Deferred Downpayment Scheme
The Deferred Downpayment Scheme (DDS) enables elderly who are right-sizing to defer the payment of downpayment until key collection. This will help to ease the cash flow for elderly flat owners whose funds are tied up in their existing flat, and smoothen the right-sizing process.
The DDS will automatically be extended to flat buyers who:
- Are aged 55 years old and above
- Have booked a 2-room Flexi or 3-room uncompleted flat in a mature or non-mature estate
- Have not sold or completed the sale of their existing flat at the point of new flat application
With DDS, eligible flat buyers will only need to pay the stamp duty and legal fees when they sign the Agreement for Lease, about 4 months after booking a flat. They will pay the purchase price of the flat once it is ready for key collection. If the new flat application is cancelled, the usual forfeiture of 5% of the flat price will apply.