Guide to Buying Esparina EC

On August 12, 2010, in Esparina, by admin
Answers to questions you may have on Esparina EC

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Are there still units available for booking in Esparina EC?

Yes, there are. But the exact units left is a moving target as units are being sold daily, so call if you’d like an update.

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What must I do to book a unit?

Let us know of your interest through the Contact Form and I will contact you to give you the details, including what documents you need to bring.

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What special privileges do I have?

  • 95% of the flat supply is set aside for first-timers in the initial launch period (ie. 1st month); and
  • Second-timers buying new ECs do not need to pay any resale levy.

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Do I have to pay any admin charges or commissions or agent fees?

No, not at all. I will provide you all the information, and look after every step of your buying process, without charging you a cent.

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What is an EC?

An EC, or Executive Condominium, is like any other private condominium in Singapore, with similar facilities, except that it is sold with important initial eligibility and ownership restrictions similar to that for public (ie. HDB) housing. (See page Esparina Eligibility for what the restrictions are.)

But one difference is, your household income must not exceed $10,000 instead of the $8,000 for HDB flats.

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What makes Esparina EC a good buy?

Unlike private condos, eligible first-timers who buy an EC can also apply for the CPF housing grant of up to $30,000, which can be used to help pay the 15% downpayment.

ECs are fully converted to private housing after 10 years. Which makes them no different from private condos then, and you can sell your unit without restriction, even to a foreigner if you like.

Esparina EC is being launched at around $750 to $800 psf compared to the $950 to $1150 psf that similar new private condos near MRT stations are selling at. Which means you can get a 4 bedroom (+ utility!) unit here for the price of a 2-bedder in Scala. And that’s not even taking into account the $30,000 grant you could get!

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What’s the payment schedule like for Esparina Residences?

Similar to private condos, as follows:
If you are NOT currently paying off a housing loan:

  • First 5% cash (by cheque) at time of booking the unit.
  • Next 15% within 8 weeks (typically) of booking the unit. This 15% can be from CPF Housing Grant, or from CPF funds, or from cash.
  • The remaining 80% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank on your behalf) pays out the money as and when construction work reaches certain stages. So if you’re taking a loan, your monthly instalments payable start out small and slowly increases.

If currently paying off a housing loan:

  • First 5% cash (by cheque) at time of booking the unit.
  • Next 15% within 8 weeks (typically) of booking the unit. Of this 5% must be from your own cash, and the remaining 10% can be from CPF Housing Grant (if eligible), or from CPF funds, or from cash.
  • When foundation works are completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
  • When reinforced concrete (RC) framework is completed, another 10% is payable to the developer. This can be from CPF funds, or from cash.
  • The remaining 60% can be from CPF funds, bank loan, or cash. This is payable progressively, which means that you (or the bank on your behalf) pays out the money as and when construction work reaches certain stages. So if you’re taking a loan, your monthly instalments payable start out small and slowly increases.

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Can I take a HDB loan instead of a bank loan?

Unfortunately, HDB doesn’t give loans for ECs. Not even for first timers.

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For queries or showflat viewing, please call 9633 8633 or leave a reply in Contact Us.

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