Get Started (Step by Step Guide)
Purchasing an Executive Condominium unit might be one of the biggest decisions in your life. EC Compare strives to make this process transparent by empowering our consumer with first hand information to assist you in making an informative decision.
Rest assures that acquiring your dream home is a simple and stress free process, our consultation will hand hold you in every step of the procedure to ensure a smooth and delighting process. Purchaser will also not incur any service fees or commission when you engage our professional services.
Lets Get Started!
Step 1: Check your eligibility
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.
Have a quick assessment on your eligibility status with our free e-services.
Step 2: Shortlist project and unit pricing
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. The starting price of every unit is listed in your website, get in touch with us for full price list and assistance in short listing unit.
Step 3: Do up a financial assessment
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. Exactly how much is needed for purchase and how should fund be allocated for the different stages of purchase? Between defer and normal payment scheme, which is more suitable for me?
It will be advisable to obtain an In-Principle Approval (IPA) letter in advance before booking an Executive Condo unit. This give you assurances for loan qualifications and it also help assess your maximum purchase amount. IPA is free and non-obligatory.
Step 4: Online e-Application
Submitting an e-Application is necessary for developer to verify your eligibility status. There is no costing involve in submission of e-Application. Should you decide not to proceed with the purchase after submitting an e-App, there is also no penalty involve.
Step 5: Make booking
After you had clear your eligibility check and are confident financially in purchasing an unit, we can arrange to help you book your unit at our sales office or at the comfort of your home.
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. Our consultant will also help you to apply for housing grant of up to $30,000 if you are eligible for it.
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.
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.
Step 6: Arrange for financing
While waiting for HDB to give the final approval, we will help our client to get an official offer letter from our partner banker to help secure the mortgage loan for the financing of your EC unit. It is prudent to secure the bank loan as soon as possible to avoid any penalty from developer in case there is a lapse in timeline. Our consultations will facilitate the process with our partner bank to ensure a smooth and hassle free process.
Do note that regardless of the payment scheme you took up, the bank loan need to be in place as long as you are unitizing CPF for your purchase.
Step 7: Sales & Purchase agreement
The Sales & Purchase agreement (S&P) will be release from the developer once approval from HDB is grant. The S&P is deliver to our partner lawfirm and our consultant will make arrangement to endorse the document at the lawfirm at your convenience.
During S&P, you will need to prepare 15% of the purchase price to complete the paper work. The fund can come from CPF or cashier order. Your housing grant should also be in your CPF account by now to facilitate the process. Please get ready your SingPass for the procedure also.
Stamp Duty is also payable within 14 days after the complete of S&P. Arrangement can be make to utilize your CPF to pay for the stamp duty if necessary. Please consult us to find out more on how to go about this.
Have a peace of mind.
Most of our customers who utilize our services feel more confident with us assisting in the whole process of acquiring an EC unit. Our service is 100% free and there will not be any cost incur to user.
Call us at 6100 9886 or make a free consultation booking via the form and we will be in touch with you shortly.