Home Loan Information
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)
*BSD is based on Purchase Price
*Additional Buyer's Stamp Duty (ABSD) is not applicable to EC's buyer purchase directly from developer
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)
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.
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.
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