U can take a dps loan right now and lock in today's rates. I will take up dps anytime

[cnud]

Happy new year to all. Thanks for all the replies.
The reason why I'm looking into DPS is because currently I have a slight os with hdb, around <40k. Did my maths recently, I don't think I would want to pay it off in cash but I will be able clear everything in 2 years time using CPF. Any kind advice for my situation pls other than questioning on job stability? Is there any alternative? I have around 230k spare cash. Below 30 years old. This property will be meant for own stay and capital appreciation, even if property market were to crash in 2014 - 2015, I will aim for the 3rd property during the downturn.

If you don't clear your HDB, the next property downpayment is 40%. $230k can't get you very far.