Executive Condo (EC) Buyer's Guide
This Guide is for buyer to understand more on:
- Who is Eligibility to purchase an Executive Condo (EC)
- What are the types of Housing Grants and the amount.
- What is the resale levy amount and who is subject to it.
- What is the timeline for Executive Condo (EC)
Timeline for Executive Condo
First 20% Downpayment
For purchasing of BUC new Executive Condo (EC) project, if buyer is able to secure a bank loan of 75%, the downpayment of the EC is as such.
- 5% must be by Cash
- 20% can be payable by Cash or CPF
- Buyer stamp duty (BSD) can be payable by Cash or CPF
- No ABSD payable
- Current bank loan maximum covers up to 75% of purchase price.
- When Completion of Foundation Work, the amount payable is 10%,
- 5% is payable by (Cash or CPF),
- Another 5% is payable by bank loan (if loan qualify up to 75%)
Progressive Payment for remaining 75%
Buyer Stamp Duty
For a property of price or market value above $360,000, the buyer stamp duty can be calculated using the formula below:
BSD = (3 % x Purchase Price) - $5, 400
BSD = (3 % x Purchase Price) - $5, 400
For a property of price or market value $1,000,001 and above, the buyer stamp duty can be calculated using the formula below:
BSD = (4 % x Purchase Price) - $15, 400
Schedule of Payments
Loan To Value
Even if you are still servicing your current HDB loan (HDB / Bank), Buyer will still be consider as 1st home loan.
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Mortgage Servicing Ratio (MSR)
