This suggests that on average, an EC is more than double the price So home buyers should be aware that — on average — they will pay more than twice the price for an EC, compared to an equivalent sized resale flat. These are:. Please refer to the HDB website to see the qualifying requirements for each of the grants. You need to make a minimum down payment of 25 per cent of the property. In addition, the first five per cent of the property must be paid in cash.
You need to pay five per cent of the property in cash, to make the booking. Within nine weeks of the date of option, you pay another 15 per cent in any combination of cash or CPF.
The minimum down payment is 10 per cent of your flat price or valuation, whichever is lower. This is payable in cash or CPF. Do note that your OA will be depleted before your loan is granted. This is the same as the EC. First-timers enjoy privileges and priority in flat allocation.
Yours will be treated as a first-timer application if you and any of the other listed owners and essential occupiers meet the following criteria:. There are instances where you may need to wait out a set time period before you can apply or be listed in the application for a new EC unit. If you booked a new HDB flat and subsequently cancel your booking, you must wait out a 1-year period from the date of the cancellation before you can apply or be listed as an essential occupier of a:.
No, you may not. For an EC flat application, all the listed owners and essential occupiers must not own, dispose, or have an estate or interest in any other local or overseas property:. In essence, an eligible Singapore Citizen is allowed to buy the above properties twice in total, not twice per type of property.
If you have already bought 2 such properties, you will not be eligible to apply for an EC or be listed as an essential occupier in an application. No change of people listed in the application Applications under this scheme are only valid if there are no changes to the people listed in the application. Special Marriage Licence needed if spouse-to-be is below 18 years old Following your flat application, you must obtain a Special Marriage Licence from the Ministry of Social and Family Development and submit it to us during the EC selection appointment.
No change of people listed in the application Applications under this scheme are only valid if there are no changes to the people listed.
Chat with us on WhatsApp. Fill up an online form. Before we show you how to calculate the income you need to afford an EC, here are some important facts about ECs that will affect how you afford and pay for it. ECs are called private-public properties for a reason. These rules include, but are not limited to:. After five years, you can sell to other Singaporeans. After 10 years, you can sell to anyone, including foreigners.
It's important to note that even if ECs are considered HDB properties in the first decade, you can only finance them through a bank loan. Unlike private condos where you only have to think about your Total Debt Servicing Ratio TDSR , or the amount you use from your gross monthly income to pay for all your debts, there is an additional restriction for ECs. Another thing that sets an EC apart from a private condo is that homebuyers of a new EC may be eligible for CPF housing grants such as the family grant and the half-housing grant.
Your citizenship and your income range would also affect the amount you can receive. Now, onto the fun part: calculating how much salary you need to earn, based on the average price of ECs. ECs are affordable than private condos for two main reasons: firstly, they usually built at less accessible locations, typically further away from existing MRT stations and malls.
Secondly, the land prices are subsidized by the Government. Disclaimer: In this example, we can only work backwards based on the rules and regulations.
However, when we assess affordability, you should consider not just your debt servicing limits, but also your cash flow situation. Break down the price of the EC into two: the downpayment and the home loan. You may use our mortgage calculator to do this.
As you can see, financing an EC may require higher earning power than affording a private condo because of the additional MSR rule. If you want to further improve affordability, you can even consider the smaller units, such as the two-bedroom ones. If you fall into this group, there is one more consideration when calculating your costs: the HDB resale levy. The resale levy is payable when you buy a subsidised home e. BTO, balance flat , then subsequently sell it and buy another subsidised flat or EC.
How much you need to pay depends on your previous housing type. Say you are selling your 4-room flat to upgrade to an EC.
We can help you analyse your situation and align your property purchase with your financial goals. All the best! Disclaimer: Information provided on this website is general in nature and does not constitute financial advice. The price of ECs will vary between projects.
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