Qns Regarding EC Deferred payment scheme

[Cowdude]

I would like to check for EC dps, i would have to put a 20% downpayment then the remaining 65% on TOP and 15% on CSC.

Does that mean that i would only apply for a bank loan on TOP?
Then the bank will only access my annual income for the loan amount on TOP?

TIA.

 

[Pokémon]

Will the 20% downpayment be paid using Cash only?

 

[halfnode]

I would like to check for EC dps, i would have to put a 20% downpayment then the remaining 65% on TOP and 15% on CSC.

Does that mean that i would only apply for a bank loan on TOP?
Then the bank will only access my annual income for the loan amount on TOP?

TIA.

Yes but developers always charge you a few percent more on the original price for dps.

 

[halfnode]

Will the 20% downpayment be paid using Cash only?

No, only first 5% must be cash. The remaining 15% can be mix of cash and cpf

 

[yun10]

I would like to check for EC dps, i would have to put a 20% downpayment then the remaining 65% on TOP and 15% on CSC.

Does that mean that i would only apply for a bank loan on TOP?
Then the bank will only access my annual income for the loan amount on TOP?

TIA.

I'm also interested to know about this as I'm kinda confused as well.

Heard some saying that a loan or some IPA is still required (although will not start until TOP) during application as the developer will still need a guarantee of the amount you can loan/afford. Meaning income is also assessed during application, not just on TOP. Not sure on this though.

 

[halfnode]

yes IPA is still needed, iirc its part of checks done during signing of S&P.

 

[elvintay07]

Deferred payment means needs to sell HDB then buy? Or is it not enough money but want to buy?