- Real Estate
5-Point Checklist When Buying Executive Condo in Singapore
Executive Condominium in Singapore
Executive condominium is public housing that is unique to Singapore. It is similar to private condominium with eligibility criteria to satisfy. Home buyers can enjoy some form of housing grant given by the government once the criteria are met.
Executive condominium is a form of public housing that is unique to Singapore. It is similar to private condominium but home buyers need to fulfill certain eligibility criteria. Once these criteria are met, home buyers can enjoy some form of housing grant given by the government.
The price of executive condominium is significantly lower than private condominium. This makes it very attractive to the middle class and those who want to upgrade from a HDB flat.However, not all Singapore residents are eligible to purchase an executive condo unit.
5-Point Checklist for Buying Executive Condo
This simple 5-point checklist can help you to find out if you are eligible to enjoy the government grants and apply for an executive condo.
1. Main applicant has to be Singapore Citizen.
As the executive condominium program is part of the government's initiative of home ownership for its citizens, it is only logical that the main applicant has to be a Singapore citizen. The second applicant or essential occupier who is the spouse or fiancé/fiancée must also be a citizen or Singapore permanent resident.
2. Household income must not exceed $12,000.
There is no minimum income criterion in the purchase of an executive condo. You will be eligible for a purchase if you do not exceed the stipulated monthly household income ceiling at the time of purchase and able to finance the purchase.
3. No ownership of private property.
The applicant and occupier must not own any private property. Home buyers who currently own private property locally or overseas cannot apply. In order to comply with this criterion, they need to sell off their private property and wait for 30 months before they can apply for an executive condo unit.
4. Subsidized housing is granted only twice.
Each Singapore citizen can only apply for the subsidized housing twice, be it a HDB flat or executive condo. A first time home buyer is eligible for CPF Housing Grant. For the second time home buyer who are upgrading to an EC unit, they need not pay for resale levy when they sell their first subsidized housing.
If you purchased a HDB flat directly from the government, a resale HDB flat with CPF Housing Grant, or a newly launched executive condominium from a developer twice or more, you would not qualify for subsidized housing.
5. Minimum occupation period for existing HDB flat.
Depending on the stipulated regulation at the time of purchase, second time home buyers must satisfy the minimum occupation period, usually 5 years, on their first subsidized housing before they can buy an executive condo.
More Information on Executive Condo in Singapore
The above checklist covers the basic criteria to guide you in assessing your eligibility to buy an executive condominium. You can find more information at http://www.hdb.gov.sg or consult a registered property agent to provide a comprehensive assessment of your eligibility.