Up until the fourth quarter of 2022, only the North Gaia Executive Condo in Yishun is in the market for sales. In 2022, there will be 2 new EC launches in the pipeline; Tenet in Tampines and Copen Grand in Tengah.
In addition to meeting the criteria in getting an EC, there are additional factors to take into account. For instance, if you currently own a HDB, you must factor in for the resale levy.
You must also take note on the loan amount, as calculation is base on MSR. Unlike TDSR for private property, MSR way of calculation is more conservative.
There are many other things to take note as well. No worries, we are here to help.
What is the amount for your HDB housing grant if you qualified as 1st timer?
There are many young couple out there who are over-qualified for BTO, as well as over-stretched for private condo. Therefore, to encourage more young professionals (Sandwich class) to set up family earlier, our government came up with Executive Condo.
During the initial phase of EC launch, 70% of total units available in a development will be kept aside for 1st timer. Furthermore, government also dangle incentives for this young professionals, such as a HDB housing grant.
The following illustration does not refer to HDB housing grant requirements, but rather to HDB housing grant amount criterion.
Considering that there are several combinations for various HDB housing grant amounts, it can be confusing. Thats the reason why it will be better to engage a professional for an assessment to purchase an EC, rather than us sharing all the information here which some people could misinterpret it.
Please check with us for the most recent information on the up-coming launches, the maximum loan amount, and anything else you need to know about Executive Condo.
Getting an Executive Condo is challenging for 2nd timer?
Not for EC but it can be challenging for BTO.
Acquiring a BTO as a second-time applicant is more difficult; in non-mature estates. Chances for these group of buyer to secure a 4-room or bigger BTO, are now merely 5%, down from 15% previously.
Nevertheless, Executive Condo. A maximum of 30% of all the units in a development are made available to second-time buyers at the preview sales.
Despite the fact that the development had achieved the 30% objective for second-time purchasers during preview sales. Second-timer can simply go into the sales gallery, one month after the launch to make a purchase.
What are the Criteria to qualify for an Executive Condo?
Before you sign on e-application for a chance to ballot, you need to meet the following criteria, Family Nucleus, Age, Citizenship, Household Income, Property Ownership.
Family Nucleus
To qualify for an Executive Condominium, applicants are to apply under the following eligibility schemes under Housing Development Board (HDB).
Public Scheme
Purchase an Executive Condominium with your family. You form a family nucleus with any of the following:
- Spouse, and children (if any)
- Parents, and siblings (if any)
- Children under your legal custody, care and control (if widowed/divorced*)
*If the care and control of your children under the age of 21 is shared with your ex-spouse, you must obtain his/her written agreement before you can list your children in a flat application.
Fiancé/Fiancée Scheme
Buying together with your fiancé or fiancée.
Under this scheme, you need to solemnise your marriage and submit a photocopy of your marriage certificate to the developer within 3 months* of collecting your keys to the EC unit.
If spouse-to-be is minimum 18 and below 21 years old, the person can only be listed as an essential occupier in the EC application and written consent from parents/guardian must be submitted during the EC selection appointment.
Joint Singles Scheme
You and up to 3 other co-applicants, and all of you are:
- Single (unmarried, divorced, or widowed)
- Singapore Citizens
- At least 35 years old
- Applying jointly as co-applicants
The CPF Housing Grant for singles is not available when buying an EC.
Orphans Scheme
You and your siblings (those applying) are orphans and single, i.e. unmarried, divorced, or widowed:
- All of the siblings that are single must be listed in the same application
- At least 1 of the deceased parents was a Singapore Citizen or Singapore Permanent Resident
Please note that under the Orphans Scheme, siblings are not allowed to buy or rent flats separately.
Citizenship required for getting executive condo
- For Public Scheme and Fiancé/Fiancée Scheme, minimum 1 Singapore Citizen is required. The other applicant can be either Singapore Citizen or Permanent Resident (SPR status min. 3 years)
- For Orphans Scheme or Joint Singles Scheme, all applicants must be Singapore Citizens.
Age
- At least 21 years old for Public Scheme, Fiancé/Fiancée Scheme and Orphans Scheme.
- At least 35 years old for applicants under Joint Singles Scheme.
Income Ceiling required for getting an executive condo
- Maximum household income must not exceed $16,000 income ceiling.
- Monthly allowance is included in income calculations.
- Bonus and Overtime pay is excluded in income calculations.
Property Ownership
- Applicants can only own a maximum of ONE of the subsidised property previously.
– New HDB (BTO)
– New DBSS flat or EC
– Received CPF Housing Grant before
- Owners of subsidised property from HDB must meet the Minimum Occupation Period (MOP).
- Applicants has not cancelled a flat application and must be not debarred from HDB.
- Applicants must not own other private property overseas or locally, or have disposed of any within the last 30 months. (Local private properties includes HUDC flat or Executive Condominiums)
Source from HDB on 13 August 2022