Once you have decided on a unit at Vela Bay Condo, you can use our Mortgage Calculator to determine the Downpayment and Monthly Loan Repayments.

 
Enter the Desired Values:

1. Purchase Price
2. Existing Mortgage (Are you currently paying for any house loan?)
3. Interest Rate (see which rate to enter, below)

4. Tenure (Loan years)
5. Nationality
6. Existing Property (Do you currently own any property?)

Which Interest Rate to Enter

Enter the rate you expect to pay. Two different rates are in play on any Singapore purchase and they are not interchangeable. The first is the rate a bank actually charges, which is what determines your instalment. The second is the medium-term interest rate floor that the Monetary Authority of Singapore requires banks to use when testing whether you qualify at all, currently a minimum of 4% a year for private residential property, or the prevailing rate if that is higher.

A loan that looks affordable at a lower rate can still fail the bank’s assessment, so it is worth running the calculator twice: once at your expected rate to see the instalment, and once at 4% to see the figure the bank will test you against.

The Progressive Payment Scheme at Vela Bay

Vela Bay is sold under the standard Progressive Payment Scheme, which means the purchase price is never due as a single sum. Payment is released against construction milestones, so the money goes out gradually between booking and completion and the loan is drawn down in step with it. This is the single biggest difference between buying a new launch and buying a completed home, and it is why the downpayment figure the calculator returns is not what you need on day one.

The full schedule, with the running total after each stage:

• 5% on the Option to Purchase, paid as the booking fee (running total 5%)
• 15% on signing the Sale and Purchase Agreement, due within 8 weeks of the Option date (20%)
• 10% on completion of the foundation work (30%)
• 10% on completion of the reinforced concrete framework (40%)
• 5% on completion of the partition walls (45%)
• 5% on completion of the roofing and ceiling (50%)
• 5% on completion of the door and window frames, electrical wiring, internal plastering and plumbing (55%)
• 5% on completion of the car park, roads and drains serving the development (60%)
• 25% on issuance of the Temporary Occupation Permit (85%)
• 15% on legal completion (100%)

Two points follow from the shape of that schedule. The first 20% falls due within roughly two months of booking, so that is the sum a buyer needs in hand at the start rather than the full downpayment. And the largest single tranche, 25%, arrives at Temporary Occupation Permit, which for Vela Bay is expected on 31 December 2031, with legal completion expected on 31 December 2034.

There is no Deferred Payment Scheme available here. DPS is not currently offered on private, non-EC residential launches in Singapore.

How much of each stage comes from cash, CPF or the bank loan depends on the loan quantum you take, which is what the sections below govern.

Loan-to-Value Limits and the Cash Component

The Loan-to-Value limit caps what a bank may lend against the property, and for a buyer with no outstanding residential property loan it is 75% of the purchase price or valuation, whichever is lower. That leaves 25% to be funded by the buyer, of which at least 5% must be in cash and the remaining 20% may come from cash or from the CPF Ordinary Account.

Two conditions tighten it. If the loan tenure exceeds 30 years, or if it extends beyond the borrower’s 65th birthday, the limit falls to 55% and the minimum cash component rises to 10%. Borrowers with existing residential property loans face lower caps again: 45% on a second housing loan and 35% on a third or subsequent one, with correspondingly larger cash requirements. The maximum loan tenure for private residential property is 35 years.

Where two or more people borrow together, banks set the maximum tenure using an income-weighted average of the borrowers’ ages, so adding an older co-borrower on a smaller income shortens the tenure available.

Total Debt Servicing Ratio

The Total Debt Servicing Ratio caps your total monthly debt obligations at 55% of gross monthly income. It counts everything, not just the new mortgage: existing home loans, car loans, personal loans, student loans and a credit card component, which banks compute as 3% of the outstanding card balance even where the balance is cleared in full each month.

Two adjustments catch buyers out. Variable income, meaning bonus, commission, director’s fees, rental and other non-fixed income, counts at only 70% of its value for this test. And the new mortgage is assessed at the 4% medium-term floor rather than at the rate you are actually offered, which is why the section above suggests running the calculator at both.

The Mortgage Servicing Ratio, a separate 30% cap, applies only to HDB flats and to executive condominiums bought from a developer. It does not apply to Vela Bay.

Whichever of the Loan-to-Value limit and the Total Debt Servicing Ratio produces the smaller loan is the one that binds. For a first-time buyer with strong income the Loan-to-Value cap usually binds first; for a buyer carrying other debt or a second property, the Total Debt Servicing Ratio usually binds first.

These limits are set by government policy and are revised from time to time. The figures above reflect the rules in force at the time of writing, and the position on your purchase date should be confirmed with your banker.

What the Calculator Does Not Include

The calculator returns an indicative downpayment and monthly instalment. It is not a loan offer, it is not an assessment of your eligibility, and it is not financial advice.

Three costs sit outside it. Buyer’s Stamp Duty is payable on the purchase price or market value, whichever is higher, and Additional Buyer’s Stamp Duty may apply on top depending on residency status and the number of residential properties already held; both are set out on the Vela Bay price page. Legal fees, the valuation fee and any mortgage stamp duty are separate again. And the monthly maintenance contribution, which is set by share value rather than by floor area at Vela Bay, is not part of the loan at all.

For a figure worked against a specific stack, floor and unit type, our team can prepare one through the contact page, or you can work it through with your own banker.

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