Payment Scheme – Choose either ‘NPS’ or ‘DPS’
Choose a plan that aligns with your financial milestones. Whether you prefer progressive payments or deferred flexibility, Vela Bay offers options tailored to your journey.
Normal Payment Scheme (NPS)
Normal Payment Scheme (NPS), also known as Progressive Payment Scheme, allows you to service your loan via monthly installments progressively stage by stage as the property is being built.
| Stage | Payment Under a Standard Payment Scheme (% of Purchase Price) |
|---|---|
| Upon the grant of Option to Purchase | 5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date | 20% less Booking Fee |
| Completion of foundation work | 10% |
| Completion of reinforced concrete framework of unit | 10% |
| Completion of partition walls of unit | 5% |
| Completion of roofing/ceiling of unit | 5% |
| Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit | 5% |
| Completion of car park, roads and drains serving the housing project | 5% |
| Notice of Vacant Possession (TOP) | 25% |
| On Completion date | 15% |
Deferred Payment Scheme (DPS)
Deferred Payment Scheme (DPS) allows homeowners to start servicing their loan only when the EC is ready for occupation, ie; when owners receive the keys to their EC. DPS is most popular amongst buyers who currently own an HDB and have monthly installments to service. This allows them to better manage their finances as they do not have to service both loans (HDB & EC) concurrently.
| Stage | Payment Under a Standard Payment Scheme (% of Purchase Price) |
|---|---|
| Upon the grant of Option to Purchase | 5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date | 20% |
| Notice of Vacant Possession (TOP) | 65% |
| On Completion date | 15% |