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:
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.