Financial
Planning
1. Check Your
Financing
(a) Cost of
property
The total cost of purchasing a EC is
approximately:
Est. 103% of the
purchase price, including the stamp and legal
fees.
(b) Getting a
financier
Decide on your financier. It could be a bank or a
finance company. Ask the loan officer to advise you on the alternative
funding arrangements you can have. Most CPF members fund their purchase as follows:
Member's CPF savings + Housing Loan + Own Cash = Purchase Price
Once you have decided on your funding arrangement,
discuss with the loan officer the amount of CPF savings you would like to
use for the property, the amount you need to borrow from the financier, and the amount of cash you have to use.

(c) Quantum of Loan
Your financier may grant you a loan of up to 75%
of valuation limit (VL). The VL is the lower of the property price or property
value at the time of purchase. You would therefore need to ensure that
you have enough cash to pay the balance of the purchase
price.

2. Buying A
Property
It would be good to
know the range of property you can afford after checking with your financier.
Next, you need to engage a lawyer to advise you on the
process of buying a property and later, to handle the legal
documentation.
Once you have selected the property, you will have
to make a cash payment (usually 5% of the purchase price) for the Option
to Purchase from the developer. The balance of the purchase price will be paid according to the schedule of progress payments set out in the Sale & Purchase
Agreement.
As in the case of buying a completed property,
your lawyer will advise you on the legal procedures, payments and
documentation.
Note:The information in
this serves as a guide only. You should seek advice from your
lawyers, financiers or housing agents ( Call : 97881579 )
if you need further clarification.
New Launch EC Sales Process
Progressive Payment
Standard Payment
Scheme |
The time for payment and the
amount of purchase price payable under the standard payment scheme is shown in the following
table:
|
|
Stage |
Payment under a
standard payment scheme ( % of purchase price
) |
Upon the grant of
Option to Purchase |
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 of unit |
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% |
On Completion
Date |
2% |
Issue of Certificate of Statutory
Completion |
8% |
Expiry of the defects liability
period |
5% |
|
|
OR
Deferred Payment
Scheme
A Deferred Payment Scheme is a
payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the
standard payment scheme to a later date. The developer is required to seek the approval of the Controller of
Housing before offering any form of deferred payment scheme to
purchasers.
Stage
|
Payment under a deferred payment scheme ( % of purchase price
)
|
Upon the grant of Option to Purchase
|
5%(booking fee)
|
Upon signing of the Sale & Purchase Agreement or within 8 weeks
of Option date
|
20% less booking fee
|
Notice of Vacant Possession
|
65%
|
On Completion Date
|
15%
|
Call Eric Tan @ 97881579
or Cindy Ng @ 97738372 for more
Detail
Punggol EC
Tampines
EC
SengKang
EC
Sembawang EC
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