Grant/Financing
With CPF Housing Grant
- You will submit the completed EC application form and the prescribed application form for the CPF Housing Grant for EC directly to the developer when you book a unit with them.
- You must submit your application for the CPF Housing Grant to the developer before they serve the Notice to take possession. Once the developer has served Notice to take possession, you will no longer be able to request the CPF Housing Grant.
- After you have booked an EC unit, you must complete and send the CPF Withdrawal Form RPS/1A (Residential Properties Scheme) directly to the CPF Board for their processing. This is to allow you to use your CPF money or the CPF Housing Grant, or both, for the payment of your EC unit.
- You will have to pay a booking fee of 5% of the purchase price of the EC by cash/cashier's order or by cheque in exchange for an Option to Purchase.
- If you are not eligible to buy an EC, your application will be cancelled and the developer will refund the booking fees to you in full.
- If you qualify to buy an EC, you will sign the Sales and Purchase Agreement with the developer. Buyers are required to pay the balance of the downpayment for the EC unit within eight weeks from the date of the Option to Purchase. The balance downpayment can be paid from CPF funds. The CPF Housing Grant, if applicable forms part of the CPF monies and may be used to pay the balance downpayment. Legal fees and stamp duties may be paid using cash, or CPF monies.
- You are advised to engage a solicitor to handle the conveyancing matters, arrange with a bank for financing, and check with CPF Board on the use of your CPF money to pay for the EC.
Without CPF Housing Grant
- You can book an EC unit directly from the developer. You will have to pay a booking fee of 5% of the purchase price of the EC by cash/cashier's order or by cheque in exchange for an Option to Purchase.
- If you are not eligible to buy an EC, your application will be cancelled and the developer will refund the booking fees to you in full.
- If you qualify to buy an EC, you will sign the Sales and Purchase Agreement with the developer and pay the balance of the downpayment within eight weeks from the date of the Option to Purchase. The payment can be in cash, CPF or both.
- You are advised to engage a solicitor to handle the conveyancing matters, arrange with a bank for financing, and check with CPF Board on the use of your CPF money to pay for the EC.
Financing
From 30 Aug 2010, if you have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan from banks or financial institutions, the mode of payment for the downpayment is as follows:
Date of Booking
On or after 30 Aug 2010
Downpayment
- 5% of purchase price in cash
- 10% of purchase price in CPF Housing Grant, CPF Savings, cash
With the announcement on 19 Feb 2010, the ceiling for bank loans has been lowered to 80% of the purchase price.
Date of Booking (New flats/DBSS/EC)
Before 20 Feb 2010 On or after 20 Feb 2010
Loan Ceiling
90% of purchase price 80% of purchase price
Buyers with one or more outstanding housing loans
From 14 Jan 2011, if you have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan from banks or financial institutions, the loan ceiling will be capped at 60%.
Date of Booking (New flats/DBSS/EC) Loan Ceiling
