Three tweaks to EC scheme

[SINGAPORE] The executive condominium (EC) scheme has been tweaked to bring the terms for ECs closer to that for public housing and to support a stable and sustainable EC market.

The Ministry of National Development said yesterday that there will be three changes following a review, which took into account feedback from the Our Singapore Conversation.

The first change involves the Mortgage Servicing Ratio (MSR) for EC housing loans from financial institutions for units bought directly from developers. The MSR, imposed by the Monetary Authority of Singapore (MAS), will be capped at 30 per cent of gross monthly income and will apply to purchases where the option-to-purchase is granted today and hereafter.