Home Loan Information
| <= 30 years loan tenure | > 30 years loan tenure or past 65 yeas old | |
|---|---|---|
| Maximum LTV Limit | 75% of Purchase Price | 55% of Purchase Price |
| Minimum Cash down payment | 5% of Purchase Price | 10% 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 PRICE | BSD RATES |
|---|---|
| First S$180,000 | 1% |
| Next S$180,000 | 2% |
| Next S$640,000 | 3% |
| Remaining Amount | 4% |
*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 PHASE | DISBURSE 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 date | 15% |
| Completion of foundation work | 10% (5% + 5%)* |
| 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% |
| Notice of Vacant Prossession / Temporary Occupany Permit (TOP) | 25% |
| Certificate of Statutory Completion | 15% |
* 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 PHASE | DISBURSE 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 date | 15% |
| Notice of Vacant Prossession / Temporary Occupany Permit | 65% (5% + 60%)* |
| Certificate of Statutory Completion | 15% |
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