Costs of Buying an Executive Condominium
- Purchase Price
- Stamp Duty = Purchase Price x 3% – $5,400
- Legal fees . Approx $2,500 to $3,500.
- Bank admin & valuation fees (if taking loan) . Less than SGD$1,000.
For details and floor plans of the latest executive condominium launch, see: Rivercove EC.
Sources of Funds
CPF Housing Grant
SC = Singapore Citizen . SPR = Singapore Permanent Resident
|Gross Monthly Household Income||CPF Housing Grant SC/SC Household||CPF Housing Grant SC/SPR Household||Half-Housing Grant ♠|
|Not more than $10,000||$30,000||$20,000 *||$15,000|
|$10,001 to $11,000||$20,000||$10,000 *||$10,000|
|$11,001 to $12,000||$10,000||$0 *||$5,000|
* 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 EC.
Financing for Executive Condominiums
Financing for executive condominiums are typically from banks or financial institutions as HDB does not loan for ECs.
- Tenor ≤ 30 years + age at end of tenor ≤ 65 = max 80% loan.
Minimum cash downpayment = 5%.
- Tenor ≤ 30 years + age at end of tenor is 66 to 75 = max 60% loan.
Minimum cash downpayment = 10%.
In addition, for executive condominiums it is possible to obtain 80% loan even if you currently have a housing loan (but not for private property purchases).
Email us below for information on obtaining the IPA (free & without obligation), or for bankers specializing in executive condominiums to advise you on bank rates, loan eligibility & details.
Payment Schedule under Normal Payment Scheme
Payment Schedule under Deferred Payment Scheme
If you currently have a mortgage loan outstanding, you may still be able to get 80% bank loan for the new property purchase (subject to bank credit assessment & approval). Click to Enlarge.
CONTACT FORM · BANK LOANS
Specify below which bank(s) you would like to contact you for an IPA or to ascertain your loan eligibility or maximum loan amount, or to check loan interest rates.
Or if you have any queries on financing, or want a copy of the Payment Schedule, email us too.