How do I buy an executive condo in Singapore?

How much does an executive condo cost in Singapore?

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.

How much do you have to put down on an executive condo?

Downpayment: Unlike a HDB flat, where you only need to make a downpayment (in Cash/CPF) of as little as 10%, you will need to make a downpayment of 25% when buying an EC. Home Loan: You will not be eligible to apply for a HDB loan to buy your EC, so you’ll need to approach a bank for a loan.

Are executive condos worth buying?

Executive Condominiums are still the best value buys

The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.

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Is EC worth buying?

ECs are still good value buys and a good option for the sandwich class and HDB upgraders. … And EC still provides an affordable option for HDB upgraders who want a higher standard of lifestyle. As EC is for own occupation, achieving a good resale capital appreciation after privatization is good for investment.

How much money do I need to buy EC?

You Can Only Apply for a Bank Loan

This means you need to fork out at least 25% in downpayment from your own pocket. Out of this, 5% must be paid in cash, while the remaining 20% can be a combination of CPF and cash. So, if you’re buying an EC for $1 million, for example, you must fork out $50,000 in cash.

What is an executive condo in Singapore?

Executive Condominium, or EC, is a type of public housing in Singapore. First built in 1999, EC is a hybrid of public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds and so forth.

Can I own both 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.

What is the downpayment for condo in Singapore?

Given the high property prices in Singapore, you will most likely need a home loan to buy a condo. The maximum LTV ratio from the bank will be 75%. This means your down payment will be 25 per cent, of which the first 5% must be paid in cash.

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Can a single buy EC?

Unfortunately, a single citizen can’t buy a new EC unit alone. However, he or she can opt to purchase a resale EC or even a private condo if it’s within the budget. … As a single, you may purchase a resale EC or private condo.

Is executive condo considered private property?

Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties. Here’s how public and private properties differ from a purchasing standpoint: … Public housing on the other hand can be purchased with no cash down payment with an HDB loan.

Can I buy private property if I own EC?

Yes, you will be eligible to purchase a private property once you met your Minimum Occupation Period (MOP) of 5 years. For your next property, the loan quantum will be dependent on whether you still have an outstanding housing loan. If you are still servicing the EC, the max loan amount is 50%.

What is the difference between condo and executive 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.

When can I sell my executive condo?

You can sell off your EC after 5 years. But after selling, it does not make sense for you to buy a private condo and a HDB resale flat. If you buy a private condo and then a HDB resale flat, you are required to sell off this condo within 6 months after the completion of your HDB resale flat.

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Can a divorcee buy an EC?

Since March 2018, divorcees can purchase or own a subsidised flat immediately upon ending their marriage. This is subject to the condition of fulfilling the eligibility criteria of purchasing such flats.