Payment Schemes

EC – Payment Schemes

 

EC buyers will have to obtain loans from banks or financial institutions as HDB does not provide housing loans for the purchase of EC. On or after 12 Jan 2013;

With or without Existing Housing Loan, you are eligible for a EC Housing Loan of of up to 80%, you will have to pay the initial payment of:

  • Purchase (100%) = 5% Cash (minimum) + 15% CPF or Cash or Both + 80% Loan (maximum)

 

Loan-To-Value (LTV) Ratio

 

Loan Tenure

Maximum Loan %

If you are purchasing an EC, have no outstanding housing loan and if:

• the tenure does not exceed 30 years; and
• the sum of the loan tenure and the age of the borrower at the time of applying for the loan does not extend beyond retirement age of 65 years.

80%

If you are purchasing an EC, have no outstanding housing loan and if:

• the tenure exceeds 30 years; or
• the sum of the loan tenure and the age of the borrower at the time of applying for the loan extends beyond retirement age of 65 years.

60%

 

You will not be subjected to the lower loan ceiling when you obtain another housing loan for the purchase of an EC if you are able to provide the financial institution granting the loan a copy of the signed undertaking to HDB committing to complete the sale of your sole existing property within the period stipulated in the undertaking.

*Means with existing housing loan with your HDB, you can still can loan up to 80%

Mortgage Servicing Ratio

MAS will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by bank or financial institutions at 30% of a borrower’s gross monthly income; the monthly instalment to repay the loan must not be more than 30% of your monthly income.

Normal Payment Scheme (Progressive)

 

Stage

Percentage

Upon the grant of Option to Purchase

5%

(Booking Fee)

Upon signing of the Sale & Purchase (S & P) Agreement or within 3 weeks from the S & P date

15%

Completion of foundation work

10%

Completion of reinforced concrete framework

10%

Completion of brick walls

5%

Completion of roofing /ceiling

5%

Completion of electrical wiring, internal plastering, plumbing & installation of door & window frames

5%

Completion of car park, roads & drains serving the housing project

5%

Notice of Vacant Possession (TOP)

25%

On Completion Date

15%

 

 

Deferred Payment Scheme

 

Stage

Percentage

Upon the grant of Option to Purchase

5%

(Booking Fee)

Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date

15%

Notice of Vacant Possession (TOP)

65%

On Completion Date

15%

 

For more information, you can visit:

Home . Updates . Project Details . Location . Site Plan . Floor Plans . Gallery . Price . Eligibility . Grant . Resale Levy . Payment Schemes . Booking Documents

You can also contact us or click here to apply your interest for this new EC.

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