Quick Answer: Can I Buy Condo If I Own 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..

Is EC 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 single pr buy resale executive condo?

Single PR can’t purchase new EC, you need a family nucleus with at least 1 citizen. You are eligible for new launch private condos. … Your other options will be either a resale EC or a private condo.

How much money do I need to buy EC?

So if you are buying an EC unit with a price of $900,000, you must be prepared to pay at least $45,000 in cash. Under MAS Notice 632, Singapore banks cannot lend you money to cover this amount, or any part of your down payment.

Can I buy EC alone?

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.

Why should you buy a condo?

A condo is usually less expensive than a free-standing house. Condos are much smaller in square footage, and maintenance is typically cheaper because you’re only responsible for the interior of your home. You don’t have to worry about landscaping, the roof or the exterior walls.

Is it better to buy HDB or condo?

And when it comes down to it, HDBs can have far better rental yield compared to their condo counterparts, simply by virtue of how affordable they are. (Note: This depends on the rental income generated as well. Condos do tend to generate higher rental income than flats, which can sometimes offset their higher costs.)

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.

Who is eligible to buy EC?

Eligibility Conditions & Schemes To qualify, all applicants need to be at least 21 years old (35 years if you’re applying under the Joint Singles Scheme). One of you must also be a Singapore Citizen, with at least one other applicant being either a Singapore Citizen or Permanent Resident.

How do you qualify for an executive condo?

(A) Basic Requirements:You must be a Singaporean.You must form a proper family nucleus. … You must be at least 21 years old at the time of application.Your average gross monthly household income must not exceed $14,000. … You must not own or dispose of any private property within 30 months.More items…

How much cash do I need to buy a condo?

What is a minimum down paymentPurchase price of your homeMinimum amount of down payment$500,000 or less5% of the purchase price$500,000 to $999,9995% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000$1 million or more20% of the purchase priceSep 16, 2020

Who can buy resale executive condo?

You must be a Singapore Citizens (SC) or Singapore Permanent Residents (SPR) in order to buy a EC from 6th year occupation period. You need not to form a family nucleus to buy a EC from the open market. For e.g. a single person SC or SPR above 21 can buy a EC from the open market.

Should I buy EC condo?

ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). … Minimum occupancy period of five years, and restrictions on who can buy EC.

Can I buy EC before mop?

If you buy an EC that is past its MOP however, you can still retain your old flat, while also owning the resale EC. Note that you still need to meet the MOP for your previous flat, before you can invest in a second property. This is regardless of whether it’s a resale EC, private condo, etc.

Can single above 35 buy EC?

Purchasing an Executive Condominium (EC) together Under the HDB rules, two single persons who are Singapore Citizens and above 35 years old can also buy a new EC together under the JSS.

How long does it take for EC to become private?

This 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. These properties generally have a leasehold tenure of 99 years.

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.

Is EC considered HDB?

An EC is a cross between public and private housing. … An EC is considered HDB property for 10 years. As such, it is subject to the same restrictions like a minimum occupancy period of five years, and restrictions on who can buy it. From the 11th year onward, an EC is fully privatised.

Can I buy EC if I own HDB?

Can I get a new EC if I used to/ still own an HDB flat, DBSS flat, or EC? Yes, provided that you only own/ owned 1 of the following units prior to your application: Flat bought from HDB.

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.