Executive Condominium Financing

Plan Your Property Financing Ahead of the Purchase

1. Payment Schemes

Purchasers of a new Executive Condominium (EC) have a choice of Normal Progressive Scheme (NPS) or Deferred Payment Scheme (DPS).

Deferred Payment Scheme (DPS) allows the purchaser to defer the 75% loan repayment till the project is ready for move in, i.e. received the Notice of Vacant Possession. No loan repayment is required before Temporary Occupation Permit (TOP) is served. However, do note that the purchase price on DPS is about 3% higher than the NPS price.

The payment schedule and the % of purchase price payable is illustrated in the table below:

Executive Condominium Payment Schemes
Payment Schedule Payment (% of purchase price)
Normal Progressive Scheme (NPS) Deferred Payment Scheme (DPS)
Upon the grant of Option to Purchase 5% (booking fee) 5% (booking fee)
Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date 15% 15%
Completion of foundation work 10% -
Completion of reinforced concrete framework 10% -
Completion of partition walls of unit 5% -
Completion of roofing/ceiling of unit 5% -
Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit 5% -
Completion of car park, roads and drains serving the housing project 5% -
Issue of Temporary Occupation Permit 25% 65%
Certificate of Statutory Completion (CSC) 15% 15%

2. CPF Housing Grant

The CPF Housing Grant is a housing subsidy provided by the government, to assist eligible First-Timer families to buy an Executive Condominium.

The CPF Housing Grant will be credited into the eligible purchaser's CPF Ordinary Account and can be used to pay for the balance downpayment at the time of signing of the Sales and Purchase (S&P) Agreement.

CPF Housing Grant
Average gross monthly household income of all persons in application, i.e. applicants and occupiers Family Grant Half-Housing Grant

If you are a first-timer (FT) SC and your co-applicant is a second-timer (ST) who has previously taken 1 housing subsidy, i.e. FT/ ST couple
Singapore Citizen (SC / SC) Household SC / Singapore Permanent Resident (SC / SPR) Household
$10,000 or lower $30,000 $20,000 $15,000
$10,001 to $11,000 $20,000 $10,000 $10,000
$11,001 to $12,000 $10,000 Nil $5,000
$12,001 to $14,000 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 within 6 months from the date your SPR family member takes up Singapore Citizenship or the birth of your SC child. Please note that the CPF Housing Grant is subject to approval by the relevant authorities.

3. Mortgage Loan Restrictions: Loan-to-Value Limits, Total Debt Servicing Ratio, Mortgage Servicing Ratio

i) On 11 Jan 2013, the Monetary Authority of Singapore (MAS) tightened the Loan-to-Value (LTV) limits for borrowers who already have at least one outstanding housing loan.

  • Exemption: For EC purchasers who have an outstanding loan on the existing flat which would have to be sold upon TOP of the EC, the housing loan for the EC purchase is regarded as the 1st Home Loan. LTV limits on 1st Home Loan will apply.
Illustration of Loan-To-Value (LTV)

ii) On 28 June 2013, the Monetary Authority of Singapore (MAS) introduced a Total Debt Servicing Ratio (TDSR) framework for all property loans granted by financial institutions to individuals. Banks need to ensure that borrowers' total monthly debt repayments do not exceed 60% of their gross monthly income.

  • Exemption: For EC purchasers who own an existing flat which would have to be sold upon TOP of the EC, the monthly instalment of the existing HDB flat will be excluded in the computation of the total monthly debt repayments.

iii) On 9 Dec 2013, the Ministry of National Development (MND) announced that MAS will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from developers at 30% of a borrower’s gross monthly income.

4. Payment of Resale Levy on ECs (announced on 9 Dec 2013)

i) Resale levy is applicable for EC projects where the land sale is launched on or after 9 Dec 2013

ii) Revised Resale Levy Policy

Applies to second-timer applicants who:

  • Book their second subsidised flat from HDB on or after 03 Mar 2006, and
  • Submit their resale application to sell their first subsidised flat on or after 03 Mar 2006
Revised Resale Levy Policy
First Subsidised Flat Type Amount of Resale Levy Payable under the Revised Policy (From 3 Mar 2006*)
2-room $15,000
3-room $30,000
4-room $40,000
5-room $45,000
Executive Flat $50,000

Popular Projects This Week

SORA

[ Unit PSF to be released ]

Condominium

99 Years Leasehold

D22 - Jurong / Boon Lay / Tuas

78 - 78 Yuan Ching Road

1 to 5 bedroom units available for sale

Pollen Collection

[ Unit PSF to be released ]

Landed

99 Years Leasehold

D28 - Yio Chu Kang / Seletar

Nim Road

Unit types to be released

Zyanya

Units from $1,903 psf onwards

Condominium

Freehold

D14 - Paya Lebar / Eunos / Geylang

8 Lorong 25A Geylang

3 to 4 bedroom units from $1.869M

Boulevard 88

Units from $3,644 psf onwards

Condominium

Freehold

D10 - Bukit Timah / Holland / Tanglin

86 - 88 Orchard Boulevard

2 bedroom from $4.785M

3 Orchard By The Park

Units from $3,600 psf onwards

Condominium

Freehold

D10 - Bukit Timah / Holland / Tanglin

3 Orchard Boulevard

2 to 3 bedroom units from $3.838M

Hillock Green

Units from $1,855 psf onwards

Condominium

99 Years Leasehold

D26 - Upper Thomson / Mandai

22 - 28 Lentor Central

1 to 4 bedroom units from $1.276M

Midtown Modern

Units from $3,434 psf onwards

Mixed Development

99 Years Leasehold

D07 - Bugis / Beach Road / Rochor

16 - 20 Tan Quee Lan Street

1 to 4 bedroom units from $1.638M

The Lumos

Units from $2,417 psf onwards

Condominium

Freehold

D09 - Orchard / River Valley

9 Leonie Hill

2 to 4 bedroom units from $2.975M

Hillhaven

Units from $1,947 psf onwards

Condominium

99 Years Leasehold

D23 - Bukit Panjang / Choa Chu Kang / Dairy Farm

5 - 7 Hillview Rise

2 to 4 bedroom units from $1.477M

10 Evelyn

Units from $1,979 psf onwards

Condominium

Freehold

D11 - Newton / Novena

10 Evelyn Road

1 to 3 bedroom units from $1.439M

The Hill @ One North

Units from $2,260 psf onwards

Mixed Development

99 Years Leasehold

D05 - Buona Vista / West Coast / Clementi

15 - 21 Slim Barracks Rise

2 to 4 bedroom units from $1.918M

The Botany at Dairy Farm

Units from $1,870 psf onwards

Condominium

99 Years Leasehold

D23 - Bukit Panjang / Choa Chu Kang / Dairy Farm

3 - 11 Dairy Farm Walk

3 bedroom from $1.937M

Kovan Jewel

Units from $1,975 psf onwards

Condominium

Freehold

D19 - Hougang / Punggol / Sengkang

51 Kovan Road

1 to 4 bedroom units from $1.323M

Amber Sea

[ Unit PSF to be released ]

Condominium

Freehold

D15 - East Coast / Marine Parade

30 Amber Gardens

Unit types to be released

Marina One Residences

Units from $2,346 psf onwards

Mixed Development

99 Years Leasehold

D01 - Marina / Raffles Place / Boat Quay

21 - 23 Marina Way

Penthouses from $17.500M

Aurea

[ Unit PSF to be released ]

Condominium

99 Years Leasehold

D07 - Bugis / Beach Road / Rochor

Beach Road

Unit types to be released