Financing The Brownstone EC

Executive Condominium (EC) Buyers will have to obtain loans from banks or financial institutions for purchase Westwood Residences EC as HDB do not provide loans for purchase of EC.

It is strongly recommended that you approach the banks to assess the loan you can acquire before booking your EC. This is to avoid the situation where you have to forfeit the booking fee as you are unable to obtain the bank support to finance your purchase.

You may request our banking partners from DBS, OCBC, UOB to provide you with the In-Principle Approval for your purchase of Brownstone EC. An IPA is a conditional approval for your home loan. It gives you a clear understanding of your financial affordability and the potential loan quantum which you can use to shortlist suitable residential properties.

Payment Scheme

Once you have assessed the loan you can acquire from bank. On the day of purchase, you have to make a decision on the payment scheme to be used for the purchase of your Westwood EC.

There are 2 payment schemes available – Normal Payment Scheme (also known as Progressive Payment Scheme) and Deferred Payment Scheme.

FYI: Purchase Price for Normal Payment Scheme is typically 3% lower than Deferred Payment Scheme.

Normal Payment Scheme (Progressive Payment Scheme)

 

 Stage

Percentage

(% of purchase price)

Upon the grant of option to purchase

5 % (booking fee)

Upon the signing of the Sale & Purchase Agreement, or within 9 weeks from the Option date

15%

Completion of foundation work

10%

Completion of reinforced concrete framework of unit

10%

Completion of brick walls of unit

5%

Completion of roofing / ceiling of unit

5%

Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit

5%

Completion of car park, roads and drains serving the housing project

5%

Notice of Vacant Possession (TOP)

25%

On Completion Date

15%

Back to “Payment Scheme”

Deferred Payment Scheme

 

 Stage

Percentage

(% of purchase price)

Upon the grant of option to purchase

5 % (booking fee)

Upon the signing of the Sale & Purchase Agreement, or within 9 weeks from the Option date

15%

Notice of Vacant Possession (TOP)

65%

On Completion Date

15%

Back to “Payment Scheme”

Share This

Share this post with your friends!