Question: Can PR Buy Executive Condo?

Do I need to sell HDB to buy EC?

Upgrading to an Executive Condominium is the most “seamless” route as you can collect the keys for your EC, then sell your HDB.

Furthermore, at the point of booking, you do not have to pay ABSD and can secure loan up to 75%.

Browse all new and resale executive condos listed on PropertyGuru..

What’s 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.

How do you know if you can afford a condo?

How much can you really afford? As a rule of thumb, rent should be about 30% to 40% of your gross monthly income. The rest goes to taxes, utilities, daily expenses, and savings. You’d want to live comfortably and worry-free than scrimping monthly just to meet your payments.

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 PR buy EC after 5 years?

After 5 years, Executive Condominiums become quasi-private residential condominiums whereby Singaporeans and Singapore PR can buy and sell as though they are private condominiums.

Can PR use CPF to buy condo?

The CPF OA is intended to be used to partly fund your home purchase, so there’s really nothing wrong in using CPF to buy a condo or an HDB flat.

Can I own HDB and EC?

HDBs and ECs have a minimum occupancy period (MOP) of 5 years during which you need to live in the property and cannot rent it out. … 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.

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

Can PR buy freehold condo?

Most foreigners are allowed to buy Executive Condominiums (EC). However, depending on your status (whether you are a PR, a fiancé of a citizen, or neither of the available schemes), you may own one or more. … Both you and your partner is a PR – can own a resale flat and EC resale both 5 years and 10+ years.

How much do I need to earn to buy EC?

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.

Do you pay resale levy for EC?

As long as you bought a subsidised flat from HDB (i.e. HDB BTO flat) or an executive condominium (EC) from a developer in the past, you have to pay a resale levy when buying another subsidised flat. … Sell your subsidised flat and buy an EC from a developer where the land sale was launched on or after 9 December 2013.

Can PR buy condo?

Yes PR are eligible to buy private condominium. Please note there is an additional buyer stamp duty of 5% for the 1st property. Such buyers are required to submit an application for remission so as to enjoy the same treatment as Singapore citizen.

Is executive condo a good investment?

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).

Can single buy new 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.

Can I buy resale EC?

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 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 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.

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…