Hihi,

If I am staying in HDB and I want to apply for the Esparina, I only qualify for 70% bank loan (have to make 30% downpayment )even though HDB already mandates that we sell the HDB flat after TOP?

So is it impossible to delay the downpayment so that I can use the cash and CPF from the sale of our flat to make payment for the EC?

Edited September 29, 201016 yr by kellyla

Hihi,

If I am staying in HDB and I want to apply for the Esparina, I only qualify for 70% bank loan (have to make 30% downpayment )even though HDB already mandates that we sell the HDB flat after TOP?

So is it impossible to delay the downpayment so that I can use the cash and CPF from the sale of our flat to make payment for the EC?

1. The fact that from submission of resale application till completion will take abt 4 months.

2. A new EC will take ~ 3-4 yrs to build. Meaning the moment you pay the 5% booking/option fee, you have to wait for another 3-4 yrs to move in.

3. EC payment scheme is like pte condo's payment scheme

-pay 5% booking fee in cash to exchange for OTP & S& P doc. Look for banker & lawyer.

-pay 15% within 8 wks

-pay stampduty in cash first(can redeem from cpf later on) within a wk or 2 after 5% payment

-Not too sure abt the new rule on the "extra 10%" when to pay, ie 70% loan

- follow progressive payment method

To "escape" "2nd" loan is to clear 1st loan first.

- To clear 1st loan meanings either you sell alway your existing home (4 months, not incl viewing, marketing...), or

- Get money from somewhere from someone to do a full redemption to the flat.

Ask yourself this question first: where to stay after selling, while waiting for EC to be TOP (3~4 yr). If you are cash-rich, you don't have to bother about the 30% downpaymemt. Money is not the problem, the problem is no money, correct?.

Hope above info useful to you.

Edited September 29, 201016 yr by bepgof

One more thing to consider:

Please note that the new ECs have to cater 90% for first timers and not up-graders as instructed by HDB.

So if you sell away your existing home and not being able to apply for the new EC due to taken up by the first timers, then you got to find another place to stay.

Hi Kellyla, just an update to clear the doubt as to new rule on 70% loan: To play game, must understand rules of game first.

1. For brand new pte properties(EC applicable) that are under construction and bought directly from developer, it will be 5% booking fee (cash), 15% downpayment(5% cash+ 10% cpf/cash) (within 8 wk), then 10% upon completion of ground breaking. Remaining 70% can be by bank loan.

2. For brand new properties (Ec applicable) that have been completed and bought directly from developer, it will be 5% booking fee, 25% (5% cash + 20% cash/cpf) within 8 weeks. 70% bankloan.

3. For private resale(EC applicable)properties, it will be 1% option fee + 9% exercise fee. This is to be settled in cash. The remaining 20% can be cash/cpf. 70% bankloan

Edited September 30, 201016 yr by bepgof

One more thing to consider:

Please note that the new ECs have to cater 90% for first timers and not up-graders as instructed by HDB.

So if you sell away your existing home and not being able to apply for the new EC due to taken up by the first timers, then you got to find another place to stay.

Hi, my first post here..

I went down today and ask the agent who's attending to me..

But he told me "95% for first timer"...

Anyone visited the showflat? can share the price range of the units?

Anyone visited the showflat? can share the price range of the units?

Need not to visit showflat to know the price, just a button away.

http://img705.imageshack.us/img705/2222/30696920.jpg

Edited September 30, 201016 yr by bepgof

Need not to visit showflat to know the price, just a button away.

http://img705.imageshack.us/img705/2222/30696920.jpg

wah, 3BR only 1000 sub sqft! thats the size for 2 BR in the past. Throw in bay windows, planters etc, the rooms are going to be small, max queen size bed.

i wonder anyone will pick up the penthouses.. 1.1-1.3mil , for mthly < 10k .. hee hee hee ..

but i like the one with circular stairs.

Edited October 7, 201016 yr by Jgal