Purchasing an executive condominium (EC) is a significant financial commitment, and understanding the payment structure is essential for smooth planning. For future homeowners of Boulevard Coast EC, being aware of the payment timeline and the available financing options ensures a stress-free buying experience. By breaking down the process into clear stages, buyers can confidently manage their budget from booking to key collection.
Understanding the Boulevard Coast EC Payment Timeline
When purchasing a unit at an EC project like Boulevard Coast, the payment schedule follows the standard progressive payment scheme mandated by the Housing and Development Board (HDB) and developers. This system allows buyers to pay in stages as construction progresses, rather than a lump sum upfront.
The typical payment timeline for ECs is as follows:
- Booking Fee – Upon booking your preferred unit, a 5% down payment (in cash) is required. This secures your unit and is immediately followed by the signing of the Sale and Purchase Agreement (S&P) within three weeks.
- Down Payment Balance – Shortly after signing the S&P, the remaining 15% of the down payment is due. Buyers can use their CPF Ordinary Account savings or cash for this payment.
- Progressive Payment Stages – The balance of the purchase price is paid progressively according to construction milestones. This includes stages like foundation completion, structural works, walls, roofing, and temporary occupation permit (TOP) issuance. Each stage typically involves payments of 5%–10% of the purchase price.
- Final Payment – Upon obtaining the Certificate of Statutory Completion (CSC), the final 15% is paid, marking the end of the payment schedule.
This progressive system ensures that buyers are not financially overburdened before the development is ready for occupation.
Financing Options for Boulevard Coast EC Buyers
Financing an EC purchase involves strategic planning. Buyers have several options to make the purchase manageable while maximizing available resources.
1. Bank Loans
Since ECs are private properties upon completion, buyers must obtain a bank loan instead of an HDB loan. Banks typically offer up to 75% loan-to-value (LTV) ratio, subject to credit assessment and Total Debt Servicing Ratio (TDSR) guidelines. Interest rates vary, so it’s important to compare fixed and floating rate packages to determine the most cost-effective option.
2. CPF Ordinary Account (OA) Funds
Buyers can use their CPF OA savings for both the down payment and progressive payments. This reduces the immediate cash outlay, making the process more affordable without compromising monthly budgets.
3. Cash Payments
Some buyers may choose to make certain payments in cash, especially if they wish to preserve their CPF savings for retirement or other property purchases. This approach offers flexibility in balancing long-term financial goals.
4. Bridging Loans
For buyers who are selling an existing property to fund their EC purchase, bridging loans provide short-term financing to cover the gap between sale proceeds and purchase deadlines. This ensures a seamless transition without cash flow disruptions.
Key Considerations Before Financing Your Purchase
- Loan Eligibility – Check your TDSR and Mortgage Servicing Ratio (MSR) to ensure compliance with government regulations.
- Interest Rate Trends – Keep track of interest rate movements as they affect monthly repayments.
- Future Affordability – Factor in maintenance fees, property taxes, and other ownership costs to avoid overstretching your budget.
- Grant Eligibility – First-time EC buyers may qualify for CPF housing grants, which can offset part of the purchase cost.
Planning Ahead for a Smooth Purchase
The payment timeline and financing options for Boulevard Coast EC are structured to support buyers through each stage of the purchase journey. By familiarizing yourself with these stages, consulting with financial advisors, and selecting the right loan package, you can secure your dream home without undue financial strain.
Whether you’re a first-time homeowner or upgrading from an HDB flat, proper planning ensures that your purchase is both affordable and sustainable for the long term.
