Executive Condominium (EC) Guidelines

Executive Condominium (EC) Guidelines

A general guidelines to check on your eligibility to purchase a Executive Condominium (EC) in Singapore.

1. Citizenship

For the purchase of EC, the main applicant must be Singapore Citizen and co-applicant can be either Singapore Citizen, Singapore Permanent Resident or foreigner with Singapore Citizen Child.

2. Family Nucleus

Similar to purchase of a Build-To-Order (BTO), you need to form a family nucleus with your fiancé, spouse, parents or children under your custody if you are divorced or widowed.

You may apply with another joint single if both are 35 years old and above and both are Singapore Citizen.

You will be eligible to buy a dual-key unit if you form a multi-generational family unit comprising of either your parents or grandparents.

3. Income Ceiling

23 Aug 2015 – Prime Minister Lee Hsien Loong announcement at the National Day Rally.  The income ceiling for couples buying new flats will go up from $10,000 to $12,000, while that for ECs will increase from $12,000 to $14,000.

24 Jun 2015 – National Development Minister, Mr. Khaw Boon Wan announced that the income ceilings will be raise for Built-To-Order (BTO) flats and Executive Condominium (EC).  The new limits will be made known as early as August or September 2015.  Stay tune for the final updates and revision.

The average gross monthly household income should not exceed S$12,000 S$14,000.  Yearly bonus is not included as gross monthly household income.

If you are employed, your income is determined by your latest 3 months’ payslips.  IRAS NOA and CPF statement cannot be used to determined the income.

If you are self-employed, your income is determined by your latest IRAS NOA.  Supporting documents such as company ARCRA and Statuary Declaration are required.

If you are part-timer or commission based, your income is determined by tour latest 12 months’ payslips or a certified letter from your employer.

What if your employment comprises of self-employed and employed status?

4.  Wait-out period

If you have bought a HDB BTO, Design, Build and Sell Scheme (DBSS) or resale flat before, you are required to fulfill the 5-year minimum occupation period from the date of taking possession of your flat before you can apply for a Executive Condominium (EC).

If you bought a EC, HUDC or private property before, you will need to fulfill the wait-out period of 30 months after the sale of your first EC, HUDC or private property before your can apply to buy another EC directly from developer.

If you are coming from the above situation and applying for new EC development where its land sale are on/after Dec 2013, you are required to pay a resale levy of your previous or existing flat.  This resale levy range from S$15,000 to S$55,000 depending on the type of subsidy flat you own/had owned previously.

5.  Amount of Grant for EC Buyers
Revision as at 24 Aug 2015 –
EC Buyer with Average Gross Monthly Household Income up to $10,000
Type of Grant Available
Amount
SC / SC Household
SC / SPR Household
CPF Housing Grant for Family

$30,000

$20,000#

Half Housing Grant

  • If you are a first-timer citizen and your spouse has previously taken a housing subsidy

$15,000

#If you are a Singapore Citizen (SC) married to a Singapore Permanent Resident (SPR) (that is, an SC/SPR household), you can apply for the Citizen Top-Up Grant when your SPR family member gets Singapore Citizenship or when you have an SC child.

EC Buyer with Average Gross Monthly Household Income from $10,001 to $11,000

Type of Grant Available
Amount
SC / SC Household
SC / SPR Household
CPF Housing Grant for Family

$20,000

$10,000#

Half Housing Grant

  • If you are a first-timer citizen and your spouse has previously taken a housing subsidy

$10,000

#If you are from an SC/SPR household, you can apply for the Citizen Top-Up when your SPR family takes up Singapore Citizenship or when you have an SC child.

EC Buyer with Average Gross Monthly Household Income from $11,001 to $12,000
Type of Grant Available
Amount
SC / SC Household
SC / SPR Household
CPF Housing Grant for Family

          $10,000

$0#

Half Housing Grant

  • If you are a first-timer citizen and your spouse has previously taken a housing subsidy

$5,000

#If you are from an SC/SPR household, you can apply for the Citizen Top-Up when your SPR family takes up Singapore Citizenship or when you have an SC child.

EC Buyer with Average Gross Monthly Household Income from $12,001 to $14,000

You are not eligible for the CPF Housing Grant.

 

For further query, you may contact 91822516.


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