Financing Your EC
Understand the costs involved and be well prepared whether for current or raining days. Buyers are encourage to reach out to us to understand your Financial Calculation and In-Principal Approval first before proceeding with purchase. And do you know that current HDB owners need not sell their flat first.
Costs Involve You Must Know!
* For Developers Sale No Agent Commission or Fee are involve.
* New ECs are Not affected by Additional Buyers Stamp Duty (ABSD)
EC Financing
Financing for executive condominiums are typically from banks or financial institutions as HDB does not loan for ECs.
Government regulations for loans are as follows:
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Tenor < 30 years _ age at end of tenor < 65 = max 75% loan.
Minimum cash downpayment = 5% -
Tenor < 30 years + age at end of tenor is 66 to 75 = max 55% loan.
Minimum cash downpayment = 10%
If you require financing, it is advisable to obtain an In-Principal Approval (IPA) in advance before booking a unit. It gives you assurance that you do indeed qualify go a loan, and ascertains the maximum loan you can get so as not to risk forfeiting any of your booking fee.
In addition, for executive condominiums it is possible to obtain 75% loan even if you currently having a housing loan (but not for private property purchases).
You can reach out to us for information on obtaining the IPA (Free & without obligation), or for bankers specialising in executive condominiums to advise you on bank rates, loan eligibility & details.
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SC = Singapore Citizen . SPR = Singapore Permanent Resident
CPF Housing Grants
Only first timers are eligible for this grant.
For details see the EC Eligibility Conditions page.
* If you are from an SC/SPR household, you can enjoy the full housing subsidy by applying for the Citizen Top-Up when your SPR spouse takes Singapore Citizenship or when you have an SC child.
#The Half-Housing Grant applies to a first timer applicant applying jointly with a second timer applicant who had previously taken a grant or bought a new HDB flat or Executive Condo.
Normal Payment Scheme Schedule (NPS)
Payment terms & funding for an EC for those taking 75% loan.
Deferred Payment Scheme Schedule (DPS)
Payment terms for those taking 75% under Deferred Payment Scheme. An EC unit typically costs around 3% more than this option.
If you are currently having a mortgage loan outstanding, you may still be able to get 75% bank loan for the new property purchase
(subject to bank credit assessment & approval).
