Procedure on Buying a Executive Condomium (EC) in Singapore
Executive Condominiums really are a special form of Housing and Development Board (HDB) flat. In the reason for buying a new EC from developer, purchasers are subjected to the prevailing HDB rules. However, after remaining in the system for years, the machine can be resold to another Singaporean or Singaporean Permanent Resident. After 10 years, the EC is privatized, and it is considered a personal condominium, and could be resold to your person, a good foreigner.
This is in contrast to private condominiums. There's no special restriction on buying private condominiums, and no special restriction on re-selling the units.
Eligibility Conditions to purchase EC
The purchasers of EC must meet certain criteria to become able to purchase a EC unit from the developer.
1. Citizenship There should be a minumum of one Singapore Citizen since the main applicant. The co-applicant can be another Singaporean Citizen or Singapore Permanent Resident
2. Family Nucleus The main applicant and also the co-applicant must form a legitimate family nucleus, such as fianc�/finacee, husband/wife, parent/child, joint singles above 35 yrs . old, or perhaps the orphan scheme.
3 . Age The main applicant and the co-applicant must be above 21 years old.
4. Ownership of Private Property The applicants should never own any private property/EC, and so they mustn't have owned any private property/EC within the preceding 30 months.
5. Ownership of HDB flat The applicants should never have obtained greater than twice, the following flat types : flat direct from HDB, EC direct from developer, and resale flat using CPF.
6. Meeting of M.O.P. Requirements. When the applicants own a HDB flat, they need to have stayed inside the flat for around 5 years.
7. Income Ceiling The combined earnings of the applicants mustn't exceed $12,000 monthly..