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.

I. Reduce EC Cancellation Fees

Reduce the cancellation fees for ECs from 20% to 5% of the purchase price.

II. Resale Levy for Second-Timer Applicants

Second-timer applicants who buy EC units directly from property developers have to pay a resale levy.

III. Revision of Mortgage Loan Terms

The Mortgage Servicing Ratio (MSR) for housing loans will be capped at 30% of a borrower’s gross monthly income.

http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=5023&category=Press%20Release&year=2013&RA1=&RA2=&RA3=