EC scheme to be changed
The executive condominium (EC) scheme has been changed by the Ministry of National Development to bring the terms for ECs closer to public housing terms and to support a stable EC market. Three changes will be made following a review of feedback from the Our Singapore Conversation, including the adjustment of the Mortgage Servicing Ratio (MSR) which is for EC housing loans from financial institutions for units bought directly from developers. The MSR will now be capped at 30 percent of gross monthly income and will apply to purchases with the option-to-purchase is granted from December 10, 2013 onwards. This has been seen as an effective move to cool demand for ECs, as the MSR did not apply to ECs previously.
(Source: Business Times)
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