Home Loan Information

<= 30 years loan tenure> 30 years loan tenure or past 65 yeas old
Maximum LTV Limit75% of Purchase Price55% of Purchase Price
Minimum Cash down payment5% of Purchase Price10% of Purchase Price

Example

Tony and Susan decided to purchase a 4 bedrooms unit at Parc Canberra EC at $1.3 million. James is 42 years and Susan is 36 years old with a gross monthly income of $8,000 and $6,000 respectively.

 

To determine their average age, we need to use the formula for Income Weighted Average Age (IWAA) :

(Tony's Age * Tony’s gross monthly income / (Total of Tony and Susan’s gross monthly incomes)) + (Susan’s Age * Susan’s gross monthly income / (Total of Tony and Susan’s gross monthly incomes))

 

(42 * $8,000 / ($8,000 + $,6000)) + (36 * $6,000 / ($8,000 + $6,000)) = 24 + 15.43 = 39.43

Their income weighted average age is 39.43 years old, hence their loan tenure is 65 - 40 (round up) = 25 years

 

Maximum Loan to Value Limit (LTV) = 75% * Purchase Price = 75% * $1.3 million = S$975,000

Their maximum loan amount from financial Institution is S$975,000.

 

Please contact us if you need clarification on financial calculation. Our friendly consultants are more than willing to assist you.

Buyer's Stamp Duty (BSD)

PURCHASE PRICEBSD RATES
First S$180,0001%
Next S$180,0002%
Next S$640,0003%
Remaining Amount4%

*BSD is based on Purchase Price

*Additional Buyer's Stamp Duty (ABSD) is not applicable to EC's buyer purchase directly from developer

Example

Mr and Mrs Yeo decided to purchase a 4 bedrooms unit at Parc Canberra EC at S$1.3 million. Both are Singapore Citizen. What is the amount of BSD and ASBD?

 

BSD = S$1.3 million * 4% - S$15,400 = S$36,600

ABSD = S$0 (ABSD not applicable to EC's buyer who purchase directly from developer)

Payment Scheme

For Parc Canberra EC, 2 types of payment schemes are available when purchasing directly from developer.

Normal Payment Scheme

Normal Payment Scheme also known as Progressive Payment Scheme, allows you to service your loan progressively while the development is being built.

DEVELOPMENT PHASEDISBURSE AMOUNT IN % (PURCHASE PRICE)
Grant of Option to Purchase (OTP)5% (booking fee)
Signing of the Sale & Purchase Agreement or within 8 weeks from the Option date15%
Completion of foundation work10% (5% + 5%)*
Completion of reinforced concrete framework of unit10%
Completion of partition walls of unit5%
Completion of roofing/ceiling of unit5%
Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit5%
Completion of car park, roads and drains serving the housing project5%
Notice of Vacant Prossession / Temporary Occupany Permit (TOP)25%
Certificate of Statutory Completion15%

* refer to Home Loan Information regarding Loan to Value (LTV) Limit

Deferred Payment Scheme

Deferred Payment Scheme (DPS) allows buyer to service the loan after Notice of Vacant of Possession (TOP). This allow home owner to better manage their finances as they do not need to service 2 housing loan (current HDB and EC) concurrently.

DEVELOPMENT PHASEDISBURSE AMOUNT IN % (PURCHASE PRICE)
Grant of Option to Purchase (OTP)5% (booking fee)
Signing of Sales & Purchase Agreement or within 8 weeks from the Option date15%
Notice of Vacant Prossession / Temporary Occupany Permit65% (5% + 60%)*
Certificate of Statutory Completion15%

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