juz_diablo said:
need help from every one here...
me went to look @ some exec condo .. and a bit lost w all d explaination given for purchasing... a unit
are the price fixed, payment, what i can bargain for or such.
can i get a loan from banks for the purchase while waiting to sell my house?
and any other inputs would be appreciated..
thanks!!!
:devil: :sweat: :sweatsm: :dunno:
For brand new unit only one last development left in singapore which is not yet T.O.P. and that one is in woodlands call the Le Casa! Govt. will not be building anymore EC.
Exec Condo(EC) are a different from private condos.
EC are diff from private is that they are bonded by HDB rulings.
Which is:
You must be an Singapore Citizen and a First-Timer applicant.
You must have a proper family nucleus comprising:
- a married couple; or
- fiance and fiancee [you must produce marriage certificate on or before the issue of Temporary Occupation Permit (TOP) or within two years from the date of signing the Sale and Purchase Agreement, whichever is earlier]
- widowed/divorced person with child/children under his or her legal custody.
The CPF Housing Grant will be given only once to First-Timer applicants who buy an EC unit direct from the developer.
First-Timer applicants
You and the essential family members listed in the application for purchase of the flat:
are currently not owners of a flat bought direct from HDB or a resale flat bought with the CPF housing grant.
have never sold a flat bought direct from HDB or a resale flat bought with the CPF housing grant.
have not enjoyed other forms of housing subsidy (for example, bought an Executive Condominium from developer, enjoyed benefits under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc).
an applicant who is a co-owner (single when included as co-owner; and has not enjoyed any housing subsidy before his inclusion) of an existing flat bought direct from HDB with his parents will be considered a *first-timer if he disposes of his interest in the flat. He has to dispose it within six months from the date of issue of the Temporary Occupation Permit of the Executive Condominium Unit if the Temporary Occupation Permit has not been issued. If the Temporary Occupation Permit has been issued, he has to dispose it within six months from the date of the Developers Notice of Vacant Possession. Where the flat is sold in the open market or transferred at market value, the applicant and his parents must opt to treat his parents as having sold a flat if he wants to maintain his first-timer status to qualify for the CPF Housing Grant.
(*As defined under the Conditions of the CPF Housing Grant for Purchase of an Executive Condominium Unit under the Executive Condominium Housing Scheme)
Amount of CPF Housing Grant
You can request the $30,000 CPF Housing Grant when buying a new EC from developers.
The CPF Housing Grant will be given solely to a citizen applicant in full and will be credited into his CPF account. In the case of joint citizen applicants, the CPF Housing grant will be disbursed equally to them.
Use of the Grant
The Government will credit the CPF Housing Grant into your CPF account. You can use the CPF Housing Grant to pay for the remaining 10% CPF downpayment at the Sales and Purchase Agreement stage.
FOr buying of RESALE EC
Executive Condominium (EC) owners who have occupied their EC and met the 5-year minimum occupation period (MOP) can sell their EC in the open market. The 5-year MOP is computed from the date of issuance of Temporary Occupation Permit (TOP) in respect of each EC unit. After the 5-year MOP, from 6th to 10th year, the purchase of a EC in the open market is restricted to those who can meet the following eligibility conditions. From 11th year, all restrictions will be lifted.
Eligibility Conditions
Citizenship
The buyers for EC projects that are of 6th to 10th year from the date of TOP be Singapore Citizens (SC) or Singapore Permanent Residents (SPR). Foreigners who are not SPRs and corporate bodies are not eligible to buy an EC in the open market within this period.
Foreigners and corporate bodies can buy resale ECs in the open market from 11th year of the EC project, calculated from the date of TOP.
Family Nucleus
Buyers of resale ECs need not form a family nucleus as in the purchase of a new EC. A single person above 21 can also buy and own a resale EC.
CPF Housing Grant
Buyers of resale ECs are not eligible for CPF Housing Grant as such ECs are treated as equivalent to private housing.
Resale Levy
Buyers who are currently owner of a flat bought from HDB or have previously sold a subsidised HDB flat need not pay the resale levy when they buy a resale EC in the open market. However, owners of direct-purchase HDB flats must have met the 5-year MOP for their flats before they can buy resale ECs.
