How to buy Executive Condominium (E.C) in Singapore?

Overview of eligibility conditions

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Family nucleus for EC

• Public Scheme

• Fiancé/ Fiancée Scheme

• Orphans Scheme

• Joint Singles Scheme
   

Public Scheme

You form a family nucleus with any of the following:

• Spouse, and children (if any)

• Parents, and siblings (if any)

• Children under your legal custody, care and control (if widowed/divorced#)

#If the care and control of your children under the age of 21 is shared with your ex-spouse, you must obtain his/her written agreement before you can list your children in a flat application.
 

Income Ceiling for EC

Your average gross monthly household income must not exceed $16,000.

Income/ allowance that will be considered for income assessment

• Allowances (fixed/ variable) received on a regular basis (e.g. allowances for food, transport, laundry, uniform, etc.)

• Sustenance allowance

• Stipend
   

Income/ allowance that will not be considered for income assessment

• Alimony allowance

• Bonuses

• Director's fee

• Income from overtime work

• Interest from deposit accounts

• National Service Allowance

• Rental income

• Scholarship overseas allowance

• Overseas cost of living allowance

• Pension

• Employed

• Self-employed

• Part-time

• Commission-based

• Odd job

• Unemployed
   

Employed person

Documents to Submit:

- 3 months’ payslips preceding the month of application

or

- Letter from employer certifying salaries for 3 months preceding the month of application; the letter must contain the:

* Company stamp/ letterhead

* Certifying officer’s name, signature, and designation

Note: If your income includes allowances, we will require 6 months’ payslips preceding the month of application.

- Assessment is based on the average gross monthly income, which:

* Excludes bonuses and income earned from overtime work

* Includes allowances (fixed/ variable) received on a regular basis (e.g. allowances for food, transport, laundry, uniform, etc.)

- If you are employed full-time but on no-pay leave for less than 6 months, we will consider you as employed and use your last drawn pay for assessment. If you are on no-pay leave for 6 months or more, your income will not be considered in the assessment.

- Notice of Assessment (NOA) from the Inland Revenue Authority of Singapore (IRAS) will not be accepted

CPF Housing Grants for ECs

 

These are the CPF Housing Grants available for Executive Condominium (EC) purchases from developers:
 

• Family Grant

• Half-Housing Grant (SC applicant only)

You and any co-applicants must be eligible for the grant at the point of booking the EC.
 

CPF Housing Grant for Purchase of EC Unit from Property Developer ( from 11th Sept 2019)

Monthly Household Income CPF Housing Grant
Not more than $10,000-> $30,000
$10,001 to $11,000-> $20,000
$11,001 to $12,000-> $10,000
$12,001 to $16,000-> Not applicable
 

Resale Levy for EC
 

You need to pay a resale levy in either of these cases:

• You dispose of your subsidised flat and then buy a second subsidised flat from HDB

• You dispose of your subsidised flat and then buy an EC from a developer

You need not pay a resale levy if you are buying any of these:

• Design, Build and Sell Scheme (DBSS) flat from a developer 

• HDB resale flat

• Private residential property

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If you are a Singles Grant recipient, you only need to pay half the resale levy amount when you subsequently form a family and buy a second subsidised flat (EC).
 

• Resale levy amount for first subsidised flat sold on or after 3 March 2006
   

First Subsidised Housing Type     Households        Single Grant recipients

2-room flat                                    $15,000                            $7,500

3-room flat                                    $30,000                            $15,000

4-room flat                                   $40,000                             $20,000

5-room flat                                  $45,000                              $22,500

Executive flat                             $50,000                               $25,000

Executive Condominium           $55,000                             Not applicable
 

 

• Resale levy amount for first subsidised flat sold between 19 May 1997 to 3 March 2006If you had opted to defer the payment of the resale levy until you buy another flat from HDB, an interest at a prevailing rate of 5% per annum is charged. Based on resale price of the sold flat, or 90% of its market valuation, whichever was higher.

 

First Subsidised Housing Type          Households            Single Grant recipients

2-room flat                                            10%                                      5%

3-room flat                                           20%                                     10%

4-room flat                                          22.50%                                11.25%

5-room flat & Executive flat              25%                                      12.50%
 

Premium amount for first subsidised flat sold before 19 May 1997

The premium is based on 20% of the purchase price of the EC unit and must be paid by cashier's order in favour of the HDB. The developer will collect and forward the cashier's order to the HDB.