Financing and Payment Schedule Details

Normal Progressive Payment Scheme (NPS)  

Under the standard Sale & Purchase Agreement, purchasers are required to make instalment payments of the purchase price. In this scheme, the time for payment and the amount of purchase price payable under the NPS scheme is shown in the following table:

Other Fees you might need to pay: 

1.   Stamp Duty – to compute your stamp duty fee, take the Purchase Price, multiple 3% and then less of $5,400 (formula: Purchase Price x 3% - $5,400 ) 

2.   Additional Buyer Stamp Duty (ABSD) – An additional stamp duty payable in additional to the existing stamp duty. ABSD applies in the following conditions – 

a.       For Singapore Citizen, ownership of the 3^rd property or more: 3% ABSD apply 

b.      For Singapore PR, ownership of the 2^nd property or more: 3% ABSD apply 

c.       For foreigner, ownership of a 1^st property or more: 10% ABSD apply 

3.   Legal Fees – Legal fees are generally been subsidised by the bank which ranges from $1,800 to $2,500 

Further notes on Additional Buyer Stamp Duty

Mortgage Loan to finance your property: 

1.   Up to 80% bank loan – if purchaser do not have any outstanding mortgage housing loan currently in service. 

2.   Up to 60% bank loan – if purchaser has an outstanding mortgage housing loan in service.  

Kindly consult your banker for your type of mortgage loan plan proposals. Alternatively, I may recommend a reliable banker to assist you in your mortgage loan needs. 

CPF Minimum Sum required: 

Kindly note that a mandatory minimum sum of $65,500 (before July 2012) in your ordinary account (OA) plus Special Account (SA) must be set aside if you wish to utilise your CPF funds to purchase your 2^nd or subsequent property. You may wish to refer to the CPF Board web-site for additional information. 

Further notes on CPF Minimum Sum requirements