Executive Condominium is now considered as the next big deal in the world of the real estate market in Singapore. More and more Singaporean is thinking about investing their money on, but most of them do not know the right process of buying an Executive Condominium in Singapore.
Here in this article, we will go through all process of buying Executive Condo.
Why eligibility matters?
All applicants who want to buy an executive condo should be at least 21 years old. If anyone wants to apply under the Joint Singles Scheme then their age should be 35 years. The Buyer must also be a Singapore Citizen; if couples are buying EC then at least one other applicant being either a Singapore Citizen or Permanent Resident and your combined monthly income cannot exceed $14,000.
Apply for an EC
It depends on the developer but most of the developers now require you to first submit an e-application. After that, you can visit executive condo.
A requirement of documents depends upon the developer; different developer requires a different method of documentation. Always ask for a developer what documents are needed. Bring your IC along with you, proof of marital status as well as birth certificates. If you’re applying with partner or siblings, then keep proof of income along with you at the time to visit the executive condo.
Time to book your unit
Select an EC to purchase then a developer will tell you when you can book your unit. You will have to pay 5% of the purchase price after payment of booking fees; you get your OTP in your hand. The payment should be in cash. For further payments, you can discuss with your developer whether you want to pay with a loan or own money. After this process, you have to wait for EC to be built.
Get your house
Now check your estimated date for the release of the Temporary Occupatio
n Permit (TOP). With the end of this process, you will be the owner of your house and can start living in a dream home.
Hope all this information will help you buying an Executive Condominium in Singapore