Buying a new executive condominium sometimes create a lot of trouble for people in Singapore. A lot of questions are there in their mind whenever they want to fulfill the same requirement. If you also fall into the same category, here we are presenting the complete checklist so that buying a new EC will be easy for you and no such problem will arise throughout.
Checklist to keep in mind:
Eligibility criteria is an important factor of consideration:
Eligibility criteria are really very important for a person to know. As we all know, when it is about buying the flat specific eligibility conditions are there a person needs to keep in mind.
- Primarily, a person needs to purchase an executive condominium under any of the schemes including public scheme, orphan schemes, joint singles schemes, or fiancé schemes.
- Age and citizenship is also an integral factor. A person must be 21-year-old and have Singapore citizenship and, along with the CO-applicant, can be either a Singapore citizen or a permanent resident. If a person is applying for a joint single scheme, both the applicants must be Singapore citizens, and their age must be above 35. For all the new couples aur dost who are applying under the fiance scheme, they must be above 18 years, and written consent must be available with them from their legal guardians.
- The household income ceiling cannot exceed $16000.
- A person is to be sure that they are not owning any residential property locally or overseas and have not disposed of any of them within the past 30 months.
- Both the applicants applying for it must have purchased up to 1 or EC in the past.
Note: if the eligibility criteria are not fulfilled for executive condominium after it, a person needs to go for regular private condominiums or landed private properties.
Get a clear idea about the amount you are ready to invest for an executive condominium:
Getting the executive condominium can be an expensive affair, and it is important for a person to understand how much they are ready to afford. If the investment idea is not cleared, then there is no point in uncovering the EC with the potential price. Along with it, there is an option available, including down payment and home loan along with mass limits which the purchaser can keep in mind.
Down payment: payment is also there, and a person needs to pay a down payment of 25% whenever they are looking forward to by the executive condominium.
Home loan: home loan facility is also there, but the same is available through the bank only. Approach a nearby bank and get an idea about the loan interest rate and other important factors.
MAS Limit: the monetary authority of Singapore comes up with a limit in place to prevent homeowners face the oval average and being unable to service their home loan option. The monthly mortgage repayment will not exceed 30% of the combined monthly income, and the total debt servicing ratio cannot exceed 60% of the combined monthly income. It also includes personal loan, education loans and car loans.
Additional cost: along with all other amounts, a person needs to pay attention to the additional fees they need to pay. A legal amount of $2000 and a valuation price of $200 for a new executive condominium is a must, and along with that, the buyer stamp duty is 3% of the purchase price, and if it is above $1 million, the same will be of 4%.
Explore the upcoming executive condominium sale launch:
After having an idea about the eligibility criteria and price, you need to be sure about the upcoming sale launches. Just browse for the new EC projects and resale the projects to shortlist. When you go for the Parc Greenwich Showflat option, it only depends on the units available. If the units are available, you will be able to have the tour and get an idea about whether it is shooting to your requirement or not. If you get the chance to book out the unit, then check out the developers along with the documents required for the same. In case the documents are not complete, you will not be able to get the benefits of it.
Secure option to purchase:
Get an idea of the secure option to purchase the unit. When you go for the option to purchase option, there will be a legal document mentioning the stipulated time period, and within the same duration, the developer is not supposed to sell the particular unit you have chosen. An individual needs to pay 5% of the purchase price in cash or cheque to get this particular option available.
Following are the basic factors that a person needs to keep in mind considering the purchase of an executive condominium. Approach the nearby executive who can help you to get it easily. Accommodate yourself with all the required documents so that there will be nothing that can be a matter of consideration lately.