EC Eligibility / Financing
VERIFY YOUR ELIGIBILITY
These are the questions that you have to ask yourself to determine whether you are eligible to purchase an Executive Condominium (EC) or not. Please spend some time to review each question and answer to the best of your knowledge.
Q1. Are you a Singaporean Citizen (SC) or Singapore Permanent Resident (SPR)?
(A) YES – Your family nucleus has 2SC or 1SC+1SPR
(B) NO – You are not eligible to purchase EC
Q2. What is your total household gross income?
(A) Less than S$12,000 – Proceed to Q3
(B) More than S$12,000 – You are not eligible to purchase EC
Q3. Have you bought directly from HDB more than once or taken any grant from HDB?
(A) NO – Proceed to Q4
(B) YES – Bought twice from HDB or Taken grant and bought once from HDB
Q4. Do you currently own any private properties?
(A) NO – Proceed to Q5
(B) YES – You are not eligible to purchase EC
Q5. If you had previously owned any private properties, did you sell your private properties within the last 30 months?
(A) NO – Proceed to Q6
(B) YES – You are not eligible to purchase EC
You are eligible to purchase an EC only if you have answered (A) to all five questions above. You will not be eligible if you had answered (B) for any of these five questions. Please contact me to confirm your eligibility if you are unable to answer any of these questions. I will be glad to help you confirm your status.
Q6. Which scheme will you be using to purchase the EC?
(A) Public (family) scheme (min 1 SC + 1 SPR)
(B) Fiance/Fiancee scheme (min 1 SC + 1 SPR)
(C) Orphan scheme (min 1 SC + 1 SPR)
(D) Joint Singles scheme (both must be SC)
Note: Take note of the citizenship criterias listed in all four options above.
DOCUMENTS CHECKLIST (FOR QUALIFIED BUYERS)
(1) Proof of Identity/Citizenship
- Singapore Citizen (SC) – Pink Identity card.
- Employed by SAF/Civil Defence/Police Force – Certified true copy of Pink/Blue Identity card.
- Singapore Permanent Resident (SPR) – Blue Identity card.
- SPR who has just obtained citizenship – Pink collection slip issued by ICA.
(2) Proof of Relationship and Marital Status
(A) Public Scheme
Applicant; spouse, children, parents (if any); and siblings (if any):
- Marriage certificate(s)
- Birth certificate(s)
Applicant (divorced); children (if any) and parents (if any):
- Final judgement
- Order of court/custody documents (children under legal custody, care and control)
- Legal adoption papers
- Birth certificate(s)
Applicant (widowed); children (if any) and parents (if any):
- Marriage certificate
- Death certificate of spouse
- Birth certificate(s)
(B) Fiance/Fiancee Scheme
Applicant and fiance/fiance
- Consent to marriage of a minor (above 18 and below 21 years old)
- Marriage certificate
(C) Orphan Scheme
Applicant and unmarried sibling(s)
- Birth certificate(s)
- Parents’ Death Certificates and marriage certificate
(D) Joint Singles Scheme
Applicant and any other single person
- Both MUST be Singapore Citizen (SC)
- Both MUST be at least 35 years old
(3) Proof of Income
(A) Employed person (full time with fixed income)
- Latest 3 months’ original pay slips (i.e. pay slips issued for the month of application and preceding 2 months); or
- Income letter from employer (which must bear either the company letterhead or stamp plus name and designation of the signatory) indicating that the applicant has been employed and at least 3 months’ gross monthly income (i.e. gross monthly income for the month of application and preceding 2 months) of the employed person.
(B) Self employed person
- Latest 12 months’ salary based on Notice of Assessment (NOA); or
- Statement of annual accounts certified by an audit form to confirm income for the past 12 months; AND
- Valid Accounting & Corporate Regulatory Authority (ACRA) computer information (business profile)/valid license of business/trade; AND
- Statutory declaration* to declare the average monthly income for the past 12 months.
(*Statutory declaration may be executed at the sales office at HDB Hub or at any HDB branch office on or after the booking date.)
(C) Commission based person
- Latest 12 months’ commission/pay slips (as at date of application); or
- Letter from employer (which must bear either the company letterhead or stamp plus name and designation of the signatory) indicating past 12 months?commission as at date of application and Notice of Assessment (NOA) from IRAS (if applicable).
(D) Part-time worker
- Latest 12 months’ pay slips; or
- Recent letter from employer (which must bear either the company letterhead or stamp plus name and designation of the signatory) indicating that the person has been employed and his/her past 12 months salary as at date of application.
(E) Odd-job worker
- Latest salary for 12 months based on latest and previous years?Notice of Assessment (NOA) from IRAS; or
- Recent letter from employer (which must bear either the company letterhead or stamp plus name and designation of the signatory) indicating salaries for the last 12 months.
(F) Unemployed person
- Statutory Declaration* to declare the period of unemployment with no income; or
- Copy of Student Pass or letter from school/college/institute of learning for persons who are 18 years old and above to confirm student status.
- If the applicant(s)/occupier(s) is/are unemployed for fewer than 3 months, the applicant(s)/occupier(s) must submit income proof from past employer/trade.
Normal Payment Scheme
(Progressive)
| Stage |
Percentage |
| Upon the grant of Option to Purchase |
5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date |
15% |
| Completion of foundation work |
10% |
| Completion of reinforced concrete framework |
10% |
| Completion of brick walls |
5% |
| Completion of roofing /ceiling |
5% |
| Completion of electrical wiring, internal plastering, plumbing & installation of door & window frames |
5% |
| Completion of car park, roads & drains serving the housing project |
5% |
| Notice of Vacant Possession (TOP) |
25% |
| On Completion Date |
15% |
Deferred Payment Scheme
Deferred Payment Scheme (DPS) basically let the buyer defer the 80% payment till the project TOP. No loan repayment is require during this period. However, the purchase price on DPS is usually 2-3% higher the normal price.
DPS gives 2nd timer with existing loan repayment some flexibility in manageing their finances. Buyer do not need to handle two mortgage loans at the same time, and buyer also need to pay only 20% for Down-payment. However, there are terms & conditions when using this scheme. Executive Condo Buyer is require to sell off their HDB flat 6 months before TOP.
| Stage |
Percentage |
| Upon the grant of Option to Purchase |
5% (Booking Fee) |
| Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date |
15% |
| Notice of Vacant Possession (TOP) |
65% |
| On Completion Date |