Enchantè Home Loan & Financing Guide | Homejourney

Enchantè Home Loan & Financing Guide for Singapore Buyers

Purchasing a property at Enchantè, the prestigious freehold condominium at 3 Evelyn Road in Newton, requires careful financial planning. This comprehensive guide walks you through the financing options, loan structures, and payment schemes specifically designed for Enchantè buyers, helping you understand exactly what it costs to own a unit in this sought-after District 11 development.

Enchantè comprises just 25 units across a single 16-storey block, making it an exclusive opportunity in one of Singapore's most desirable neighbourhoods. With units ranging from 3-bedroom to 5-bedroom configurations, understanding your financing options is crucial before committing to your purchase.

Current Pricing & Unit Types at Enchantè

As of January 2026, Enchantè units are priced between S$3.26 million and S$3.76 million, with an average price of approximately S$2,565 to S$2,957 per square foot. The development offers three main bedroom configurations:

3-Bedroom Units: Starting from approximately S$3.59 million (around 1,270 sqft)
4-Bedroom Units: Mid-range pricing in the S$3.5M-S$3.7M bracket
5-Bedroom Units: Premium units commanding the highest prices within the range

These price points reflect Enchantè's premium positioning as a freehold luxury development with exceptional finishes and a prime Newton location just a 4-minute walk from Newton MRT station. For current availability and detailed pricing on specific units, browse available units for sale at Enchantè on Homejourney.

Understanding Enchantè's Payment Schemes

Enchantè offers two primary payment structures designed to accommodate different buyer preferences and financial situations. Understanding these schemes is essential for budgeting and cash flow planning.

Normal Payment Scheme (Progressive Payment)

The Normal Payment Scheme (NPS), also called the Progressive Payment Scheme, is structured to align with the development's construction milestones. This approach is particularly beneficial for first-time buyers and investors who want to spread payments across the construction period:

Upon Option to Purchase: 5% (Booking Fee)
Upon S&P Agreement Signing: 20% less booking fee (approximately 15% additional)
Foundation Work Completion: 10%
Reinforced Concrete Framework: 10%
Partition Walls: 5%
Roofing/Ceiling: 5%
Door Frames & Internal Works: 5%
Car Park & Infrastructure: 5%
Notice of Vacant Possession (TOP): 25%
Completion Date: 15%

This progressive structure means your initial cash outlay is relatively modest—just 5% at booking—with subsequent payments tied to construction progress. For a S$3.6 million unit, this translates to approximately S$180,000 upfront, with remaining payments spread over approximately 3 years until TOP (Temporary Occupation Permit).

Financing Your Enchantè Purchase

Most Enchantè buyers finance their purchase through bank housing loans. Understanding your maximum loan eligibility and monthly payment obligations is critical before proceeding.

Maximum Loan Eligibility & Down Payment Requirements

Singapore banks typically offer the following parameters for private residential property purchases like Enchantè:

Maximum Loan-to-Value (LTV) Ratio: 75% for borrowers up to age 65; 55% for borrowers aged 70-75
Minimum Cash Down Payment: 5% for most borrowers; 10% for non-individuals
Maximum Loan Tenure: Typically 30 years, depending on your age and bank requirements

For a S$3.6 million Enchantè unit with a 75% LTV, you would need:

Minimum Down Payment: S$180,000 (5%)
Maximum Loan Amount: S$2.7 million (75%)
Additional Cash Required: S$720,000 (25% - down payment plus buffer)

However, most buyers benefit from using CPF savings to reduce their cash outlay. CPF can be used for down payments and to service mortgage payments, significantly improving affordability. Use Homejourney's mortgage calculator to determine your exact borrowing capacity and monthly payments.

Current Home Loan Rates in Singapore (January 2026)

As of mid-January 2026, Singapore's home loan market offers competitive rates across both fixed and floating options:

Lowest Fixed Rates: From 1.30% (typically for loans above S$500,000)
Lowest Floating Rates: 3M SORA + 0% (approximately 1.15%)
Standard Lock-in Period: 2 years for most packages

Most Singapore home loans feature a 2-year lock-in period after which you can review, reprice, or refinance. Unlike overseas mortgages, Singapore banks do not offer 15, 20, or 30-year fixed rates—rates are typically fixed for 2-5 years maximum, after which they revert to floating rates or allow refinancing.

Fixed vs. Floating Rate Considerations

Fixed Rate Mortgages provide payment certainty and protect against rate increases during the fixed period. These are ideal if you prefer predictable monthly payments and believe rates may rise.

Floating Rate Mortgages track SORA (Singapore Overnight Rate Average) plus a bank margin. Currently offering rates as low as 1.15%, floating rates are attractive in a low-rate environment but carry refinancing risk when rates eventually rise.

For Enchantè buyers, the choice depends on your risk tolerance, investment timeline, and market outlook. Most conservative buyers prefer fixed rates for the first 2-3 years to establish budgeting certainty.

Estimating Your Monthly Mortgage Payment

Let's calculate realistic monthly payments for typical Enchantè buyers:

Scenario: S$3.6 Million 3-Bedroom Unit

Purchase Price: S$3,600,000
Down Payment (5%): S$180,000
Loan Amount (75% LTV): S$2,700,000
Interest Rate: 1.35% (fixed for 2 years)
Loan Tenure: 25 years

Estimated Monthly Payment: Approximately S$12,100

This calculation assumes a standard 25-year tenure and current interest rates. Your actual payment will depend on:

Your approved LTV ratio (which depends on income and debt obligations)
Actual interest rate offered by your bank
Your chosen loan tenure
CPF contributions (which can reduce cash outlay)
Your Total Debt Service Ratio (TDSR) capacity

Homejourney's mortgage calculator allows you to input your specific circumstances and generate accurate payment estimates tailored to your financial situation.

Total Debt Service Ratio (TDSR) & Loan Eligibility

Singapore's Monetary Authority (MAS) requires banks to ensure your total monthly debt obligations—including the new mortgage, car loans, credit cards, and other liabilities—do not exceed 60% of your gross monthly income. This is the Total Debt Service Ratio (TDSR).

For an Enchantè unit costing S$3.6 million with an estimated S$12,100 monthly payment, you would need:

Minimum Gross Monthly Income: Approximately S$20,167 (assuming TDSR of 60% and no other debts)
Recommended Income: S$25,000+ (to maintain comfortable debt servicing at 48% TDSR)

Homejourney provides a TDSR calculator to determine your maximum loan eligibility instantly. This tool accounts for your age, income, existing debts, and other obligations to provide an accurate borrowing capacity.

Additional Buyer Costs Beyond the Mortgage

When budgeting for your Enchantè purchase, remember that the down payment and mortgage are only part of the total cost:

Legal & Conveyancing Fees: S$1,500-S$3,000
Stamp Duty: Approximately 4% of purchase price (S$144,000 for a S$3.6M unit)
Property Tax: Approximately 0.1-0.15% annually
Home Insurance: S$300-S$600 annually
Renovation & Furnishing: Highly variable (S$50,000-S$200,000+)
Maintenance & Service Charges: Approximately S$400-S$600 monthly

These additional costs should be factored into your overall affordability assessment. Ensure your financial planning accounts for total ownership costs, not just the mortgage payment.

CPF Usage for Enchantè Purchases

If you're a Singapore citizen or permanent resident with CPF savings, you can use your Ordinary Account (OA) funds for:

Down payment (up to your available CPF balance)
Monthly mortgage payments (automatic deduction from CPF OA)
Stamp duty and legal fees

CPF usage significantly improves affordability. For example, using S$500,000 from CPF for down payment reduces your cash requirement from S$180,000 to just S$0 (since CPF can cover the full 5% down payment and more).

However, CPF withdrawals are subject to the Minimum Sum requirement—you must maintain a minimum balance in your CPF account for retirement. Consult with CPF or your bank to understand your specific CPF withdrawal eligibility.

Refinancing Options After Your 2-Year Lock-In

After your 2-year lock-in period expires, you have several options:

Reprice with Current Bank: Negotiate a new rate with your existing lender (typically easier and faster)
Refinance to Another Bank: Switch to a competitor offering better rates (requires 2 months' redemption notice)
Extend Lock-in Period: Lock in another fixed period if you believe rates will rise

Most buyers should begin reviewing refinancing options approximately 3 months before their lock-in expires. This provides sufficient time to compare offers, negotiate terms, and complete the refinancing process. Many banks offer cash rebates for refinancing—typically S$2,000-S$2,800 for loans above S$500,000—which can offset refinancing costs.

Why Homejourney is Your Trusted Financing Resource

At Homejourney, we prioritize your safety and financial security throughout the home buying journey. Our financing guides provide:

Verified Information: All rates and terms are current and sourced from official bank data
Transparent Calculations: Our mortgage calculators show exactly how your payments are calculated
Personalized Tools: TDSR calculators and affordability assessments tailored to your circumstances
Expert Guidance: Clear explanations of complex financing concepts without jargon
Continuous Updates: We update rate information weekly to ensure you have the latest market data

We understand that financing is often the most complex aspect of property buying. Our commitment is to make this process transparent, understandable, and secure.

Next Steps: Your Enchantè Buying Journey

Ready to explore Enchantè financing options? Here's your action plan:

Calculate Your Affordability: Use our mortgage calculator to determine your maximum borrowing capacity
Review Current Rates: Check the latest home loan rates from Singapore banks
Understand Payment Schemes: Decide between progressive payment or other options based on your cash flow
Browse Available Units: View all units currently for sale at Enchantè
Analyze Market Trends: