sgpropertyblog
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You've to pay additional 3% for the deferred payment scheme which makes this EC even more costly. If one needs deferred payment in order to afford this EC, it probably means they can barely afford it and shouldn't buy.
Yes, DPS is at additional 3% in price, but bear in mind, for NPS, you are also paying the interest( progressively to the bank), so ultimately, the price difference is actually less than 3%..
For ie, $1M price in NPS , assuming interest rate 2.5% for 30yrs tenure,max loan 75% ( for illustration only)
first 5% Foundation - monthly installment $197.56 [ monthly interest of $104.17 and principal of $93.39 ]
next 10% reinforced concrete - monthly installment $597.18[ monthly interest of $311.33 and principal of $$285.86]
so when u add up all this interest that you pay to the bank, the price difference is actually not 3% .. ( meaning either you pay the interest to the bank, or you pay to the developer )
The government scrapped away the DPS for private condo, except for EC, have anyone wondered why ?