How Much Do You Need to Earn to Buy an Executive Condo in Singapore?

When it comes to purchasing a property in Singapore, affordability is a key concern for many Singaporeans. For those who are looking for a more affordable option than private property but still want to enjoy some of the amenities that come with it, Executive Condos (ECs) are a popular choice. However, not everyone is eligible to buy an EC, and even if you are, you’ll need to meet certain income requirements.

ECs are a type of public-private hybrid housing that are developed and sold by private developers but are subject to certain restrictions that are similar to those of HDB flats. For example, there is a five-year Minimum Occupation Period (MOP) during which the owner must live in the property before they can sell it.

Additionally, there are income ceilings that determine who is eligible to buy an EC, and these ceilings are higher than those for HDB flats but lower than those for private property. To be eligible, a household’s monthly income must not exceed $16,000.

Bedroom TypeMaximum Loan AmountMinimum Income RequiredMonthly Instalment
EC Maximum Loan

Please note that these figures are estimates and should be used for initial financial planning purposes. The actual loan amounts may vary and it is recommended to consult with the respective banks for accurate information. Additionally, it is important to consider other costs such as down payment, stamp duty, lawyer fees, and miscellaneous fees when budgeting for an executive condominium purchase.

How much must you earn to buy an executive condo in Singapore?

To purchase an executive condominium (EC) in Singapore, you need to consider several factors including your income, property prices, and eligibility.

Income Ceiling: The current income ceiling for purchasing an EC is SGD 16,000 per month. To be eligible, the combined gross monthly household income of applicants must not exceed this limit.

Property Prices: Executive condo prices in Singapore can vary widely depending on factors such as location, size, and developer. On average, they range from SGD 800 to SGD 1,200 per square foot (PSF). For a typical 3-bedroom unit with a floor area of about 1,200 sqft., the price may fall between SGD 960,000 to SGD 1,440,000.

Additional Costs: Apart from the property value itself, you’ll need to budget for additional costs like stamp duties (Buyer’s Stamp Duty and Additional Buyer’s Stamp Duty), legal fees, and mortgage insurance.

Housing Grants: If you are a first-time homebuyer or meet certain criteria such as being part of a family nucleus or having a close family member living nearby the EC project site (within a 4km radius), you may qualify for Central Provident Fund (CPF) housing grants that could help offset some costs. The amounts can range from SGD 10,000 to SGD 30,000 depending on your eligibility.

Mortgage Loan: Banks in Singapore typically offer up to an 80% loan-to-value ratio for properties under construction like ECs. This means that if the property price is SGD 1 million*, you could potentially secure up to SGD 800k** as a mortgage loan (*This value is just an example; actual property prices will differ; **The actual loan amount will depend on your financial profile).

To give you a rough estimate: assuming you’re aiming for a property priced at SGD 1 million and you have to pay a 20% down payment of SGD 200,000, your monthly installment for a 25-year loan with a 2% interest rate would be around SGD 3,382. In this case, you’d likely need a combined gross monthly household income of around SGD 10,000 to afford the purchase comfortably.

Do note that these figures are approximate and subject to change. It’s always best to consult with a financial advisor or mortgage specialist to get personalized advice based on your specific financial situation and requirements.

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Affordability of Executive Condos

When it comes to buying an Executive Condominium (EC) in Singapore, affordability is a crucial factor to consider. Here are some sub-sections that can help you understand the affordability of ECs.

Calculate your combined monthly salary.

Monthly Instalment = Calculate salary * 30% (The maximum monthly instalment you can afford is 30% of your salary.)

Maximum Loan = Monthly Instalment * 360 (The maximum loan duration is 30 years.)

Maximum EC value = Maximum Loan * 0.765 (Considering a loan interest rate of 3.5%, 0.765 is an approximate estimation of your loan, factoring in the interest.)

Income Ceiling

The income ceiling for ECs is higher than that of HDB flats, with a maximum household income of $16,000 per month. However, the income ceiling varies according to the size of the EC unit and the location. For instance, if you are looking for an EC unit in an area that is more budget-friendly, you can afford one with a smaller unit while earning below $10,000 per month.

CPF Housing Grants

CPF Housing Grants can help you to afford an EC. The Family Grant and Half-Housing Grant can provide up to $30,000 and $15,000, respectively, to eligible first-time buyers. The grants can be used to offset the purchase price or the down payment.

Minimum Income

The minimum income required to purchase an EC is $6,000 per month. However, this may vary depending on the size of the unit and the location.

Affordability Calculator

Using an affordability calculator can help you determine how much you can afford to pay for an EC. The calculator takes into account your gross monthly income, loan tenure, and interest rate, among other factors, to estimate your monthly repayments.

In conclusion, while ECs are more affordable than private condos, they are still a significant investment. It is crucial to consider the various costs involved, such as the down payment, stamp duty, legal fees, and renovation costs, to ensure that you can comfortably afford an EC.

Financing an Executive Condo

Financing an executive condo (EC) in Singapore can be a complex process. Buyers must consider various factors, such as mortgage rates, total debt servicing ratio, loan-to-value ratio, and additional buyer’s stamp duty. Here are some key points to keep in mind when financing an EC.

Mortgage Rates

Mortgage rates are a crucial factor to consider when financing an EC. As of May 2023, the average interest rate for a 30-year mortgage in Singapore is around 3.5%. However, the actual rate may vary depending on the lender and the buyer’s creditworthiness.

Total Debt Servicing Ratio

The total debt servicing ratio (TDSR) is the percentage of a buyer’s gross monthly income that goes towards servicing their debts. In Singapore, the maximum TDSR is 60%. This means that a buyer’s total monthly debt payments, including the mortgage, cannot exceed 60% of their gross monthly income.

Loan-to-Value Ratio

The loan-to-value (LTV) ratio is the amount of money a buyer can borrow as a percentage of the property’s value. For ECs, the maximum LTV ratio is 75%. This means that buyers must pay a minimum down payment of 25% of the property’s value.

Additional Buyer’s Stamp Duty

Buyers of ECs must also pay an additional buyer’s stamp duty (ABSD). The ABSD is a tax imposed on buyers who purchase residential properties in Singapore. For ECs, the ABSD is 5% of the purchase price for Singapore citizens and permanent residents, and 15% for foreigners.

In addition to these factors, buyers must also consider their income ceiling, CPF housing grant eligibility, and the minimum occupation period (MOP) before they can sell or rent out their EC. It is essential to calculate all the costs associated with buying an EC, including legal fees, renovation costs, and mortgage repayments, to ensure that the buyer can afford the property.

Overall, financing an EC requires careful planning and consideration of various factors. Buyers must work with a reputable lender and seek professional advice to ensure that they make informed decisions and avoid any financial pitfalls.

Eligibility for an Executive Condo

Executive Condos (ECs) are a type of public housing in Singapore that are designed to cater to the needs of the “sandwiched class” – those who earn too much to qualify for a Housing and Development Board (HDB) flat but not enough to afford a private condominium. Here are the eligibility criteria for buying an EC:

Minimum Occupation Period

ECs have a Minimum Occupation Period (MOP) of five years, during which the buyer must live in the unit before being allowed to sell it. After the MOP, the EC becomes fully privatised like a private condominium, allowing the owner to sell it to foreigners.

Eligibility for Singaporeans and Permanent Residents

Only Singaporeans and Permanent Residents (PRs) are eligible to buy an EC. However, there are income ceiling and other eligibility criteria that must be met. The income ceiling for ECs is currently set at $16,000 per month for households.

Eligibility for Foreigners

Foreigners are not eligible to buy an EC. However, after the MOP, the owner can sell it to foreigners.

To be eligible to buy an EC, the buyer must also meet the following criteria:

  • At least one of the buyers must be a Singapore Citizen (SC) or a Singapore Permanent Resident (SPR).
  • All buyers must be at least 21 years old.
  • If applying under the Joint Singles Scheme, all buyers must be Singapore Citizens and at least 35 years old.
  • The buyer must not own or have disposed of any private property in the 30 months before applying for an EC.

In addition, the buyer must not exceed the income ceiling, and the household nucleus must be within the following criteria:

  • Public Scheme: At least one of the buyers must be a Singapore Citizen and the other(s) can be a Singapore Citizen, Singapore Permanent Resident or a non-citizen spouse, and must form a family nucleus.
  • Fiancé/Fiancée Scheme: Both the buyer and the fiancé/fiancée must be Singapore Citizens and must be at least 21 years old.
  • Orphan Scheme: The buyer must be an orphan and at least one of the deceased parents must be a Singapore Citizen or Singapore Permanent Resident.
  • Joint Singles Scheme: Both the buyers must be Singapore Citizens and at least 35 years old.

In conclusion, buying an EC in Singapore is a great option for those who are looking for affordable public housing with condo-like facilities. However, buyers must meet the eligibility criteria, including the income ceiling and the MOP, before being allowed to purchase an EC.

Buying an Executive Condo

Buying an executive condo (EC) in Singapore is a significant investment, and it is essential to understand the costs involved before making a purchase. This section will provide an overview of the costs associated with buying an EC.

Down Payment

The down payment for an EC is a minimum of 25% of the purchase price. For example, if the purchase price of an EC is $1 million, the down payment would be $250,000. It is important to note that the down payment for an EC cannot be paid using your CPF funds.

Legal Fees

Legal fees are another cost associated with buying an EC. The legal fees for an EC purchase can range from $2,500 to $4,000. This fee includes stamp duty, conveyancing fees, and legal fees.


After purchasing an EC, it is common for buyers to renovate their new home. The cost of renovation can vary depending on the extent of the renovation work required. On average, the cost of renovation for an EC can range from $30,000 to $50,000.

It is important to note that renovation costs can be a significant expense, and buyers should consider this when budgeting for their EC purchase.

Overall, buying an EC in Singapore requires careful planning and budgeting. Buyers should consider their cash flow, earning potential, and mortgage repayments before making a purchase. It is also important to understand the cooling measures and legal requirements associated with buying an EC.

Additionally, buyers should consider whether an EC or a private condominium is a better fit for their needs. While an EC is a form of private property, it is subject to certain restrictions, such as a minimum occupancy period of five years before it can be sold on the open market.

In summary, buying an EC in Singapore requires careful consideration of the costs involved, including the down payment, legal fees, and renovation costs. Buyers should also consider their cash flow, earning potential, and mortgage repayments before making a purchase.


In conclusion, buying an executive condo in Singapore can be a viable option for middle-income families who are unable to afford private condominiums. To be eligible for an EC, a household must have a monthly income of no more than $16,000.

It is important to note that buying an EC comes with certain restrictions, such as the five-year Minimum Occupation Period (MOP) and Mortgage Servicing Ratio (MSR). However, after 10 years, the EC becomes fully privatised, allowing owners to sell it to foreigners.

When considering purchasing an EC, it is crucial to take into account the additional costs such as Buyer’s Stamp Duty (BSD) and other relevant taxes. It is also important to have a solid understanding of the financing options available, as well as the upfront minimum downpayment of 25%.

Overall, an executive condo can be a great option for those looking for a more affordable housing option without sacrificing on the quality of living. With careful planning and consideration, owning an EC can provide a comfortable and secure home for many Singaporean families.