EC Executive Condo Financing Complete: Frequently Asked Questions
Executive Condo (EC) financing in Singapore requires bank loans only, with maximum 75% Loan-to-Value (LTV), 30% Mortgage Servicing Ratio (MSR), and 55% Total Debt Servicing Ratio (TDSR).[1][2]
Homejourney prioritizes your safety by verifying all financing data, helping you compare bank rates from DBS, OCBC, UOB, and more in one trusted platform. This cluster article answers key EC financing questions, linking back to our comprehensive Homejourney EC Financing Guide 2026 for full details.
Why EC Financing Matters for Singapore Buyers
ECs bridge public housing and private condos, offering condo amenities at lower entry prices but with strict rules. New ECs start from $1.4 million in 2025, demanding solid finances.[5] Unlike HDB flats, no HDB loans—only bank loans apply, with higher cash needs due to limited CPF use initially.[1][2]
First-timers may qualify for CPF housing grants if income ≤ $16,000 monthly, but MSR (30% of income for EC loan) and TDSR (55% for all debts) limit borrowing.[1][2] Homejourney's eligibility calculator at https://www.homejourney.sg/bank-rates#calculator lets you check instantly using Singpass for verified income and CPF data.
EC Loan Eligibility: Who Qualifies?
To buy a new EC, form a family nucleus (SC + SC/PR), be ≥21 (or 35 for singles), and have household income ≤ $16,000.[1][4] No private property ownership in last 30 months. Resale ECs lift income ceilings, allowing singles and broader buyers.[2]
Bank loan eligibility hinges on age, income, and debts. Max tenor: 30 years or until age 65. Example: For a $1.3M EC, 75% LTV means $975,000 loan (~$4,750/month at current rates).[2] Use Homejourney's multi-bank tool to submit one application via Singpass and get offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, and more.
- Insider Tip: Get In-Principle Approval (IPA) before ballot—avoids booking fee risks. Homejourney's WhatsApp support guides you.[3]
- Track live 3M/6M SORA rates on our bank rates page for timing.
Downpayment and Payment Schemes for New ECs
New ECs follow Normal Progressive Payment Scheme (NPS): 5% cash upfront, next 15% cash/CPF at booking, then staged as construction progresses.[2][3] Total downpayment: 25%, with 5% mandatory cash.
[2] First-timers add CPF grants (e.g., Family Grant up to $10,000 for SC/SC couples).[2] No grants for resale ECs. Factor Buyer Stamp Duty (BSD): 1% on first $180K, up to 4% above $1.5M (2025 rates).[2]
Disclaimer: Rates fluctuate; consult banks. Homejourney verifies data for trust, but seek professional advice for your situation.
HDB Loan vs Bank Loan for ECs: Key Differences
ECs under 5-year MOP trigger MSR, stricter than private condos (TDSR only).[1][2] Refinance post-MOP for flexibility. Homejourney simplifies with one-click multi-bank applications.
Actionable Steps to Secure Your EC Mortgage
- Calculate Affordability: Use Homejourney's calculator—input income, debts for MSR/TDSR check.
- Compare Rates: View DBS, OCBC, UOB, HSBC on https://www.homejourney.sg/bank-rates.
- Get IPA: Apply via Singpass on Homejourney for instant pre-approval from partners.
- Budget Extras: 1-4% BSD, legal fees ~$2-3K, valuation ~$500.
- Search Properties: Find ECs in budget at https://www.homejourney.sg/search.
Real example: $12,000 household income, $1.2M EC—MSR caps loan at ~$360K/month repayment, but TDSR considers car loans too.[1] Homejourney's real-time tools ensure safe decisions.
EC Executive Condo Financing Complete: Frequently Asked Questions
1. Can I use CPF for EC downpayment?
Yes, after 5% cash, up to 20% from CPF Ordinary Account (OA). Grants for first-timers boost this. Check limits on Homejourney calculator.[2][3]
2. What if I own an HDB flat?
Sell within 30 months of EC purchase; resale levy may apply if subsidized. Can't own BTO + EC simultaneously.[2]
3. MSR vs TDSR—which is stricter for ECs?
Both apply during 5-year MOP: MSR 30% for EC loan, TDSR 55% total debts. Private condos skip MSR.[1][2]
4. How to refinance EC post-MOP?
After 5 years, MSR lifts. Use Homejourney for multi-bank comparison and step-by-step process.[2]
5. Are foreigners eligible for EC loans?
New ECs: No, only SC/PR. Resale after 10 years: Yes, under TDSR.[1]
Trust Homejourney for verified EC financing insights—compare rates, calculate eligibility, and apply safely today at https://www.homejourney.sg/bank-rates. For full EC details, read our pillar Homejourney EC Financing Guide 2026.
