Cost of BTO and EC
Taking a recent BTO launch in August 2016, the HDB 4 room (1,001 SQFT) at Valley Spring @ Yishun is between $251,000 and $297,000. And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000.
By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO.
Also, for the purpose of illustration in this article, the purchase price for the HDB and EC will be taken to be $274,000 and $788,400 respectively. For simplicity sake, these figures are the average of the lowest and highest price range.
Down payment for BTO and EC
BTO has the option of taking a HDB concessionary loan. So, if you are planning to get the HDB concessionary loan, the down payment required is 10% of the purchase price, and the entire purchase can be funded by CPF. Also, at the point of key collection, your CPF monies available in the Ordinary Account will be wiped up to pay for the BTO before the HDB loan kicks in.
The other financing option for HDB is a bank loan. By taking a bank loan, assuming you qualify for 80% loan, you will have to prepare 5% of the purchase price using Cash. The remaining down payment of 15% can be paid using cash or CPF.
For Executive Condominium, assuming the banks are able to loan you up to 80% of the property value, you would need to have 5% cash for the down payment and the remaining down payment by cash or CPF.
For a couple with combined income of S$10,000 per month, there would be no grant available for the purchase of BTO.
For Executive Condo, the couple will be entitled to S$30,000 grant.
For BTO, renovation is usually required to install a new kitchen, wardrobes, sanitary wares, tiles, air-conditioners, etc., which is typically costing around $20,000 for a basic package.
For Executive Condo, a coat of paint and installation of lightings will get the house ready for moving in, typically setting you back by $5,000.
Stamp Duty and Legal Fees
For BTO, the buyer stamp duty is $3,680, and the buyer stamp duty for the Executive Condo is $18,252. The legal fee for BTO if handled by HDB legal office is $177 to $322 while the legal fee for Executive Condo is approximate $2,500.