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Hi, I would like to buy a EC. i have a few question hope that some of you out there can help me .
1. Currently, i have a hdb flat and when do i need to sell it off if i got a EC?
2. If i get a EC, when will i need to service the loan.. Immediately after i got the EC or sfter TOP..
3. If i get a EC, do i need to pay any down payment?

Posted by Trouble on Dec 24, 2011 in Home Financing | 922 Views

Latest Answers by Real Estate Professionals (6 Answers)

Primus Yuan
APHO.38343893.V60B
CLOGO.6489401.V60
Contact Agentorangearrow
Answer Posted on Dec 25, 2011
Hi Trouble

Season Greeting!

Enclosed are the answers for your reference and it should be serve as a guide only. For a comprehensive advice, I will need to understand the buyer's profile and requirement

ANSWER 1
There are 2 scenarios:
A) Sell 1st then buy
B) Buy 1st then sell.(Within 6 mths from TOP date)

The timing will depends on factors such as:
a)External factor: Current market sentiments
b)External factor: Bank interest rates
c)Internal factor: Buyer’s financial profile
d)Internal factor: Time & Space
e)and many others…

ANSWER 2
When start serving the loan will depends on which types of payment mode you opt for.

a) Normal progressive mode
After the initial 20% down payment, you will need to start servicing the loan upon the completion of the different construction stages.
i.e.
~ 10% of the purchase price upon completion of the foundation work
~ 10% of the purchase price upon completion of the concrete framework
~ …
~ Final 15% upon legal completion

b)Deferred payment
After the initial 20% down payment, you no need to serve any loan till TOP.
~ 65% of the purchase price upon TOP
~ Final 15% upon legal completion

ANSWER 3
Yes, you will need to prepare 20% of the purchase price for the initial down payment. The balance will be by Cash / CPF / Loan

a)Pay 5% (Cash) of the purchase price upon issuing of option.
i)Submit supporting documents to HDB for approval (Within 1 week)
ii)Upon HDB approval, developer will send out Sales & Purchase agreement (within 2-6 weeks)

b) Pay 15% (Cash/CPF) upon signing S&P agreement (within 3 weeks)
c) Pay stamp duty in cash (3% of purchase price - $5400) and get reimbursement back from your own CPF account. (within 2 weeks from exercising the S&P)

Meanwhile, I can be reached @ HP:96691268 for more information.

Cheers!
Your Property Portfolio Partner
Yuen Kin Mun (Primus Yuan)
Associate Branch Director
Cert-In-Common Examination For Housing Agent (CEHA)

Mobile No :(+65) 96691268 / 96601268
Office Tel:(+65) 64086674
Email : Yuan@Singaporehome.net
CEA Registration No: R009690G
Propnex Realty Pte Ltd License No: L3008022J

URL : www.Singaporehome.sg
URL : www.PrimusYuan.blogspot.com

“P.S. Your highest compliment is a personal referral”
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William Koh
APHO.34204981.V60B
CLOGO.6489401.V60
Contact Agentorangearrow
Answer Posted on Dec 25, 2011
Hi,

I believe you are talking about buying a new EC.

1) You are require to sell off your HDB flat within 6 months upon TOP.

2) It depend on the type of payment scheme that you took.
a) Normal Payment Scheme: Loan kicks in during construction
b) Defer Payment Scheme: Loan kicks in upon TOP

3) Downpayment is 20% (5% Cash, 15% Cash/CPF).
Please do take note if you have existing mortgage loan, your banl loan for this EC is only max 60%.


Feel free to contact me regarding matters on EC.


Cheers,
William Koh
9027 1972
willkck@gmail.com
www.GuruSg.com
williamkoh.st701property.com
www.myBishanCentralCondo.com
www.myBedokResidences.com
www.ArcAtTampinesEC.com
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Reply from Trouble - Dec 26, 2011
Hi
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Chris Chow
APHO.47195512.V60B
CLOGO.6489401.V60
Contact Agentorangearrow
Answer Posted on Dec 24, 2011
Hi , i can forward to you a cash flow analysis . Also let me know the type of bedroom and budget you might have in mind .


With services you trust,

Chris chow- CEA Reg No: R015503B
PN Realty Pte Ltd - Licence No: L3008069C
Mobile :98348607
Website : http://propnexpropertynews.com
Email : chris1870@gmail.com
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Mike Tay 郑树荣
APHO.16627132.V60B
CLOGO.48936109.V60
Contact Agentorangearrow
Answer Posted on Dec 24, 2011
Hi Trouble

Let me help.

Assuming new EC,

1. Yes, you need. Normally, within 6 months from TOP of the EC.

2. Like private condo, you need to pay the initial downpayment, depending on your 1st mortgage or 2nd mortgage. You will also need to pay the relevant stamp duty. Thereafter, progressive payment depending on the construction status.

3. Yes.

Do call me at (65)-9745-5178 or email miketaysoen@gmail.com for any clarification.

Thks & regards,

Mike Tay (郑树荣)

B.Sc. (NUS), EMBA (SUNY)
CEA Reg:R042367C

M: +65 97455178
E: miketaysoen@gmail.com

HSR International Realtors Pte Ltd
Estate Agent Reg No: L3002226G
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Lewis Tan
APHO.49385431.V60B
CLOGO.48487121.V60
Contact Agentorangearrow
Answer Posted on Dec 24, 2011
Hello Trouble,

I will be glad to assist. There are different payment schemes & down-payment requirement. However, it may be too complex to answer your query here.

I suggest that you contact me via phone or email for a detail discussion before starting your EC buying. I will run through the entire planning, budgeting & buying process with you at no cost to you. Work with a professional to make your home purchase a smooth & painless process.

Look forward to be of service to you.

Warmest Regards

Lewis Tan
CEA R017443F
Associate Sales Director
CBRE Realty Associates Pte Ltd
HP : 97236721
Email : lewistms@singnet.com.sg
www.lewistms.myweb.sg
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Mike Lim
APHO.5967251.V60B
CLOGO.80.V60
Contact Agentorangearrow
Answer Posted on Dec 24, 2011
Afternoon,

When you talk about EC's TOP, I would assume that you are buying brand new EC. With the key collection of your new EC, you need to sell away your HDB unit within 6 months time. Servicing of loan also commence from key collection date, if you are taking another HDB loan, where 10% must be Cash and 10% in CPF.

DO feel free to contact me for further assistance

Regards
Mike Lim
96929209
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Reply from Trouble - Dec 24, 2011
Does it mean that I can still take hdb loans so for the 10 percent cash n cpf when will I need to pay upon having the ec or at TOP
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