​EXECUTIVE CONDOMINIUM'S FREQUENTLY ASKED QUESTIONS & ANSWERS*

(* These Frequently Asked Questions are meant to highlight some common questions and answers for general information only.)

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Q13. What are the payments that I have to make for my Executive Condominium (EC) Unit and what are the stages for these payments?

A13: You will need to pay an option fee (equivalent to 5% of the flat’s selling price) in cash, cheque or Cashier’s Order upon successful booking of the flat.  You will also need to pay the balance 15% of the Purchase Price according to the timeframe as stated in your Option to Purchase. The CPF Housing Grant given to eligible applicants may be used for this balance downpayment.

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However, for those who have one or more outstanding housing loans at the time of applying for the bank loan, the minimum cash payment required is 10% of the purchase price (including the option fee). You may wish to check with your banks for more information.



The developer may offer a progress payment scheme or a deferred payment scheme in the sale of EC Units. Under the progress payment scheme, you will need to pay the balance purchase price progressively to the developer depending on the progress of the construction. The balance payments for the EC Unit are by instalments based on different stages of completion as stated in the Sale and Purchase Agreement.  Please check with the developer and get specific details about the payment schedule that applies for your development.



Other payments include legal fees payable to your solicitors and stamp fees & registration fees on the legal documents for the transaction.

Q14. Can I use CPF money to finance the purchase of an Executive Condominium (EC) unit?

A14: Yes, you may use your CPF savings to buy an EC Unit.



Under the existing CPF rules, only the applicant and co-applicants can use their CPF monies for the purchase of an EC Unit.  The occupiers listed in the application are not allowed to use their CPF monies for this purpose.



There is a limit on the amount that can be withdrawn from CPF monies.  The CPF Housing Grant will be treated as part of the CPF funds of the purchaser and will be included in the computation of the CPF withdrawal limit. For more details, please enquire with the CPF Board directly.

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Q15. Can I get a loan from HDB for the purchase of an Executive Condominium (EC) Unit?

A15: The Government or HDB does not grant any loan for purchase of EC Units.  EC buyers will have to arrange for their own mortgage financing through banks and/or financial institutions.



You can check with a bank or financial institution that provides loans for the purchase of an EC Unit on its financing terms before you submit an EC application.