Financing an executive condominium is not the same as financing a private condominium, and the difference is not a detail. A Clovelle of Woodlands purchase is subject to two income ceilings at once, and for most households the tighter of the two decides the answer.
An executive condominium bought from a developer is financed by a bank. HDB concessionary loans are not available for it. That means commercial interest rates, commercial approval criteria, and the MAS framework below rather than HDB's own rules.
| Outstanding housing loans | Maximum LTV | Reduced LTV | Minimum cash |
|---|---|---|---|
| None | 75% | 55% | 5% |
| One | 45% | 25% | 25% |
| Two or more | 35% | 15% | 25% |
The maximum applies where the loan tenure is 30 years or less and the loan does not run past the borrower's 65th birthday. Cross either threshold and the reduced figure applies. Maximum tenure for private property, which includes an executive condominium, is 35 years. Confirm with your bank — MAS rules and bank credit policy are not the same thing.
| Rule | What it caps |
|---|---|
| Mortgage Servicing Ratio — 30% | The mortgage instalment alone, as a share of gross monthly household income. Applies to HDB flats and to executive condominiums bought from a developer. Other debts do not count towards it. |
| Total Debt Servicing Ratio — 55% | Every monthly debt obligation together — mortgage, car loan, personal loan, credit card minimums — as a share of gross monthly income. |
| Stress-test rate — 4% | Banks assess affordability at a floor of 4% per annum regardless of the rate actually offered on the package. |
| Variable income haircut — 30% | Bonus, commission and other non-fixed income is averaged monthly and counted at 70% of its value. |
| Maximum tenure — 35 years | But 30 years or less is needed to hold the 75% loan-to-value ceiling. |
Thirty per cent is a much lower bar than fifty-five, so the Mortgage Servicing Ratio normally binds first. The exception is a household carrying substantial non-housing debt: once other obligations exceed roughly a quarter of gross income, the Total Debt Servicing Ratio takes over and the car loan starts costing you loan quantum. The affordability calculator computes both and tells you which one bound.
CPF Ordinary Account savings may be used for the 15% due on signing and for subsequent instalments, but not for the 5% cash booking fee. Eligible first-timer households receive the CPF Housing Grant for executive condominiums — up to $30,000 for a Singapore Citizen household and up to $20,000 for a citizen and permanent resident household, tapering to nil above $12,000 of average gross monthly household income. Second-timer households pay a fixed $55,000 resale levy on a new executive condominium bought from a developer.
If you hold an outstanding housing loan when you buy, the loan-to-value ceiling falls from 75% to 45% and the minimum cash portion rises from 5% to 25% — a swing that usually decides whether the purchase works at all. In practice most upgraders sell first. Note too that executive condominium eligibility separately requires that no applicant or occupier owns private residential property or has disposed of any within the preceding 30 months, so the sequencing question is an eligibility question before it is a financing one.
Figures verified against MAS and HDB in September 2026. Confirm with your bank and with HDB before committing.
Priority list
Registering puts you on the list for the Clovelle of Woodlands price list, floor plans and preview dates the moment Sim Lian Group releases them. There is no obligation and no cost. If your household does not qualify under the executive condominium rules, or the unit mix will not suit you, we will say so rather than sell you a viewing.
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Woodlands Drive 17 is a short-window launch. Get on the list, get the numbers, then decide.