These are the eligibility conditions to buy a new Executive Condominium (EC). For ECs, please note that they are bought from the developer, not us. Before you submit an application, we advise that you also learn more what conditions apply after you buy an EC, and find out whether you must pay a resale levy.
You and any other applicants and essential occupiers need to meet several eligibility conditions such as citizenship, age, income, and property ownership.
You will need to qualify for the EC under one of these eligibility schemes:
Your household income must not exceed the $14,000 income ceiling.
You can apply for a new EC under one of these eligibility schemes: Public Scheme, Fiancé/Fiancée Scheme, Orphans Scheme, and Joint Singles Scheme.
You form a family nucleus with any of the following:
Applications under this scheme are only valid if there are no changes to the people listed - you are not allowed to replace your parents’ names with that of a spouse, or vice versa.
A multi-generation family is any of the following:
You form a family nucleus with your spouse-to-be.
You and your siblings (those applying) are orphans and single (unmarried, divorced, or widowed)
Note that under the Orphans Scheme, siblings are not allowed to buy or rent flats separately.
You and up to 3 other co-applicants, and all of you are:
The CPF Housing Grant for singles is not available when buying an EC.
A first-timer applicant is a person or household that has never received any form of housing subsidy, or similar benefit; a second-timer applicant is a person or household that has. If you are a second-timer and your spouse/ spouse-to-be is a first-timer, you as a couple will enjoy first-timer privileges and priority.
There are different scenarios whereby a resale levy is payable/not payable. The amount of levy payable will depend on the date you have sold your first subsidy flat.
|Resale application to sell your first subsidised flat was received:
|On or after 3 March 2006
|The amount payable according to the flat type of your first subsidised flat:
*Buyers of short lease 2-room flat will pay a prorated amount base on the lease of their 2-room flat.
|Between 19 May 1997 and 2 March 2006
|The amount is based on the resale price or 90% of the market valuation of your first subsidised flat, whichever is higher. An accrued interest of 5% a year (up to the month payment is made) if you opted to defer the payment of the resale levy. The accrued interest will be calculated from the point resale of your first subsidised flat to the date you pay the resale levy.
* 2-room flat sellers pay a lower rate, that is, only 10% if they buy a bigger flat direct from HDB.
|Before 19 May 1997
|If you sold a flat during this period, you were given two options at the point when you sold your first subsidised flat:
The amount is based on the resale price or 90% of the market valuation of your first subsidised flat, whichever is higher. An accrued interest of 5% a year (up to the month payment is made) if you opted to defer the payment of the resale levy.
Property can be a good long term investment and a base to build your life in Singapore. If you are buying property in your personal name or investment holding, you will be subjected to Total Debt Servicing Ratio (TDSR) for all types of properties mortgages.
TDSR caps the maximum monthly loan payment to 60% of your monthly gross income which excludes owner occupied HDB flats (not those for investments). For HDB mortgage loans, you will also be subjected to the Mortgage Servicing Ratio (MSR) which caps your monthly repayment to 30% of your monthly gross income.
Trinexis.sg has a calculator that would allow you to know the maximum loan amount for both single and joint applications. It can be complicated navigating through regulatory requirements.
However, you can count on our friendly consultants who are happy to guide you through the process. All you need to do is to submit your mortgage and personal details to us. We respect your privacy and would ask for the pertinent information to get you the best mortgage loan. All information that you provide to us will be kept in the strictest confidence.
Loan: $430,220 Deposit, Fees: $130,000