News Flash: New EC Rulings introduce on 9 Dec 2013

Due to strong demand for ECs, HDB has introduced 3 new measures on 9 Dec 2013, they are:

- 30% Mortgage Servicing Ration (MSR) Cap

A buyer can only use a maximum of 30% of his/her monthly gross income to service the EC loan

- Resale Levy for Second-Timer Applicants

All second-timer applicants who buy an EC directly from a develop will have to pay a resale levy depending on the type of flat previously owned (Note: This is only applicable to EC projects whereby the land sites were purchase on or after 9 Dec 2013)

- Reduced EC Cancellation Fees

Cancellation fees for ECs has been reduced from 20% to 5% of the purchase price.

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