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

 


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