Jump to content
Find Professionals    Deals    Get Quotations   Portfolios

Search the Community

Showing results for tags 'effective after 9 Dec 2013'.



More search options

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • Renovation and Interior Design Forums In South East Asia
    • REVIEWS: Renovation Contractors, Interior Designers & Suppliers
    • RENOVATION PACKAGES, OFFERS & GROUP BUYS - Interior Design Packages, Kitchen Packages & Group Buy Offers & MORE!
    • DIRECT SUPPLIERS - Buy Direct, Save Cost, High Reliability
    • Reno t-Blog Chat
    • Reno t-Blog Chat - HDB BTO Interior Design and Renovation
    • Reno t-Blog Chat - HDB Resale Renovation & Interior Design
    • Reno t-Blog Chat - Condo Interior Design and Landed Renovation
    • RENOVATION WORKS
    • SINGAPORE MOVER COMPANIES
    • GREEN & SUSTAINABLE LIVING (SAVE THE EARTH MOVEMENT)
    • RENOVATION IDEAS: Interior Design Themes, Space Planning
  • LATEST DEALS, PROMOTIONS AND FRESH FINDS - Aircon, Bathroom Accessories, Lightings, Window Grille & more
  • ALL ABOUT PROPERTIES - BUY/SELL/RENT/INVESTMENT/FINANCING (For Property Developers, Banks, Agents, Investors) HDB BTO, DBSS flats , Executive Condo, Private Condo, Landed & Commercial Projects
    • Finance and Insurance
    • Housing Rules, Policies and Procedures
    • HDB New/Resale Flats, Executive Condominiums
    • HDB BTO Flat, Executive and Private Condo Development Updates
    • Landed & Condo Private Properties Renovation Discussion
    • Commercial & Industrial Properties Renovation
    • Rent/Sell Properties
    • Geomancy/Fengshui
  • RENOTALK COMMUNITY (RENOTALKERS CORNER) - HOMEOWNERS & BUSINESS OWNERS
    • Neighbourhood Networking
    • Fengshui Consultation
    • FREEBIES & CONTESTS (PLAY TO WIN)
    • Pregnancy,Parenthood and Education Matters
    • RenoTalk Outings
    • Maids & Cleaners - All About Domestic Help
    • RenoTalk Member Privileges
  • Home Automation. Smart Homes Technology
  • LIFE AFTER RENOVATION - LIVING EXPERIENCE IN YOUR HOME & OFFICES
    • Home Furnishings
    • Electronics & Electricals
    • Internet , Digital line, Bandwidth & Network
    • Sound and Vision -Home Theatre Systems & Audiophiles
    • Home Deco
    • Food Catering and Good Food In Singapore
    • Moving House: Packing, Storing, Moving To Your New House
    • Home Maintenance & Repairs
    • BUY/SELL/TRADE PRELOVED ITEMS - POST FOR FREE
    • DIY Corner
  • Family Community
  • LIFESTYLE CORNER (By RENOTALKERS) - HOMEOWNERS & BUSINESS OWNERS
    • Work life
    • Fashion, Beauty and Health
    • Hobbies and Sports
    • Wedding & Travel
    • Men Women Kopitiam Corner!

Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


Website URL


Whatsapp


Messenger


Email


Skype


MSN


Interests


Instagram


Phone Number


Renovator Engaged


Mailing Address


Postal Code


Renovation Cost


I am looking for a Renovation Package


Phone Number

Found 1 result

  1. http://www.channelnewsasia.com/news/singapore/mnd-refines-ec-housing/916838.html The government will implement three measures for Executive Condominium (EC) developments. These are lower cancellation fees; 30% MSR cap; second-timer applicants who buy EC units directly from property developers to pay resale levy.SINGAPORE: The government has introduced three measures to refine its Executive Condominium Housing Scheme. "The government will implement three measures for Executive Condominium (EC) developments to bring the terms for ECs closer to that for public housing, and help support a stable and sustainable EC market," said a Ministry of National Development (MND) statement on Monday. Reduce EC Cancellation Fee The cancellation fee for ECs will be reduced from 20% to 5% of the purchase price. This will relieve the financial burden of buyers who have to cancel their EC bookings after signing the Sale & Purchase Agreement. The new cancellation fee will be applied to EC land sales which are launched on or after 9 December 2013, including those where the tenders have not closed. The cancellation fee for ECs is currently set at 20% of the purchase price, similar to those for private housing. However, unlike buyers of private housing, buyers of EC units cannot sub-sell their units if they cannot complete their purchase, and have to pay the cancellation fee. This has especially imposed significant financial burden on young couples who subsequently are not able to proceed with their marriage and hence the EC purchase. The reduction will align the cancellation fee for EC units with that for HDB Build-to-Order (BTO) flats. Resale Levy for Second-Timer Applicants Second-timer applicants who buy EC units directly from property developers will have to pay a resale levy, similar to second-timer applicants who buy BTO flats. The new requirement will be applied to EC land sales which are launched on or after 9 December 2013, including those where the tenders have not closed. Currently, second-timer applicants who buy EC units directly from property developers benefit from the lower EC prices arising from the initial eligibility and ownership restrictions imposed on EC purchases. However, they do not need to pay a resale levy. The alignment of treatment with second-timer applicants who buy BTO flats will ensure greater parity. Revision of Mortgage Loan Terms The Monetary Authority of Singapore (MAS) will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from property developers at 30% of a borrower's gross monthly income. This is in line with earlier measures introduced by the HDB and MAS to encourage financial prudence among buyers of public housing. It discourages EC buyers from over-stretching their finances and supports an affordable and sustainable EC market. The 30% MSR cap will apply to EC purchases where the Option to Purchase is granted on or after 10 December 2013. Previously, only the total debt servicing ratio rules apply to EC buyers, where up to 60 per cent of household income can be used to repay a mortgage for a new home purchase, over a maximum period of 30 years. - CNA/ir
×