The executive condominium (EC) is one of the most popular housing types in Singapore. ECs in Singapore come with comparable facilities and designs. They are slightly more luxurious than HDB flats, but compared to private condominiums they still provide good value for your money! Read our article to find out more and have more understanding of EC eligibility as we go through with you step by step!
What Is The Eligibility Requirement To Buy a Condo?
This article will give you in-depth information on EC Eligibility. Read to find out more!
- Firstly, all Singapore Citizens (SC) have two Chances to buy subsidized housing per lifetime.
- All EC Main applicants/co-applicants/essential occupiers must still have at least one more chance to buy subsidized housing.
Below are examples of subsidized housing in Singapore:
- Direct Purchase from HDB (BTO/SERS Replacement flats
- Resale HDB bought with CPF Housing Grant
- DBSS bought from developers
- Executive Condominium (EC) from developers
EC Eligibility (Family Nucleus)
You are required to form a family nucleus. For every scheme, you have to be at least 21 years old except for the Joint Singles scheme whereby you have to be at least 35 years old. Aside from these, you have to be a Singaporean Citizen. (Minimum Must Have One (1) SC) Below are the schemes available:
1. Public Scheme – Your family nucleus must comprise at least another Singapore Citizen (SC) or Singapore Permanent Resident (SPR). Family Nucleus Requirement: You, the applicant, and your spouse or your parents or your children are under your legal custody, care, and control (for widowed/ divorced).
2. Fiancé/Fiancée Scheme – If your fiance/fiancee is below 21 years of age, he or she can only be listed as an occupier in your EC application. Additionally, if your fiance/fiancee is below 21 but above 18 years of age, written consent from the parents or guardians must be submitted with your EC application.
3. Orphans Scheme – A single orphan applicant and all his unmarried siblings are to be listed in the same application. Also, do note that at least one of your deceased parents was Singapore Citizen (SC) or Singapore Permanent Resident (SPR).
4. Joint Singles Scheme – You can apply with another single person. Both of you must be Singapore Citizens (SC) and at least 35 years old at the time of application. You are also to apply jointly as co-applicants. Lately, do note that there will be no CPF Housing Grant for this Scheme.
Age Requirement
As we have mentioned above, the age requirement for every scheme is 21 years old except for the Joint Singles scheme which is 35 years old. For Fiancé/Fiancée, if the essential occupier is ≥ 18 but < 21 years, a written consent form from parents must be submitted together with the application. If the Essential Occupier is <18 years of age, they must obtain a Special Marriage License from the Ministry of Social and Family Development (MSFD) and Submit it During EC Application Submission.
EC Eligibility (Income Requirement)
The monthly gross household income cannot exceed $16,000/month (W.e.f 11 Sep 2019). Also, the computation of monthly gross household income (Applicants + Essential Occupier)
MOP
Existing owners/ ex-owners/ essential occupiers must satisfy the 5-year minimum occupation period (MOP) prior to booking an EC unit.
Ownership/ Disposal of interest in private property
You must now own any private property (including EC) locally or overseas. Additionally, you must have already disposed of any interest in private property > 30 months prior to the date of the EC application.
Other EC Eligibility:
- Cancellation of BTO/SBF/EC (PRIOR TO SIGNING S&P) – If canceled any booking of Built to Order (BTO)or Sale of Balance Flats (SBF) is, there is a Debarment of 1 Year. i.e. can only apply EC after 1 year from the date of cancellation. If a unit has not been selected, Sign the Cancellation Form of the BTO Application after booking EC. Provide BTO Application Reference Number during EC Application
- Termination of EC/DBSS (AFTER SIGNING S&P) – If book an EC/DBSS unit and subsequently terminated the Sale & Purchase Agreement, there is a Debarment of 5 Years. i.e. can only apply EC after 5 years from the date of cancellation
- Dispose of Interest in Existing HDB Flat – Undertake to dispose of an interest in existing HDB within 6 Months from TOP/date of developer’s notice of vacant possession.
- Undischarged Bankrupt – Obtain official assignee permission if he/she wants to be an EC applicant.
We hope you have learned a thing or two about the EC eligibility process. If you have any other questions/inquiries, please feel free to contact us. We are more than happy to guide you through this process! Also, do check out our different ECs!