In Singapore, Executive Condominiums (ECs) are a popular choice for homebuyers who want to own a luxurious yet affordable condominium. However, not everyone is eligible to purchase an EC. Permanent Residents (PRs), for instance, must meet certain criteria to be able to buy an EC.
In this blog post, we will explore the eligibility requirements for PRs looking to purchase an EC in Singapore. So if you’re a PR planning to buy your dream home, keep reading!
What is executive condo eligibility for PR?
In order for a Permanent Resident (PR) to be eligible for the purchase of an Executive Condominium (EC) in Singapore, one applicant must hold Singaporean citizenship. If the PR applicant is married to a Singaporean citizen, they are able to purchase an EC jointly. However, single PRs are ineligible to purchase new ECs and may only consider new launch private condos.
Eligibility requirements for ECs include a minimum age of 21 years, a family nucleus that satisfies scheme requirements, and no ownership or previous ownership of private or overseas properties in the past 30 months. The monthly income ceiling for EC eligibility is SGD $16,000 for households with four or fewer members, and SGD $18,000 for households with five or more members. It is strongly recommended to review the latest eligibility criteria prior to applying for an EC in Singapore.
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Eligibility criteria for purchasing an Executive Condominium (EC) unit
To purchase an Executive Condominium (EC) unit from a property developer, potential buyers need to meet specific eligibility criteria. These criteria include being at least 21 years old at the time of purchase, having a monthly household income that falls within the EC Income Ceiling Cap, and forming a valid family nucleus if the buyer is under 35 years old.
Additionally, those applying under the Joint Singles Scheme need to be at least 35 years old and unmarried, divorced, or widowed. Singaporean or Singaporean/permanent resident couples are eligible to purchase an EC unit, and buyers must fulfill a mandatory five-year Minimum Occupation Period after the purchase. Understanding these criteria is crucial for those interested in purchasing an EC unit.
Joint Singles Scheme requirements for EC purchase
For those applying for an Executive Condominium (EC) unit under the Joint Singles Scheme, all applicants must be at least 35 years old to be eligible. This scheme allows two singles to purchase an EC unit together, provided that both are also 35 years old or older. Additionally, all applicants must meet the other eligibility criteria, such as not owning any other property in Singapore, and meeting the minimum income ceiling requirements.
It’s important to note that buying an EC under the Joint Singles Scheme does not require payment of the Resale Levy, unlike second-timer applications for HDB Build-To-Order flats. Potential buyers should take note of these requirements when considering an EC purchase through the Joint Singles Scheme.
EC purchase restrictions for Singapore Permanent Residents (PRs)
For Singapore Permanent Residents (PRs), there are some restrictions to keep in mind when it comes to purchasing an Executive Condominium (EC) unit. Firstly, a single PR cannot purchase an off-plan EC unless they are married to a Singapore Citizen. However, they can purchase a resale EC. It’s also important to note that PRs are not allowed to own both an HDB flat and a resale EC concurrently.
Additionally, if a PR wants to purchase an EC solo, they will be subjected to an Additional Buyer’s Stamp Duty (ABSD) of 5%. Nonetheless, PRs can still purchase newly launched private condos, and other types of private property without restrictions as long as they meet the eligibility criteria. In the case of purchasing an EC with a Singaporean spouse, PRs can do so under the Joint Singles Scheme. Overall, while there are some restrictions, PRs do still have various options available to them for purchasing a home in Singapore.
PR eligibility for Resale ECs
For PRs who are interested in purchasing an Executive Condominium, there are some restrictions to be aware of. While PRs are not eligible to purchase new EC units directly from property developers, they can consider resale ECs after the units have been privatised, typically 10 years after the TOP date. In addition, PRs can purchase a resale EC that is at least 5 years old from the TOP date, provided they are buying with a Singaporean spouse. It should also be noted that PRs are unable to concurrently own both an HDB flat and a resale EC. As with all EC purchases, there are minimum age and income ceiling requirements that must be met. It’s important to understand these eligibility criteria and restrictions before embarking on an EC purchase as a PR.
Ineligibility for permanent residents to concurrently own HDB flats and Resale ECs
It’s important for Singapore Permanent Residents (PRs) to understand that they cannot concurrently own both an HDB flat and Resale Executive Condominium (EC). Even if they have fulfilled the Minimum Occupation Period (MOP) for their HDB flat, PRs must dispose of the property within six months of purchasing a Resale EC. This restriction is in place to ensure that the housing market remains fair for all Singaporeans, and to prevent PRs from monopolizing affordable housing options. However, PRs are eligible to apply for new Built-to-Order (BTO) flats and Resale ECs, as long as they meet the other eligibility criteria such as having a Singaporean spouse or meeting the income ceiling requirements. By understanding these rules and regulations, PRs can make informed decisions when it comes to purchasing their next property.
PR eligibility for BTO flats and Resale ECs
For PRs looking to purchase a home in Singapore, both BTO flats and Resale ECs are viable options. However, unlike Singapore citizens, PRs are not eligible for BTO flats during their first application. They must have been a PR for at least three years before they can make their first BTO application. For Resale ECs, PRs are only eligible to purchase a unit that has already met its Minimum Occupation Period (MOP), which is typically five years. It’s important to note that PRs are not allowed to concurrently own an HDB flat and a Resale EC, which means they must dispose of their HDB flat within six months of buying a completed private residential property in Singapore. With careful planning and consideration of eligibility criteria and restrictions, PRs can ultimately find the right home to purchase in Singapore.
Minimum age and income ceiling requirements for EC purchase
To be eligible to purchase an Executive Condominium (EC) unit in Singapore, there are certain minimum requirements for age and income that need to be fulfilled. Applicants must be at least 21 years old if widowed or orphaned, or 35 years old if unmarried or divorced. The income ceiling for ECs is set at $16,000 per household, regardless of the scheme being applied for. If a PR is considering purchasing an EC, it’s important to note that there are specific restrictions in place. While PRs can buy new ECs from property developers, they are not allowed to purchase Resale ECs unless they have stayed in their HDB flat or EC unit for at least 5 years. Additionally, PRs are not allowed to concurrently own a HDB flat and Resale ECs. However, if a PR is buying an EC with their Singaporean spouse, they can qualify for certain Resale EC options. It’s important to be aware of the ABSD implications for PRs purchasing ECs solo and eligible buyer combinations for EC unit purchase.
Resale EC options for PRs buying with Singaporean spouse
For PRs who are married to Singaporean citizens, there is the option of purchasing a resale EC. This can provide a more affordable option for home ownership, as resale ECs tend to be cheaper than newly launched ones. However, it’s important to note that PRs can only buy resale ECs that have passed their Minimum Occupation Period (MOP). Furthermore, the eligibility criteria still apply, including meeting the income ceiling and age requirements. However, unlike buying a new EC, there is no need for PRs to apply under the Joint Singles Scheme. It’s worth noting that ABSD still applies for PRs buying resale ECs with their Singaporean spouse, and the amount payable can be substantial. Nonetheless, the resale EC option can be a great opportunity for PRs who are looking for more affordable housing options.
ABSD implications for PRs buying ECs solo
For Singapore Permanent Residents (PRs) buying an Executive Condominium (EC) solo, they will be subjected to Additional Buyer’s Stamp Duty (ABSD) for their first property purchase. The ABSD rates vary depending on the residency status of the buyer and the number of properties they own. For PRs, the ABSD rate for their first property purchase is 5%, which means they will have to pay an additional 5% of the property’s purchase price on top of other fees and charges. However, if the PR acquirer/purchaser or any of the joint acquirers/purchasers is a Singapore citizen, the ABSD will be fully remitted. It is important for PRs to take note of these ABSD implications before making any EC purchase decisions.
Eligible buyer combinations for EC unit purchase.
It is important to know the eligible buyer combinations when considering purchasing an Executive Condominium (EC) unit. First and foremost, the main buyers must be Singapore citizens or Singapore Permanent Residents (PRs) who form a family nucleus. This means the buyers must be related by blood, marriage, or adoption. Additionally, there is a Joint Singles Scheme that allows two unmarried persons aged 35 and above, who are Singapore citizens or PRs, to buy an EC unit together.
For PRs, they can only purchase an EC unit if they have already fulfilled the Minimum Occupation Period (MOP) for their existing HDB flat, and they must sell their HDB flat within six months after the purchase of the EC. It is also important to note that PRs cannot concurrently own an HDB flat and a Resale EC, but they are eligible for BTO flats and Resale ECs. Lastly, if a Singaporean is purchasing an EC unit with their PR spouse, they are eligible to buy a resale EC even if the PR spouse has not met the MOP for their HDB flat. It is important to work with a trusted real estate agent to ensure that all eligible buyer combinations are considered before making a purchase.