The Ultimate Guide To FLAT OR EC? FIND OUT IN THIS ALL-IN-ONE GUIDE
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· FREE Indicative Valuation & CMA Report for your property http://bit.ly/CMAHomeReport
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· Insider property news and resources that property investors use. http://bit.ly/CondoPrice
Flat or EC? Find out in this all-in-one guide
There are so many things to consider when buying a new home. Does an EC or flat make more sense? Are you fully aware of all the special conditions? That’s why this article is here to help you make a more informed decision. Do refer to www.hdb.gov.sg for full details.
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OCBC Home Loans25 April 2018
1. New and Resale Flat
i. Schemes
Interested buyers like you are classified into six categories below based on your family make-up. Click on the categories to find out the different conditions for each type of housing.
What if I want to convert HDB units into one house for my family?
ii. Minimum Occupation Period
MOP is the period of time you are required to physically occupy your flat before you can sell it in the open market. The MOP is calculated from the date you collect the keys to your flat. Typically, you can sell your flat in 5 or 20 years. Click on the categories below for more information.
iii. Ownership of HDB Flats
a) Ownership
HDB allows ownership to be in Joint Tenancy (JT) or Tenancy-In-Common (TIC). The different types of ownership affect how shares of the flat will be transferred in the event of an owner’s death.
iv. Loans
a) Eligibility Conditions for HDB Concessionary Loans
HDB offers housing loans at a concessionary interest rate. HDB flat buyers can opt to take up a loan with Banks but cannot refinance the loan with HDB once the loan is taken with a bank. Conditions for HDB concessionary loans:
• Ownership/Interest In Property
• Profile of buyers who are not eligible for Concessionary Rate Loan
b) Home Loans offered by HDB vs Banks
Buyers of HDB flats can also choose to finance their HDB with a housing loan from a bank that is regulated by Monetary Authority of Singapore (MAS). However, if housing loan is taken with a bank, refinancing the HDB with a housing loan from HDB is disallowed. These are the ways to do so:
2. Executive Condominium
i. Schemes
Unlike buying new or resale flats, buyers are classified into five categories.
If you’re intending to do the following after buying your EC, there are some things to note:
• Selling of Current HDB/ DBSS flat in the Open Market
• Minimum Occupation Period (MOP) before selling EC
• Buying another subsidised home
• Interest in private property
3. Minimum Occupation Period
Unlike a new or resale flat, buyers have to wait for a certain time period before they can apply to buy a new EC. The time period differs based on the following conditions:
• Essential Occupier of a Flat/EC
• Cancelled an HDB flat application after booking a flat
• Terminated Sale and Purchase Agreement for EC/ DBSS flat