Resale Executive Condominiums (ECs) are a popular housing option for Singaporeans looking for affordable yet luxurious homes. ECs are strata-titled apartments that are built and sold by private developers to eligible Singaporean households. These homes offer a unique combination of private and public housing features, making them an attractive option for many.
However, not everyone is eligible to purchase a resale EC unit. To be eligible, you must meet certain criteria, including citizenship, age, family nucleus, income ceiling, and ownership of other properties. These eligibility conditions are set by the Housing and Development Board (HDB) and are designed to ensure that ECs remain affordable and accessible to Singaporeans.
It is important to note that resale ECs have different eligibility conditions than new ECs. For instance, there is no income ceiling for new ECs, while the income ceiling for resale ECs is $16,000. Additionally, resale ECs can only be sold to Singaporean citizens or permanent residents who have fulfilled the Minimum Occupation Period (MOP) of five years. Understanding these eligibility conditions is crucial for anyone looking to purchase a resale EC in Singapore.
RESALE Executive Condo Eligibility
In order to procure a resale Executive Condominium (EC) in Singapore, the eligibility requirements are analogous to those for a new EC. The applicant must be a Singapore citizen or a Singapore permanent resident, at least 21 years of age, and possess a family nucleus that satisfies the scheme’s requirements. The income ceiling for EC eligibility is SGD $16,000 per month for households with four or fewer members and SGD $18,000 per month for households with five or more members.
Moreover, the applicant must not have previously owned any private property or overseas property in the past 30 months before applying for an EC. It is important to note that resale ECs are contingent upon a resale levy, which is payable to the Housing Development Board (HDB). The resale levy amount is determined at the point of booking the second subsidised housing unit and is based on the type of housing subsidy that the applicant has taken before. Prior to purchasing a resale EC in Singapore, it is recommended that the latest eligibility conditions and resale levy rates be thoroughly examined.
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Eligibility Conditions
Citizenship and Age
Only Singapore citizens or Singapore permanent residents can buy a resale Executive Condominium (EC) unit. The main applicant must be at least 21 years old at the time of application.
Family Nucleus
The applicant must form a family nucleus with at least one other Singapore citizen or Singapore permanent resident. The family nucleus can consist of the applicant’s spouse, parents, children, and siblings. Single Singapore citizens or Singapore permanent residents can also apply, but they must be at least 35 years old.
Monthly Household Income
The monthly household income of the applicant’s family nucleus must not exceed S$16,000. This includes the income of the applicant, his or her spouse, and any other working family members.
Ownership of HDB Flat
The applicant and his or her family nucleus must not own any other property, whether locally or overseas. This includes any private residential properties or overseas properties. If the applicant or any member of his or her family nucleus has previously owned any private residential property, they must have disposed of it at least 30 months before applying for a resale EC.
Income Ceiling
The income ceiling for EC eligibility is reviewed regularly and is subject to change. As of 2023, the income ceiling is S$16,000 for the applicant’s family nucleus.
It is important to note that meeting the eligibility conditions does not guarantee the purchase of a resale EC unit. The applicant must also be able to secure a bank loan and meet other financial requirements set by the property developer.
CPF Housing Grants
CPF Housing Grants are available for eligible buyers of Executive Condominium (EC) units. These grants are provided by the Housing & Development Board (HDB) and the Central Provident Fund (CPF) Board to help make ECs more affordable for Singaporeans.
Open Market
For those buying an EC unit from the open market, the CPF Housing Grant available is the Family Grant or Half-Housing Grant. To be eligible for the grant, the applicant and any co-applicants must be first-timers and meet the income ceiling of $16,000. The grant amount varies depending on the applicant’s income and citizenship status:
| Income Ceiling | Family Grant Amount (SC-SC households) | Family Grant Amount (SC-SPR households) | Half-Housing Grant (SC applicant only) |
|---|---|---|---|
| $14,000 or less | $50,000 | $40,000 | $25,000 |
| Above $14,000 to $16,000 | $40,000 | $30,000 | $20,000 |
EC Unit
For those buying an EC unit directly from a property developer, the CPF Housing Grant available is also the Family Grant or Half-Housing Grant. To be eligible for the grant, the applicant and any co-applicants must be first-timers and meet the income ceiling of $16,000. The grant amount varies depending on the applicant’s income and citizenship status:
| Income Ceiling | Family Grant Amount (SC-SC households) | Family Grant Amount (SC-SPR households) | Half-Housing Grant (SC applicant only) |
|---|---|---|---|
| $14,000 or less | $30,000 | $20,000 | $10,000 |
| Above $14,000 to $16,000 | $20,000 | $10,000 | $5,000 |
It’s important to note that the CPF Housing Grant is subject to certain conditions, such as the applicant’s age, citizenship status, and income. Applicants should check the HDB website for the latest eligibility criteria and grant amounts.
Application and Ownership
When it comes to resale Executive Condominiums (ECs) in Singapore, there are certain eligibility conditions that applicants must meet. Once an applicant has been deemed eligible, they can proceed with the application process.
Minimum Occupation Period (MOP)
One of the conditions that apply after buying a resale EC is the Minimum Occupation Period (MOP). The MOP is a period of time that the owner must live in the EC before they can sell it on the open market. The MOP for resale ECs is 5 years.
Conditions After Buying
After buying a resale EC, there are certain conditions that the owner must adhere to. For instance, the owner must occupy the EC as their place of residence and cannot rent out the whole unit or any part of it. The owner is also not allowed to purchase or own any other private housing, Design, Build and Sell Scheme (DBSS) flat, or EC within 30 months from the date of disposal of the EC. In addition, the owner must seek approval from the Housing and Development Board (HDB) before selling the EC within the MOP.
It is important to note that the owner must also fulfill the Essential Occupier (EO) scheme. This means that the owner must include at least one occupier listed in the application form in the EC. The EO must be a Singapore Citizen or Singapore Permanent Resident, and must be a family member of the owner.
Furthermore, if the owner decides to sell the EC after the MOP, they must pay a resale levy. The resale levy is a fee that is paid to the government, and it is meant to reduce the subsidy that the owner received when purchasing the EC from the property developer. The amount of the resale levy depends on the type of flat that the owner had bought previously.
Resale EC
Resale Executive Condominiums (EC) are an attractive housing option for middle-income Singaporeans who are looking for a spacious and affordable home. In this section, we will discuss the eligibility for Resale EC, buying procedures, and additional buyer’s stamp duty.
Eligibility for Resale EC
Eligibility for Resale EC is similar to the eligibility for new ECs. The buyer must be a Singaporean citizen or a Permanent Resident (PR) who has fulfilled the minimum occupation period (MOP) of five years in an existing EC or HDB flat. The buyer must also have a monthly household income ceiling of $16,000 and not own any private properties locally or overseas. The buyer must also not have disposed of any private property within the last 30 months.
For Resale EC, the seller must have occupied the EC for at least five years, and the Resale EC must be at least ten years old. The seller must also have fulfilled all the conditions set by the Housing and Development Board (HDB) and the developer.
For Resale EC, the buyer must form a family nucleus with at least one other person. The family nucleus can be a married couple, parents and children, or siblings. The buyer must produce a marriage certificate or a birth certificate to prove the relationship. If the family nucleus includes a non-citizen spouse, the buyer must seek approval from the HDB.
Buying Procedures
The buying procedures for Resale EC are similar to those for new ECs. The buyer must first obtain an Option to Purchase (OTP) from the seller and pay a booking fee of up to $5,000. The buyer must then exercise the OTP within three weeks by paying a deposit of up to 5% of the purchase price. The buyer must also engage a solicitor to handle the conveyancing process.
After exercising the OTP, the buyer must apply for a mortgage loan from a bank or financial institution. The buyer must also pay the resale levy if he or she has bought a subsidized flat from HDB or taken a CPF Housing Grant. The buyer must also pay the legal fees, stamp duties, and other charges.
Additional Buyer’s Stamp Duty
For Resale EC, the buyer must pay the Additional Buyer’s Stamp Duty (ABSD) if he or she is a second-timer or a non-citizen. The ABSD is 12% for non-citizens and 7% for Singaporeans who are second-timers. The ABSD is payable on the purchase price or market value, whichever is higher, and must be paid within 14 days of the exercise of the OTP.
The ABSD is a tax on property ownership and is meant to discourage property speculation and curb demand from foreign buyers. The ABSD is on top of the Buyer’s Stamp Duty (BSD), which is payable by all buyers of residential properties in Singapore. The BSD is 3% for the first $1 million and 4% for the next $1 million.
