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Financing Westwood EC

 

Executive Condominium (EC) Buyers will have to obtain loans from banks or financial institutions for purchase Westwood Residences EC as HDB do not provide loans for purchase of EC. It is strongly recommended that you approach the banks to assess the loan you can acquire before booking your EC.

You may request our banking partners from DBS, OCBC, UOB to provide you with the In-Principle Approval for your purchase of Westwood Residences EC. An IPA is a conditional approval for your home loan. It gives you a clear understanding of your financial affordability and the potential loan quantum which you can use to shortlist suitable residential properties.

Relevant Topic: Payment Scheme & Resale Levy

Payment Scheme

 

Once you have assessed the loan you can acquire from bank. On the day of purchase, you have to make a decision on the payment scheme to be used for the purchase of your Westwood EC.

There are 2 payment schemes available – Normal Payment Scheme (also known as Progressive Payment Scheme) and Deferred Payment Scheme.

Normal Payment Scheme (Progressive Payment Scheme)

 

 Stage

Percentage

(% of purchase price)

Upon the grant of option to purchase

5 % (booking fee)

Upon the signing of the Sale & Purchase Agreement, or within 9 weeks from the Option date

15%

Completion of foundation work

10%

Completion of reinforced concrete framework of unit

10%

Completion of brick walls of unit

5%

Completion of roofing / ceiling of unit

5%

Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit

5%

Completion of car park, roads and drains serving the housing project

5%

Notice of Vacant Possession (TOP)

25%

On Completion Date

15%

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Deferred Payment Scheme

 

 Stage

Percentage

(% of purchase price)

Upon the grant of option to purchase

5 % (booking fee)

Upon the signing of the Sale & Purchase Agreement, or within 9 weeks from the Option date

15%

Notice of Vacant Possession (TOP)

65%

On Completion Date

15%

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Resale Levy

 

Amount Payable under the Revised Resale Levy Policy

 

Exiting flat owners who have previously acquired their flat with subsidies will have to pay an amount of resale levy graded according to the flat type.

First Subsidised Flat Type Amount of Resale Levy Payable under the Revised Policy (From 3 Mar 2006*)
2-room $15,000
3-room $30,000
4-room $40,000
5-room $45,000
Executive Flat $50,000

 

Resale Levy Payable by Single Grant recipients

 

Regardless of the applicability of Revised or Previous Resale Levy Policy, single citizens, who have purchased resale flats with the lower CPF Housing Grant for Singles, need to pay only half the levy amount when they subsequently form a family and buy or take over the ownership of a second subsidised flat.

 

Making Payment for the Resale Levy

 

The resale levy payable is determined at the point of booking of the second subsidised flat. The payment of resale levy is regardless of the type of ownership (i.e. joint-tenancy or tenancy-in-common) and the share of interest in the flat.

You can pay the Resale Levy with either/combination of the following:

  • with your sale proceeds or
  • cash

Here are the situation on when you have to pay the resale levy:

 

Situation Procedure
If you

  • Book a second subsidised flat on or after 3 Mar 2006, and
  • Sell your first subsidised flat after taking possession of the second subsidised flat
  • The resale levy will be deducted from the sale proceeds when you sell your first subsidised flat in the open market
  • Any shortfall will have to be topped-up in cash
If you

  • Book a second subsidised flat on or after 3 Mar 2006, and
  • Sell your first subsidised flat before taking possession of the second subsidised flat
  • You can choose to pay resale levy at the point of:
    • Selling your existing flat in the open market, or
    • Taking possession of the second subsidised flat
If you pay at point of your resale transaction, i.e. when selling your subsidised flat
  • The resale levy will be deducted from the sale proceeds
  • Any shortfall will have to be topped-up in cash
  • Otherwise, the resale levy must be paid in cash before you can take possession of your second subsidised flat
If you

  • Submit an application to sell your first subsidised flat on or after 3 Mar 2006, and
  • Subsequently book a second subsidised flat on or after 3 Mar 2006
  • The resale levy has to be paid in cash before you can take possession of your second subsidised flat

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Submit Online Application Today

Application for Westwood Residences is now open. Submit your application today to avoid missing the closing date on 24 May 2015.

Note: All interested parties are required to submit e-application to purchase an Executive Condominium (including Westwood Residences EC). However, applicants are not obliged to purchase after successful application. No penalty will be imposed on successful applicant.

Apply Now