Who can buy executive condo in Singapore?
You must be a Singapore Citizen and a single (unmarried, divorced, or widowed), and your single sibling(s) listed as the buyer(s) or proposed occupier(s) must comprise at least one Singapore Citizen or Singapore Permanent Resident.
What is the income ceiling for executive condo?
$16,000
What are the eligibility conditions? You and any other applicants and essential occupiers need to meet several eligibility conditions such as citizenship, age, income, and property ownership. Your household income must not exceed the $16,000 income ceiling.
Can a single buy EC?
You need not to form a family nucleus to buy a EC from the open market. For e.g. a single person SC or SPR above 21 can buy a EC from the open market.
How much is the downpayment for EC?
You only need to pay 20% downpayment (5% option fee + 15% sale and purchase agreement). The remaining 80% can be paid once the project receives its TOP. The caveat to this is that you need to pay more for the EC.
How do I know if I qualify for EC?
Basic EC Eligibility Criteria
- Main applicant must be a Singapore Citizen.
- At least one other member of the family nucleus in the application must be a Singapore citizen or Permanent Resident (applicant or essential occupier)
- If applying under the Joint Singles Scheme, all applicants must be Singapore Citizens.
Can a single buy EC before 35?
Yes, a single below 35 years old can buy a resale EC.
Is executive condominium worth buying?
If you’re an HDB upgrader who wants to own a non-landed private property at a good price, buying an EC is the best option after it has become fully privatised. This is when prices have more or less stabilised.
How do you finance an executive condo?
- Home Loan for EC. For Executive Condominium, the banks are able to loan you up to 75% of the property value, you would need to have 5% cash for the booking fee, the remaining 20%, buyer stamp duty and legal fee by cash or CPF.
- Loan-to-value (LTV) for EC. Loan Tenure. Up to 30 Years. Up to 30 Years. 31 to 35 Years.
What is the difference between EC and condo?
The biggest difference between a regular condo and an EC comes in the first 10 years. During this time, ECs count as HDB properties. They’re subjected to the Minimum Occupation Period (MOP) of five years. You can’t sell or rent out the whole EC unit during this time.
Can mother and daughter buy EC?
Hi, Yes, it is possible. However, do take note that the other parent who is not the owner of the EC, will need to be the “essential occupier” of the EC to form a valid family nucleus.
Can I sell my EC after 5 years?
ECs can only be sold to foreigners after 10 years, when the property is considered fully privatized.
Which EC is the best?
Top 5 Best Executive Condos (ECs) Worth Buying in 2021
- Yishun Ave 9 EC. From the Singapore-listed property developer Sing Holdings Limited, this EC in in Yishun Ave 9 offers an unblocked view of the water and the nature park.
- Provence Residence EC.
- Parc Canberra EC.
- Parc Central EC.
- Parc Greenwich EC.
Are EC cheaper than condo?
Private Condominiums
A private condominium at a similar location typically costs 10-20% more than an executive condominium. For example, a 915-square-foot EC in Tampines was sold for $1,083,000 in May 2021. A similarly-sized private condo in the same area was sold for $1,306,000 during the same month.
Can I rent out my executive condo?
Renting out the whole EC unit within the 5-year MOP is not allowed. You do not need prior approval from HDB to rent out the bedrooms in your EC within the MOP. However, you must register the renting out of bedrooms with HDB within 7 days of doing so.
Is executive condo a good investment?
ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). EC is treated as HDB property for 10 years.
What is the difference between condo and executive condo?
Is it worth it to buy an EC?
Is EC cheaper than condo?
What is the difference between a condo and an executive condo?
The main difference of private condominium vs executive condo are : Private property purchase do not enjoy any form of housing grants. Private property is usually more expensive than EC or HDB. Private property projects are only paid with progressive payment plans.
Why are EC cheaper?
EC is price relatively cheaper than private condo because of the many criteria imposed by HDB on EC purchases. Price could be as much as 20% lower. And to add to this, EC Buyers can get a grant from HDB, if they are first time applicants to EC, this makes buying EC more affordable.