Are you looking for an executive condo for sale in Singapore? Before you proceed to consider your options, you should know that there are various requirements that you should meet before buying an executive condo in Singapore. Executive condos are a type of hybrid housing under the public housing scheme in Singapore. The state has some stringent rules that surrounding the purchase of ECs. Having enough money to cover the sale is not enough to get you an EC in the state. You also need to meet the following requirements before you can make a purchase.
Personal Eligibility
You will not be able to buy an executive condo if you don’t meet the personal eligibility criteria. Therefore, before considering the other requirements make sure that you have fulfilled the following conditions:
• You are at least 21 years old
• You are a Singapore citizen
• You qualify under one of the four eligible scheme (Public Scheme, Fiancé/Fiancée Scheme, Orphans Scheme or Joint Singles Scheme) as indicated by the Housing & Development Board
Individuals can also apply under the Joint Singles Scheme, but all participants must be Singapore citizens of at least 35 years old.
Property Eligibility
The next requirement pertains to property ownership. For you to qualify to buy an executive condo in Singapore, you must not have property overseas or have any interest in buying property overseas. You should also not have disposed of any overseas property in the last 30 months before applying for an EC unit.
The state also requires that one should not have bought an HDB flat or an executive condo before making the application. They should also not have previously received a housing grant from the Central Provident Find (or CPF).
Income Eligibility
Finally, one needs to meet an income eligibility criterion before they can start shopping for an executive condo for sale in Singapore. The state requires individuals to have an annual income not exceeding $14,000. Individuals whose annual income surpasses this limit cannot buy an executive condo. That’s because executive condos are meant for individuals whose income exceeds the limit for public housing but is still not enough to cater for private property.
Final Thoughts
Executive condos are lucrative properties to buy in Singapore, especially if your income cannot allow you to buy private property. The ECs are eligible for CPF grants, and you can use the grant money to renovate the new home. If you meet the above eligibility criteria, you can start the application process and begin the journey towards owning an executive condo in Singapore.
