EC Financing Is Crucial. Buying EC Should Be Loaded With Bundles Of Joy
Plan for Your Housing Loan for EC Purchase
Buying EC is a long-term financial commitment. It is crucial for you to look into EC Financing seriously, to assess your budget carefully before you start looking for an EC Executive Condo in Singapore to buy.
You should first work out what you can afford. You need to look into your current household income, existing expenses and debt obligations, available savings as well as your eligible loan amount.
You also need to find out what you need to pay for. Buying a New Launch EC Executive Condo involves making some upfront payments, as well as monthly payments such as your housing loan instalments.
We have put together some pointers to help you with your EC Financing:
EC Financing Planning Part 1 – Available Cash Savings For Buying EC
Cash is required for the payment of:
Option Fee – You will have to pay an option fee of 5% of the EC Price in cash when you book an EC Executive Condo.
Downpayment – You will have to pay the 15% of the EC Price as downpayment for the EC Executive Condo purchase. You may use your CPF Ordinary Account Savings to pay for the 15% (provided you manage to get the 80% housing loan), if not enough top up by cash.
Legal Fees and Stamp Duties – You may use cash or CPF Savings to pay for the legal fees and stamp duties. It may take some time for the withdrawal of CPF Savings for the payment. Please inform your appointed lawyer in advanced to avoid any delay.
EC Financing Part 2 – Available CPF Savings For Buying EC
The use of CPF Savings for Buying EC Executive Condo is subject to CPF Board’s prevailing policies. With the Private Properties Scheme, CPF members can now use the savings in their CPF Ordinary Account to build or buy private residential properties in Singapore for their own occupation or investment.
You can also login using your SingPass to check your CPF savings in the Ordinary Account.
EC Financing Part 3 – Housing Loan For Buying EC
Buying EC Executive Condo in Singapore, you need to obtain a bank loan. In most instances, you will have to take a housing loan to finance your EC Executive Condo purchase. For most people, this could be the largest financial commitment of their lives.
The following housing loan table is for your easy reference. Kindly contact us (Joanne Ng 9151 1871) if you have any inquiry.
To take a housing loan, you must have:
Sufficient income to qualify for a loan
Steady income to pay back the housing loan with interest over 20 to 30 years
You are encouraged to explore the different housing loan packages offered by various banks. Do read through the terms and conditions for the different housing loans offered by banks and keep in mind that interest rate that may increase over the years.
Call Joanne Ng at +65 9151 1871 for Showflat Viewing Arrangement Today!