Your Essential Guide To Executive Condominiums Investment In Singapore
First-Timer Applicant
A first-timer applicant is a person or household that has never received any form of housing subsidy, or similar benefit. For example you have not apply for any BTO, DBSS or EC (as essential occupier) or purchase a resales HDB flat with housing grant.
As a first-timer home owner, your housing needs are more pressing. You thus enjoy greater priority and other privileges when you apply for a new EC. If you are a second-timer and your spouse (or spouse-to-be) is first-timer, you as a couple will enjoy first timer privileges and priority.
Currently there is a good selection of EC in the market ranging from 1 Bedroom to 5 bedrooms in the various part of Singapore. Feel free to browse thru our Executive Condominium collection and we are confident that you will find your prefect home.
Upgrader (Seconder-Timer)
If you had once taken some form of housing subsidy like purchasing an BTO flat from HDB, resale flat bought using a CPF Housing Grant or EC/ DBSS flat bought from the developer, yours will be treated as a second-timer.
The current market have ample selection for second-timer even after the priority set aside for first-timer. Depending in your family size, different solution is available to cater to your need. Feel free to browse thru our collections to find out more.
Upgrading to an EC might be the biggest decision in your life. What is the transition timeline and how to assure you have a roof over your family? Do you know that you can also utilize bridging loan for your EC purchase to lower the mortgage commitment? Allow us to address your concern.
Eligibility Check
Executive Condominium is a subsidized scheme to assist middle-class Singaporean to make the leap to enjoy full fledging condominiums lifestyle. To enjoy such privilege, there are eligibility conditions in buying ECs.
EC are bought directly from developer but still subject to conditions set by HDB. Your co-applicant and you still need to form a family nucleus and there is a household income ceiling to observe also. There is also strict restriction of holding any other private property during the time of application.
Depend on your employment statues, proof of income document like salary slips and Notice of Assessment from IRAS will be present during the booking of unit.
Have a quick assessment on your eligibility status with our free e-services.
Eligibility Issue
Are you facing difficulties in meeting the eligibility conditions? Income ceiling exceed $14,000 or facing MOP challenge? What is the best course of action should you be still keen to upgrade to an EC. Engage our free consultation service to receive a solution or alternative strategy.
Plan Your Property Financing
Purchasing a property is a major decision. It is prudent to go thru the financing detail and stress test all the figure to be ready and confident for the purchase.
There are 2 payment schemes available to financing an ECs, normal and deferred payment scheme. Financing for ECs are typically from banks or financial institution. Currently MAS regulate the maximum loan at 80% of purchase price subject to Mortgage Servicing Ratio (MSR) of 30% of a borrower’s gross monthly income. You will not incur any ABSD when purchasing an ECs unit, but normal stamp duties of approximate 3% applies.
Purchaser will also not incur any service fees or commission when you engage our professional services in assisting you in managing the financing and purchase related challenge. Please utilize our free consultation service and have peace of mind.
Financial Assessment
It will be advisable to obtain an In-Principle Approval (IPA) letter in advance before booking an unit. This give you assurances for loan qualifications and it also help assess your maximum purchase amount. IPA is free and non-obligatory, get in touch with our mortgage banker today.
Application Procedure & e-Application
Before you start to make an application to purchase and ECs, it is important to check your eligibility and financing options. Once you are confident with the purchase and with a in-principal loan approval from banker, you need to submit an e-Application for developer to verify your eligibility status.
During booking of the unit, you need to prepare 5% of the purchase price in cash or cashier order payable to developer project account as booking fees. A set of “Particulars, documents and information” (PDI) document will be issue by the developer for your endorsement. This will includes all information about the project and unit you are purchasing. Once endorsed a set of OTP (Option to Purchase) will be issued by the developer allowing the buyer to purchase the ECs unit at the listed price. The endorsed document will be send to HDB for the final approval. Once HDB give the green light, the Sales & Purchase agreement will be dispatch to our partner law firm for you to complete the paperwork.
- First Timer
-
First-Timer Applicant
A first-timer applicant is a person or household that has never received any form of housing subsidy, or similar benefit. For example you have not apply for any BTO, DBSS or EC (as essential occupier) or purchase a resales HDB flat with housing grant.
As a first-timer home owner, your housing needs are more pressing. You thus enjoy greater priority and other privileges when you apply for a new EC. If you are a second-timer and your spouse (or spouse-to-be) is first-timer, you as a couple will enjoy first timer privileges and priority.
Currently there is a good selection of EC in the market ranging from 1 Bedroom to 5 bedrooms in the various part of Singapore. Feel free to browse thru our Executive Condominium collection and we are confident that you will find your prefect home.
- HDB Upgrader
-
Upgrader (Seconder-Timer)
If you had once taken some form of housing subsidy like purchasing an BTO flat from HDB, resale flat bought using a CPF Housing Grant or EC/ DBSS flat bought from the developer, yours will be treated as a second-timer.
The current market have ample selection for second-timer even after the priority set aside for first-timer. Depending in your family size, different solution is available to cater to your need. Feel free to browse thru our collections to find out more.
Upgrading to an EC might be the biggest decision in your life. What is the transition timeline and how to assure you have a roof over your family? Do you know that you can also utilize bridging loan for your EC purchase to lower the mortgage commitment? Allow us to address your concern.
- Eligibility Check
-
Eligibility Check
Executive Condominium is a subsidized scheme to assist middle-class Singaporean to make the leap to enjoy full fledging condominiums lifestyle. To enjoy such privilege, there are eligibility conditions in buying ECs.
EC are bought directly from developer but still subject to conditions set by HDB. Your co-applicant and you still need to form a family nucleus and there is a household income ceiling to observe also. There is also strict restriction of holding any other private property during the time of application.
Depend on your employment statues, proof of income document like salary slips and Notice of Assessment from IRAS will be present during the booking of unit.
Have a quick assessment on your eligibility status with our free e-services.
Eligibility Issue
Are you facing difficulties in meeting the eligibility conditions? Income ceiling exceed $14,000 or facing MOP challenge? What is the best course of action should you be still keen to upgrade to an EC. Engage our free consultation service to receive a solution or alternative strategy.
- Financing
-
Plan Your Property Financing
Purchasing a property is a major decision. It is prudent to go thru the financing detail and stress test all the figure to be ready and confident for the purchase.
There are 2 payment schemes available to financing an ECs, normal and deferred payment scheme. Financing for ECs are typically from banks or financial institution. Currently MAS regulate the maximum loan at 80% of purchase price subject to Mortgage Servicing Ratio (MSR) of 30% of a borrower’s gross monthly income. You will not incur any ABSD when purchasing an ECs unit, but normal stamp duties of approximate 3% applies.
Purchaser will also not incur any service fees or commission when you engage our professional services in assisting you in managing the financing and purchase related challenge. Please utilize our free consultation service and have peace of mind.
Financial Assessment
It will be advisable to obtain an In-Principle Approval (IPA) letter in advance before booking an unit. This give you assurances for loan qualifications and it also help assess your maximum purchase amount. IPA is free and non-obligatory, get in touch with our mortgage banker today.
- e-Application
-
Application Procedure & e-Application
Before you start to make an application to purchase and ECs, it is important to check your eligibility and financing options. Once you are confident with the purchase and with a in-principal loan approval from banker, you need to submit an e-Application for developer to verify your eligibility status.
During booking of the unit, you need to prepare 5% of the purchase price in cash or cashier order payable to developer project account as booking fees. A set of “Particulars, documents and information” (PDI) document will be issue by the developer for your endorsement. This will includes all information about the project and unit you are purchasing. Once endorsed a set of OTP (Option to Purchase) will be issued by the developer allowing the buyer to purchase the ECs unit at the listed price. The endorsed document will be send to HDB for the final approval. Once HDB give the green light, the Sales & Purchase agreement will be dispatch to our partner law firm for you to complete the paperwork.
First-Timer Applicant
A first-timer applicant is a person or household that has never received any form of housing subsidy, or similar benefit. For example you have not apply for any BTO, DBSS or EC (as essential occupier) or purchase a resales HDB flat with housing grant.
As a first-timer home owner, your housing needs are more pressing. You thus enjoy greater priority and other privileges when you apply for a new EC. If you are a second-timer and your spouse (or spouse-to-be) is first-timer, you as a couple will enjoy first timer privileges and priority.
Currently there is a good selection of EC in the market ranging from 1 Bedroom to 5 bedrooms in the various part of Singapore. Feel free to browse thru our Executive Condominium collection and we are confident that you will find your prefect home.
Upgrader (Seconder-Timer)
If you had once taken some form of housing subsidy like purchasing an BTO flat from HDB, resale flat bought using a CPF Housing Grant or EC/ DBSS flat bought from the developer, yours will be treated as a second-timer.
The current market have ample selection for second-timer even after the priority set aside for first-timer. Depending in your family size, different solution is available to cater to your need. Feel free to browse thru our collections to find out more.
Upgrading to an EC might be the biggest decision in your life. What is the transition timeline and how to assure you have a roof over your family? Do you know that you can also utilize bridging loan for your EC purchase to lower the mortgage commitment? Allow us to address your concern.
Eligibility Check
Executive Condominium is a subsidized scheme to assist middle-class Singaporean to make the leap to enjoy full fledging condominiums lifestyle. To enjoy such privilege, there are eligibility conditions in buying ECs.
EC are bought directly from developer but still subject to conditions set by HDB. Your co-applicant and you still need to form a family nucleus and there is a household income ceiling to observe also. There is also strict restriction of holding any other private property during the time of application.
Depend on your employment statues, proof of income document like salary slips and Notice of Assessment from IRAS will be present during the booking of unit.
Have a quick assessment on your eligibility status with our free e-services.
Eligibility Issue
Are you facing difficulties in meeting the eligibility conditions? Income ceiling exceed $14,000 or facing MOP challenge? What is the best course of action should you be still keen to upgrade to an EC. Engage our free consultation service to receive a solution or alternative strategy.
Plan Your Property Financing
Purchasing a property is a major decision. It is prudent to go thru the financing detail and stress test all the figure to be ready and confident for the purchase.
There are 2 payment schemes available to financing an ECs, normal and deferred payment scheme. Financing for ECs are typically from banks or financial institution. Currently MAS regulate the maximum loan at 80% of purchase price subject to Mortgage Servicing Ratio (MSR) of 30% of a borrower’s gross monthly income. You will not incur any ABSD when purchasing an ECs unit, but normal stamp duties of approximate 3% applies.
Purchaser will also not incur any service fees or commission when you engage our professional services in assisting you in managing the financing and purchase related challenge. Please utilize our free consultation service and have peace of mind.
Financial Assessment
It will be advisable to obtain an In-Principle Approval (IPA) letter in advance before booking an unit. This give you assurances for loan qualifications and it also help assess your maximum purchase amount. IPA is free and non-obligatory, get in touch with our mortgage banker today.
Application Procedure & e-Application
Before you start to make an application to purchase and ECs, it is important to check your eligibility and financing options. Once you are confident with the purchase and with a in-principal loan approval from banker, you need to submit an e-Application for developer to verify your eligibility status.
During booking of the unit, you need to prepare 5% of the purchase price in cash or cashier order payable to developer project account as booking fees. A set of “Particulars, documents and information” (PDI) document will be issue by the developer for your endorsement. This will includes all information about the project and unit you are purchasing. Once endorsed a set of OTP (Option to Purchase) will be issued by the developer allowing the buyer to purchase the ECs unit at the listed price. The endorsed document will be send to HDB for the final approval. Once HDB give the green light, the Sales & Purchase agreement will be dispatch to our partner law firm for you to complete the paperwork.
BTO (HDB) or EC, which one should be your starter home?
Thinking of settling down and build your family, but unsure of which should be you starter home? Is HDB or Executive Condo more suitable for you? What is the financial commitment for both type of subsidiary housing, and which one will give you more capital growth & a better lifestyle?
Can I afford to purchase an Executive Condominium?
Executive condominium is a subsidized housing provide by the Singapore government and only Singaporean have the privileges to enjoy it. As such the pricing for EC is kept very affordable for the middle income Singaporean be it you are first time applicant of HDB upgrader.
Why investing in Executive Condominium is a good idea?
Owning an Executive Condominium is a privilege for Singaporean who wish to enjoy full fledge condominium lifestyle with a lower entry price. ECs are usually sold at 20-30% discount pricing compare to the neighboring private condo, and the price gap will narrow over time after MOP.
Frequently Asked Questions
Yes, if you have not booked a flat with HDB, you can apply and book an EC unit. You need to provide the details of the earlier HDB application so that HDB can cancel your earlier flat application after you have booked an EC unit.
If you have booked a BTO or SBF flat on or after March 2012, and decide to cancel the booking, you will not be eligible to apply for an EC within one year after the cancellation.
If your booking is before March 2012, you have to terminate the Agreement for Lease with HDB before you can book an EC unit. Do take note that a financial forfeiture will be imposed by HDB for the cancellation.
If you have not signed the Sales & Purchase Agreement, you will have to inform the other developer of your decision and cancel your booking before you allowed to buy an EC unit. Part of your booking fees will be forfeited by the other developer in accordance with the terms of the earlier Option to Purchase.
If you have signed the SPA, you will need to check with the other developer whether you can still buy another EC unit. Take note that the other developer can impose the prevailing forfeiture percentage of selling price upon termination of the Sales & Purchase Agreement.
If at any point of time, there is a break-up in the fiance/fiancee relationship, you will become ineligible to continue with your EC purchase. In this situation, the developer can terminate your the Sales & Purchase Agreement and impose a financial forfeiture (up to 20% of the purchase price).
If you have received a CPF Housing Grant for your purchase, you and your fiance/fiancee will be required to return the CPF Housing Grant together with accrued interest. If the full amount cannot be recovered, the outstanding amount will be treated as debt and both of you will not be eligible to rent/buy or take ownership of another HDB flat until you have paid up this debt in full (with interest).
Yes, so long as the non-subsidized flat’s expected MOP date is earlier than that of the expected TOP date of the EC.
Yes you are allowed to as you have served their penalty and 1yr wait-out period and you will be treated as a 1st timer and given full CPF Housing Grant.
Yes you can use you CPF fund if you has excess funds in the OA. You need not set aside minimum sum as EC loan is generally treated as a 1st loan.
HDB will probably take this as a special case and allow this flat to be sold even before MOP.