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New Launch EC Progressive Payment Scheme

Scheduled Payments According To The Progress Of The New Launch Executive Condo

EC ​Progressive Payment Schedule

For Buying New Launch EC in Singapore

When you purchase a New Launch EC in Singapore, there are two payment schemes for you to choose, either the EC Normal ​Progressive Payment Scheme or the EC Deferred Payment Scheme. When you opt for the EC Normal ​Progressive Payment Scheme, you make instalment payments in tandem with the construction progress.

When it comes to buying a New Launch EC, the only option that EC buyers have is to apply for a bank loan. For a bank loan, EC buyers will need to prepare a bigger downpayment, which is at least 25% in cash or CPF OA savings (minimum cash outlay of 5%).

The developer will call for the payments from the EC buyers when the construction works reach a specific milestone. It is typically 5 to 10 per cent of the EC purchase price. During the initial stages, payments are far apart. Payments become more frequent from 4th stage onwards. For EC Progressive Payment Scheme (75% Loan-to-Value), the bank will disburse the 1st loan upon the foundation completion stage. EC buyers will start the monthly housing loan repayment, based on the amount disbursed by the bank to the developer.

Another point to take note is, Mortgage Servicing Ratio (MSR) applies to EC purchase – The monthly housing loan repayments cannot exceed 30% of EC buyers’ incomes. This rule will affect the eligible bank loan amount for the EC buyers.

You may refer to the following table, to find out more about the Executive Condo (EC) Timeline (different stages, the percentage of the payment and the payment mode for each stage).

New Launch EC Normal Progressive Payment Scheme (LTV 75%)

New Launch Executive Condo (EC) Timeline

Stage % Description When to Get Ready Payment Mode
1st 5% Booking & Obtaining Option To Purchase Day 1 Cash
Payment of Resale Levy

  • If the 1st subsidised flat already been sold. Pay at the HDB Branch, before EC Buyer signs the S&P.
  • If the 1st subsidised flat is not sold yet, pay upon the sale of the 1st subsidised flat, within six mths from the date of TOP
Cash
Buyer to engage solicitor (~ $3000)
Buyer to select the Mortgage Loan (Stamp fee ~$500)
Buyer to submit documents to HDB
ASAP Cash or CPF OA
Buyer’s Stamp Duty Within two weeks upon signing S&P Cash or CPF OA
15% Downpayment Within nine weeks from Date of Option Cash or CPF OA
2nd 5% Completion of Foundation Work
完成地基
Cash or CPF OA
5% Bank Loan
3rd 10% Completion of Reinforced Concrete
完成三合土框
Bank Loan
4th 5% Completion of Brick Wall
完成砖墙
Bank Loan
5th 5% Completion of Ceiling / Roofing
完成天花板/屋顶
Bank Loan
6th 5% Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering
完成门/窗框,电线,水管及内部抹灰
Bank Loan
7th 5% Completion of Car Park, Roads and Drains
完成停车场道路与水渠
Bank Loan
8th 25% Obtaining Temporary Occupation Permit (TOP)
取得临时居住许可证
Bank Loan
9th 15% Upon Production of the Certificate of Statutory Completion (CSC)
取得法定完工证书
Bank Loan

Frequently Asked Questions (FAQ)

About EC Progressive Payment Scheme
Can I take HDB loan for New Launch Executive Condo (EC)?
  • HDB loans are not applicable for New Launch EC purchase. When it comes to buying a New Launch EC, the only option that EC buyers have is to apply for a bank loan.
Can I use CPF to pay for New Launch EC?
  • For the New Launch EC purchase, the 25% downpayment, the minimum cash outlay is 5%. The remaining 20% can be paid by cash or from EC buyers’ CPF Ordinary Account (OA).
  • For purchase of an Executive Condo that is still under construction, legal and stamp fees can be paid directly from EC buyers’ CPF Ordinary Account (OA).
  • EC buyers can utilise their CPF Ordinary Account (OA) savings to service the monthly payments of the bank loan instalments.
  • Upon the selling of the EC, you will need to return the CPF monies used back to your CPF Ordinary Account (OA), with the 2.5% interest rate.