AskGuru Q&A Community

Hi,

Yes if your resale flat was bought without any housing grants, you can apply for new EC as long as the TOP of the new EC is after the date where your MOP is met. (Ie. MOP date must be before TOP date).

As long as this is valid at point of booking, legal date for TOP on paper is after your MOP date, there be no issues.

It depends on which payment scheme you are taking. Assuming you are taking 80% loan, for Normal Payment Scheme, some part of the 80% loan will be disbursed by bank to Developer about 10-12 weeks after booking. If you opt for Deferred Payment Scheme, the loan will not kick in until you are closer to TOP.

I have assisted a few clients with their upgrade and will be glad to share more on the best approach. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.

Thanks Ivan! :) Read More

Hi,

Yes, you are free to apply for new ECs that has their TOP date later than the day you serve your 5-year MOP.

For purchase of EC, there are namely 2 payment schemes - The normal Progressive Payment Scheme, and the Deferred Payment Scheme.

For Progressive Payment, as the name suggests, the bank will disburse the funds in the various stages of completion of the development, with the first payment (10%) upon the completion of foundation works. Upon TOP, you would have paid up to 85% of the entire sum. The balance 15% would be upon Certified Statutory Completion, estimated 1 year from the day you collect your keys.

For Deferred Payment Scheme, you will only pay up to the 85% when the development TOP. Developer will give advanced notice to the Buyers to allow them ample time to prepare for the funds, i.e selling your current flat to utilize the CPF portions for your new EC.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Dear Sir/Mdm,

You may book an EC project as long as the TOP of the EC is later than your MOP date. As for the finances, it depends on whether you are taking the normal payment scheme or deferred payment scheme where you can defer 80% of the payment ie pay at a later stage when the project is completed. During the construction stage, you wont be paying anything.

I have assisted many of my clients to upgrade from a HDB to an EC. There are quite a number of EC projects available on the market current, please feel free to share with me further your objectives so that I can share with you some options with upside potential.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Hi !Let me assist you in the entire transaction.
I have assisted many clients in similar cases. You may reach me via a call/msg at 91442664  on discussion on the fianancials involved.
Thank you
Tricia Tan 91442664  Read More