Tengah EC Deferred Payment Scheme
If you’re thinking about buying a new house but don’t have enough money to put down a full 20% down payment, consider applying for a deferred payment scheme. Under this scheme, you can buy a new home and pay the balance over 24 months, starting with a down payment of only 20%. If you’re in the final stages of the building, the bank will finance the remaining 80%. Then, you’ll begin making monthly installments to your bank.
Once you’ve been approved for ECs, you’ll be able to choose one of two payment schemes. You can choose to pay the home loan off when Tengah EC is TOP, or you can pay it off in instalments after it is complete. Either option will require a substantial downpayment, so make sure you have the money in savings. In general, you should plan on paying 20% down and the rest with a bank loan or cash.
To purchase an Executive Condominium, you’ll need to determine your maximum budget. Then, you’ll need to know how much you can afford, and you’ll need to avoid those that don’t have good value. Then, you’ll need to pay a minimum of 25% of the total purchase price. After you’ve determined your maximum budget, the next step is to choose the payment method. There are two main types of payment schemes: the Deferred Payment Scheme and the Normal Progressive Scheme. In general, the NPS is cheaper than DPS.
In addition to its lower down payment, a DPS offers Tengah EC buyers the flexibility of deferring their entire payment until the property reaches TOP. The maximum amount of financing that a DPS allows is 75 per cent of the purchase price, while the DPS requires a 20% down payment. It also allows for 2nd time buyers with an existing loan to take advantage of the DPS. To qualify, the buyer must sell his HDB flat six months before the project reaches TOP.
The DPS under the Reflections at Tengah EC offers two types of DPS. First, homebuyers are required to pay a 1% booking fee. Once they have exercised their option, they must pay the remaining 19% deposit, six months’ maintenance fee and stamp duties. After two years, they can start making payments on the 80% of the purchase price. Then, they can move in and start paying the remaining balance of their mortgage.
Tengah EC deferred payment scheme has many benefits. First, it allows buyers to upgrade without the stress of paying for the entire property at once. By deferring the payment, they can save time and money, and they can choose to start re-roof their existing home. A deferred payment scheme can also help you save on storage and rental fees, which can be extremely expensive. A deferred payment scheme will allow you to buy a better property in a new location without stressing your budget.
Another advantage of Tengah EC DPS is its flexibility. Most buyers opt for DPS when buying a new home. A recent survey from Anchorvale, a property developer, found that 38% of buyers at OLA chose this payment option. The developers said that a key factor for the DPS’ popularity was the COVID-19 pandemic, as well as the flexible features of the scheme. Further, DPS also allows the buyer to have more control over their finances and maintain more sustainability in their new home.
More information on Tengah EC
Disclaimer: The information listed above are strictly for your reference only and is by no means a conclusive and final representation of the units available. The chart is currently draft and is subjected to the final approval from the authorities. The developer and the salesperson is not responsible for the information reflected above and the information is strictly for entertainment purposes only. Please check with the direct developer sales team for more information for a more accurate representation. You can also register for a show flat viewing to get a better representation for the development for your consideration. Information on the elevation chart as well as the balance unit chart can be found here as well as at the showflat.