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
If buyer is able to secure a bank loan of 75% (Max Loan), the downpayment of the EC is as such. |
100% |
Mode of Payment |
Upon obtaining Option to Purchase |
5% |
Cash Only |
Upon Exercising of Sales and Purchase agreement |
15% |
Cash or CPF |
Buyer stamp duty (BSD) - Refer to the Stamp Duty % below |
- |
Cash or CPF |
Completion of Foundation Work (Total 10%, but payment will be split into 5% Cash or CPF and 5% under bank loan) |
5% 5% |
Cash or CPF Bank Loan |
When buyer secure bank loan for the rest of the payment |
70% |
Bank Loan |
Progressive Payment for remaining 75%
Buyer Stamp Duty on or after 15 Feb 2023
Property Value |
BSD Rates for Residential Properties |
BSD Rates for Non - Residential Properties |
First $180,000 |
1% |
1% |
Next $180,000 |
2% |
2% |
Next $640,000 |
3% |
3% |
Next $500,000 |
4% |
4% |
Next $1,500,000 |
5% |
5% |
Amount Exceeding $3,000,000 |
6% |
5% is the maximum for Non - Residential |
For a property of price or market value from $360,000, and below $1,000,000, 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 from $1,000,001 and below $1,500,000, the buyer stamp duty can be calculated using the formula below:
BSD = (4 % x Purchase Price) - $15, 400
BSD = (4 % x Purchase Price) - $15, 400
For a property of price or market value from $1,500,001 and below $3,000,000, the buyer stamp duty can be calculated using the formula below:
BSD = (5 % x Purchase Price) - $30, 400
BSD = (5 % x Purchase Price) - $30, 400
For a property of price or market value from $3,000,001 and above, the buyer stamp duty can be calculated using the formula below:
BSD = (6 % x Purchase Price) - $60, 400
BSD = (6 % x Purchase Price) - $60, 400
Schedule of Payments
Progress of Payment |
Percentage of Payment |
Upon obtaining Option to Purchase |
5% |
Upon Exercising of Sales and Purchase agreement |
15% |
Completion of Foundation Work |
10% |
Completion of Reinforced Concrete Work |
10% |
Completion of Brick Wall |
5% |
Completion of Celling / Roofing |
5% |
Completion of Door Sub-Frames / Door Frames, Window Frames, Electrical Wiring (without fittings), Internal Plastering, and Plumbing |
5% |
Completion of Car Parks, Roads, and Drains serving the housing project |
5% |
Building; roads, drainage, and sewage works; connection of water; and electricity and gas supplies (At this stage, the Temporary Occupation Permit (TOP) is typically released, which means you can pick up your keys and move in |
25% |
Final Payment Date and/or Completion (might be staggered further depending on when the Certificate of Statutory Completion is issued) |
15% |
Loan To Value
Even if you are still servicing your current HDB loan (HDB / Bank), Buyer will still be consider as 1st home loan.
|
Mortgage Servicing Ratio (MSR)
