Executive Condominiums are a type of housing in Singapore. First built in 1996 and EC is a hybrid of a public and private housing. They resemble private condominiums and are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds, gym and so forth.
You can purchase an Executive condo with some easy steps.
First, you have to check eligibility. One Applicant must be a Singapore permanent residence and above 21 years old. Other applicants can be Co-applicant can be a Singapore Citizen or Singapore Permanent Resident. The combined income of applicants should not exceed $ 14000.
When you have checked that you are eligible to purchase an EC in Singapore, next you have to check your financial situation. Because there are some other costs and taxes that you need to factor in your decision.
You can use CPF funds, you can log into your CPF account via their website. If you are a purchasing first-time property, you should be able to use all the savings in your Ordinary Account. But in the second-time purchase, you should be able to use all the savings in your Ordinary Account.
Next the first thing you should start searching for the Executive condo to see what the availability and facilities of the whole EC in Singapore.
After searching register your interest, if you are interested in certain EC house then you will be asked to register and book it. During the booking day or appointment day, you will finally select the unit of your choice at the show flat. On this point, you can decide whether you want to proceed further or not.
Once you have confirmed your selected unit, you will need to submit a Cheque payable to the developer project account with an amount equivalent to 5% of the selling price. This is the booking fee. Then you will receive a set of Property Details Information documents – this is a set of all the floor plans, rules and regulations, offered items and other documents relating to your unit.
After all these formalities you have to pay your amount of house and you can collect your key from the developer.