Executive Condominium

North Gaia

Provence Residence

Ola Parc Greenwich

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.

EC Loan Calculator

(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.

Loan to value (LTV) 06 Jul 2018

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%

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%