North Gaia
Financing Information
Keep Abreast With The Latest Taxation And Payment Structure
Buyer Stamp Duty
| PURCHASE PRICE OR MARKET VALUE OF THE PROPERTY | BSD RATES FOR RESIDENTIAL PROPERTIES | BSD RATES FOR NON-RESIDENTIAL PROPERTIES |
|---|---|---|
| First $180,000 | 1% | 1% |
| Next $180,000 | 2% | 2% |
| Next $640,000 | 3% | 3% |
| Remaining Amount | 4% |
Additional Buyer Stamp Duty
ABSD remission is applicable to the acquisition of an HDB flat or a new EC unit if the remission conditions are met. Remission is granted automatically upon approval of the acquisition by HDB. Buyers do not need to submit a separate application to IRAS or HDB.
Conditions for Remission
- For the acquisition of an HDB flat or a new EC unit, ABSD is fully remitted if the acquirer/ purchaser or any of the joint acquirers/ purchasers is a Singapore Citizen.
- For the acquisition of an HDB flat by Singapore Permanent Residents (SPRs), the remission is granted such that lower ABSD rate of 5% is payable.
- For the acquisition of a replacement HDB flat by SPRs whose original flat was acquired by HDB under the Selective En-Bloc Redevelopment Scheme (SERS), ABSD is fully remitted.
- For the acquisition of the recess area directly from HDB under the Sale of Recess Area Scheme administered by HDB, ABSD is fully remitted. This remission of ABSD on acquisition of HDB recess area takes effect on or after 18 Jan 2016.
Payment Schemes
There are 2 payment schemes available for the purchase of Executive Condominium.
One is the Normal Progressive Scheme (NPS), which allows buyer to service their loan via monthly instalments progressively, in stages, as the property is being built.
The other is the Deferred Payment Scheme (DPS). The Deferred Payment Scheme allows buyers to put down a 20 percent downpayment. The remaining 65 percent is deferred until receiving a Notice of Temporary Occupation Permit (TOP). Or in other words, until the Executive Condominium is ready to move into.
If buyers opt for the Deferred Payment Scheme, the advantage is that they do not need to handle two mortgage loans at the same time (if they are still serving their existing property loan). No loan repayment is required during the construction period. It offers those with existing loan commitments some flexibility in managing their finances.
However, please note that the purchase price when opting for the Deferred Payment Scheme is expected to be 2-3% higher than the purchase price under the Normal Progressive Scheme.
| Stage | Timeline | Normal Progressive Scheme (NPS) (% of Purchase Price) | Deferred Payment Scheme (DPS)# (% of Purchase Price) |
|---|---|---|---|
| Upon the grant of Option to Purchase | Option Date | 5% | 5% |
| Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date | 9 weeks from Option date | 15% | 15% |
| Completion of foundation work | 6-9 months | 10% | - |
| Completion of reinforced concrete framework of unit | 6-9 months | 10% | - |
| Completion of partition walls of unit | 3-6 months | 5% | - |
| Completion of roofing/ceiling of unit | 3-6 months | 5% | - |
| Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit | 3-6 months | 5% | - |
| Completion of car park, roads and drains serving the housing project | 3-6 months | 5% | - |
| Notice of Vacant Possession (TOP) | TOP Date | 25% | 65% |
| Legal Completion date | 1 year after TOP | 15% | 15% |
| #Please note that the overall purchase price of your unit will be 2-3% higher if you opt for the Deferred Payment Scheme. | |||
Housing Loan
Residential Home Loan Regulations (MAS)
| First Loan | Second Loan | Third Loan | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Loan Tenure | Up to 30 years | 31-35 years | Up to 30 years | 31-35 years | Up to 30 years | 31-35 years | |||
| Age | Age used to calculate loan tenure, will be based on income-weighted | ||||||||
| Up to 65 | Up to 70-75 | Up to 70-75 | Up to 65 | Up to 70-75 | Up to 70-75 | Up to 65 | Up to 70-75 | Up to 70-75 | |
| Maximum LTV Limit | 75% | 55% | 45% | 25% | 35% | 15% | |||
| 20% (non-individuals) | |||||||||
| Minimum Cash Downpayment | 5% | 10% | 25% | ||||||
| Gaurantors / Co-borrowers | All Co-borrowers must be mortgagors. Guarantors must be co-borrowers if the latter did not pass the TDSR criteria |
||||||||
| Mortgage Servicing Ratio | N.A. | ||||||||
| Total Debt Servicing Ratio | 55% | ||||||||
| Stress Test Interest Rate | 3.5% | ||||||||
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