Costs of Buying an Executive Condominium
- Purchase Price
- Stamp Duty = Purchase Price x 3% – $5,400 (if purchase price <= $1 million) OR
Stamp Duty = Purchase Price x 4% – $15,400 (if price between $1,000,001 to $1.5M) OR
Stamp Duty = Purchase Price x 5% – $30,400 (if price between $1,500,001 to $3M) OR
Stamp Duty = Purchase Price x 6% – $60,400 (if purchase price above $3M) - Legal fees . Approx $2,800 to $3,500.
- Bank admin & valuation fees (if taking loan) . Less than SGD$1,000.
For details and floor plans of an executive condominium launch with units available, see: North Gaia EC.
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Sources of Funds
- Minimum 5% must be from your own cash.
- Housing Grant for 1st timers. See CPF Housing Grant table below for eligibility & amount.
- Your CPF funds in OA (Ordinary Account).
- Bank loan. HDB does not give loans for ECs. See Financing below for maximum bank loan quantum.
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 |
Above $12,000 | Nil | Nil | Nil |
* 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 75% loan.
Minimum cash downpayment = 5%. - Tenor ≤ 30 years + age at end of tenor is 66 to 75 = max 55% loan.
Minimum cash downpayment = 10%.
In addition, for executive condominiums it is possible to obtain 75% 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
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Payment Schedule under Deferred Payment Scheme
If you currently have a mortgage loan outstanding, you may still be able to get 75% bank loan for the new property purchase (subject to bank credit assessment & approval). Click to Enlarge.
Disclaimer
The above is current as of 30 April 2023. While the information here is periodically updated, no guarantee is given that it is correct, complete, and up-to-date. We expressly disclaim all liability for, and damages of any kind arising out of the use, reference to, or reliance on any information provided here. Please counter-check with the relevant authorities.
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.