EC Payment Schemes
Mortgage Servicing Ratio and Your Income
Mortgage Service Ratio (MSR) was announced by the Monetary Authority of Singapore (MAS) and HDB in the year 2013, where buyers can only use up to 30% of their gross monthly income to service their monthly payment on the mortgage loan.
The objective of this measure is moderate the property market and to instill financial prudence to cultivate an affordable and sustainable ECs market.
First announced on 12 Jan 2013, MAS introduced MSR capped at 30% for HDB loans taking from banks and financial institution. MSR is applicable to purchases of resale and Build-To-Order (BTO) HDB flats. It then extended MSR on 9 Dec 2013 to Executive Condominiums (ECs)
Buyer Stamp Duty - Click here to use the Buyer Stamp Duty Calculator
Normal Payment Scheme ( NPS )
Normal Payment Scheme will be smiliar to Progressive Payment Scheme, which allows payment of your monthly installments, progressively as the stages of construction goes.
Click here to use the Progressive Payment Calculator
Defer Payment Schemes allow owners to start servicing their loan, only when the Executive Condo is ready for occupation and move in.
Defer payment scheme is a popular choice to assist home owners who are servicing current HDB housing loan and they do not need to service 2 housing loans concurrently.
Kindly Contact us or call : 81111088, to find out the actual calculations of your purchase with Defer Payment Scheme.