Executive Condo (EC) Eligibility Conditions
| Family Nucleus | You will need to qualify for the EC under one of these eligibility schemes: – Public Scheme – Fiancé/Fiancée Scheme – Orphans Scheme – Joint Singles Scheme |
| Citizenship | – You must be a Singapore Citizen – At least 1 other applicant must be a Singapore Citizen or Singapore Permanent Resident – All singles must be Singapore Citizens if applying under the Joint Singles Scheme |
| Age | – At least 21 years old – At least 35 years old, if applying under the Joint Singles Scheme |
| Income Ceiling | Your household income must not exceed the $16,000 income ceiling. |
| Property Ownership | – You do not own other property overseas or locally, or have not disposed of any within the last 30 months – You have not bought a new HDB/ DBSS flat or EC, or received a CPF Housing Grant before; or, have only bought 1 of these properties/ received 1 CPF Housing Grant thus far -You must meet the MOP period for your current HDB |
ABSD For HDB Upgraders?
HDB upgraders buying a new EC unit do not need to fork out the large ABSD payment upfront, they could also live in their existing flat and are required to sell their flat six months after their new EC receives TOP
This greatly reduces the initial payment making it the one of the popular choice among HDB upgraders
HDB CPF Housing Grant?
Under the CPF Housing Grant Scheme, if you are eligible, you can receive a housing subsidy of up to $30,000 when you buy an Executive Condominium (EC) unit from a property developer.
The CPF Housing Grant is subject to HDB approval
Income Exceeds $16,000?
If your income is over $16,000 but below $17,000, we may need to submit an appeal to HDB.
This is still subject to HDB approval
Check with us to discuss
HDB MOP is less than 5 years
If you have not met the HDB Mop of 5 years but have fulfilled more than 4.5 years.
Check with us to discuss
What is the Deferred Payment Scheme (DPS)?
A Deferred Payment Scheme refers to a payment arrangement offered by many developer where the buyer forks out only a certain percentage (usually 20% to of the purchase price) as a down payment and reserves the unit.
After the initial payment, the next payment is deferred. Depending on the developer’s rules, the next payment usually comes two or more years later once your unit obtains TOP (Temporary Occupancy Permit). There is no need to pay anything during the build period (typically the next two or three years).
This means the Executive Condo buyer could pay the downpayment and then have some time to save up for the remaining payment.
With this flexibility, most Deferred Payment Scheme usually comes with an added interest of 3-4% on top of the selling price depending on the developer.
Pros:
- 20% Downpayment to secure a unit
- Delayed payment for the next 2-3 years
Cons:
- Added 3-4% interest on top of the selling price
How Does Deferred Payment Scheme (DPS) Works?
Here’s a breakdown on how deferred payment for a EC works:
- You need to pay 5% of the purchase price when you secure a unit on booking day.
- Submit your HDB Application and get approval (usually within 2 weeks upon submission of all documents)
- Exercise the OTP and sign the S&P Agreement (15% of the purchase price) within 9 weeks;
- Pay nothing – no home loan instalment, no property stamp duties and so forth – till your unit TOP
So, instead of the usual 25% downpayment, your initial outlay is only 20% which is much lower.