For Executive Condos (ECs), buyers will have to obtain loans from banks or financial institutions (loans from HDB are not available).
The ceiling for bank loans is as follows:
|
Date of Booking (EC)
|
Loan Ceiling
|
| Date of booking on or after 20 Feb 2010 | 80% of purchase price |
Buyers with one or more outstanding housing loans
If you have an outstanding housing loan at the time of applying for a housing loan, the loan ceiling will be as follows:
|
Date of Booking (EC)
|
Loan Ceiling
|
| Date of booking after 14 Jan 2010 | 60% of purchase price |
Normal Payment Scheme (Progressive Payment Scheme)
| Stage | Percentage |
| Upon the grant of Option to Purchase (OTP) | 5% - 10% (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 | 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 8 weeks from the Option date | 15% less booking fee |
| Notice of Vacant Possession (TOP) | 65% |
| On Completion Date | 15% |
Source: extracted & amended from URA site
Propnex Realty Pte Ltd.