Quick Answer: Can I Rent Out My EC?

Can I own both HDB and EC?

HDBs and ECs have a minimum occupancy period (MOP) of 5 years during which you need to live in the property and cannot rent it out.

You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though..

Is EC considered private property?

Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties. Here’s how public and private properties differ from a purchasing standpoint: … Public housing on the other hand can be purchased with no cash down payment with an HDB loan.

What is the difference between EC and private condo?

The main difference of private condominium vs executive condo are : Private property purchase do not enjoy any form of housing grants. Private property is usually more expensive than EC or HDB. … Private property has no restrictions on foreign ownership, all can buy private property.

How much is the downpayment for EC?

Downpayment: Unlike a HDB flat, where you only need to make a downpayment (in Cash/CPF) of as little as 10%, you will need to make a downpayment of 25% when buying an EC.

Can single buy resale EC?

Hi, single citizen can only buy resale EC. Hi, As a single, you may purchase a resale EC or private condo. … A resale EC is no longer consider HDB flat, it is treated as a private property, thus no longer eligible to any grants.

How do you qualify for an executive condo?

(A) Basic Requirements:You must be a Singaporean.You must form a proper family nucleus. … You must be at least 21 years old at the time of application.Your average gross monthly household income must not exceed $16,000. … You must not own or dispose of any private property within 30 months.More items…

When can you sell EC?

Sale of EC ECs can only be sold in the open market after the 5-year MOP (from TOP date) has been met.

Can I sell my EC before 5 years?

You can sell your EC after 5 years, but if you choose to buy a resale HDB flat, then you must fulfil the 5-year minimum occupation period (MOP) before you can purchase a condo unit.

Can single pr buy EC after 5 years?

A single PR can buy a resale EC or an HDB flat subject to conditions. You can buy a resale EC after the 5-year Minimum Occupation Period (MOP) from the 6th to 10th year. … Resale HDB still considered as a subsidize flat thus a single PR is not eligible for this.

How much does a 3 bedroom EC cost?

Cost of BTO and EC And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000. By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO.

Can Singapore PR buy resale executive condominium?

A Singapore PR can only buy EC units if their spouse is a Singapore Citizen. If both Buyer and the spouses are PR, they can only buy a resale EC after the first owners has served their 5-year MOP on the EC.

Can sell EC before mop?

Owners who have bought an Executive Condominium (EC) unit from the developer are required to fulfil the 5-year Minimum Occupation Period (MOP) before they can sell it in the open market.

Is EC considered HDB?

An EC is a cross between public and private housing. … An EC is considered HDB property for 10 years. As such, it is subject to the same restrictions like a minimum occupancy period of five years, and restrictions on who can buy it. From the 11th year onward, an EC is fully privatised.

Can I buy BTO after selling condo?

As you just sold your private property, you cannot buy a BTO flat till 30 months AFTER you sold your private property. Hence you will need to be be buying a HDB resale flat in the open market. BTO flats (ie completely new subsidised HDB flats) are not available to you for 30 months after selling your private property.

Is executive condo under HDB?

Executive Condominium, or EC, is a type of public housing in Singapore. As such, an EC is subject to certain regulations that apply to Housing and Development Board (HDB) flats. … Buyers’ monthly household income must not exceed $16,000, in order to qualify for an EC.

Can single pr buy resale HDB?

Single Singapore Citizen Scheme Buy an HDB resale flat as a single. You must be at least 35 years old if you are unmarried or divorced, and at least 21 years old if you are widowed or an orphan.

Is resale EC worth buying?

#1: Closer to full privatisation One advantage of buying a resale Executive Condominium, rather than a brand new one, is that an EC is fully privatised after 10 years. Crossing this milestone allows you to sell it to foreigners and entities in five years’ time or less, depending on when you buy the resale EC.

How long does it take for EC to become private?

10 yearsThis is a public-private hybrid type of housing as ECs are considered as public housing from the start, but fully transitions to private property after 10 years.