Question: Who Can Apply For EC?

How much does a 3 bedroom EC cost?

Cost of BTO and EC And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000.

By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO..

When can I sell my EC?

Sale of EC ECs can only be sold in the open market after the 5-year MOP (from TOP date) has been met.

Can I sell my EC before 5 years?

You can sell your EC after 5 years, but if you choose to buy a resale HDB flat, then you must fulfil the 5-year minimum occupation period (MOP) before you can purchase a condo unit. … Once you purchase a resale HDB, you have to fulfil the MOP of 5 years before you can purchase another private condo.

Can foreigners buy cluster houses?

There are no restrictions on foreigners acquiring commercial or industrial properties. … If the strata bungalow and cluster house are not comprised within an approved condominium development, a foreign person who wishes to purchase the properties must apply for approval prior to the purchase.

Can an Indian buy a house in Singapore?

Singapore government regulation dictates that foreigners can only buy property such as condominium units, flats or apartments or strata landed house in an approved condominium development. Landed residential property is usually not sold to foreigners unless special permission is granted by the Singapore Land Authority.

Can I buy EC if I own private property?

You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).

Can foreigners buy EC?

Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property out of their reach. … Foreigners can be only buy a Executive Condominium after 10 years, in which all restrictions will be lifted.

What is the difference between DBSS and EC?

DBSS, is a HDB with condo interior design and structure(move in condition). DBSS is normally located in a very gd location that is near MRT and school but with HDB ruling and facilities throughout. EC is a condo with HDB ruling (cannot sell to foreigner for 10 years).

How can I afford a 1.5 million dollar house?

To afford a $1 million home, most buyers will probably need at least: $225,384 in annual household income to pay for ongoing costs, including monthly mortgage payments, maintenance, insurance and homeowners association fees, and taxes.

Can single pr buy house in Singapore?

Can a single PR buy a landed house in Singapore? Yes, but the application is accessed on a case-by-case basis with specific conditions. According to the Singapore Land Authority (SLA), a SPR can buy a landed home if: You have been a SPR for at least five years; and.

Is EC worth buying?

This means EC buyers have an immediate price advantage over private condominium buyers as they are buying a product that has a similar look and feel of a mass market condominium, but at a cheaper price since ECs come with full condominium facilities and have the same level of privacy and finishes one would typically …

How much does EC cost?

Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.

How long does it take for EC to become private?

10 yearsThis is a public-private hybrid type of housing as ECs are considered as public housing from the start, but fully transitions to private property after 10 years.

Can I buy condo if I own EC?

You are eligible to purchase a condo provided you have fulfilled the minimum occupation period of 5 years for your new EC (directly from developer). … Yes if you have fulfil 5 years MOP, you can purchase another condo. However, if you have an outstanding home loan, your 2nd loan will only be for up to 50%.

How can I buy EC?

To buy an EC, you will unfortunately have to play by HDB’s rules, which means qualifying under any one of these schemes:Public scheme. … Fiancé/fiancée scheme. … Joint singles scheme. … Orphans scheme. … Property ownership rules. … EC income ceiling. … Note — to finance an EC, you must get a bank loan.

Can I buy EC with my parents?

You can purchase an EC with both your parents listed as joint applicants or as essential occupiers of the flat. … – If your parent(s) have an interest in a private property, they must dispose the private property and wait for a period of 30 months before they can apply for a EC jointly with you. 3.

Who is eligible to buy EC?

As with public housing, EC applicants must either form a family nucleus or join up with other singles if they are at least 35 years old. They must also not exceed the household income ceiling of S$14,000. Only Singaporean couples and Singaporean/permanent resident couples can buy an EC unit.

How much do you have to earn to afford EC?

Income eligibility Most first-time EC buyers have a combined income of around S$10,000 and are looking to maximize the CPF grant amount. In order to qualify for an EC, household income cannot exceed the $14,000 limit.

Can I own HDB and EC?

You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though. In short, as long as you have the moolah, you can buy as many condo units as you want, whether to live in, rent out, or just leave empty.

What is the difference between EC and condo?

The biggest difference between a regular condo and an EC comes in the first 11 years. During this time, ECs count as HDB properties – they are subject to the Minimum Occupancy Period (MOP) of five years. You can’t sell or rent out your EC during this time. … If you purchase an EC, it’s a bit cheaper than a regular condo.