Step by step guide to executive condominium
You want to live in a luxurious apartment with full condominium facilities but is not willing to pay the exorbitant price tag that come with the private condominium, then executive condominium (EC) will be your best choice.
EC is a hybrid of public and private housing that is designed for Singaporean who aspire to stay in a condominium but find that the price tag of private condominium is out of reach. From the facade, EC actually look like private condominium.
Before you eagerly plunge into visiting an the showflat, you need to check if you are eligible to purchase an EC. Unfortunately, there are stringent eligibility criteria to fulfill due to the fact that EC is a subsidize housing. Click EC eligibility criteria to understand if you are eligible or alternatively, you can contact us and we will assist you step by step to become an proud owner of an EC.
You pass the eligibility check, so what is the next step ?
Stage 1 : Research
You can engage direct developer sales team agent, e.g Parc Canberra EC agent to provide you all the available information on your preferred executive condominium. Their service is free of charge so let them arrange showflat visit for you. They will be more than willing to share the details with you. Beside researching the EC, it is to your best interest to engage a banker to get an In-Principle Approval (IPA) on your housing loan so that you can plan your budget accordingly.
Step 2 : E-application submission
You need to submit an E-application to secure your eligibility to join the selection of units on balloting day. E-application is required for HDB to check and approve your eligibility to purchase an EC.
Step 3 : Price Releasing day
Price Releasing day is normally 2 to 3 days before balloting day. You will be able to further fine tune your choice units list base on the price before the finale.
Step 4 : Balloting day
Try to reach the showflat earlier on balloting day as overwhelming attendant is always expected on that day. When your ballot number is called and you have choose your choice unit, an Option to Purchase will be prepare for you and the developer will collect the 5% (purchase price) as option fee in the form of cheque or cashiers order.
On the side note, if you decided not to proceed with the unit at this stage, the developer will return 75% of the option fee to you. However, if you are not eligible to purchase the EC as deem by HDB, the developer will refund 100% of the option fee to you.
Step 5 : Engage a banker
It will be a breeze if you have gotten an IPA before the balloting day. Just approached the banker and ask him to proceed with the Housing Loan Letter of Offer.
Step 6 : Engage a conveyancing lawyer
The conveyancing lawyer will communicate with developer’s law firm. Sales and Purchase agreement (S&P) will be sent to your conveyancing lawyer after HDB approve the sale. The lawyer will ensure your payment of the remaining 15% (purchase price) down payment and Buyer Stamp Duty (BSD) either with cash or/and CPF within the time frame.
Step 7 : Wait for your home to be built
After you exercised the S&P, you just need to wait for the EC to be built.
If you choose Normal Payment Scheme, you will need to start paying your home loan installment before they complete the development. The developer will inform your lawyer before commencement of the repayment.
IF you are on Deferred Payment Scheme, you only start your home loan installment after you get the keys to your unit.
Step 8 : Key Collection (TOP)
Congratulation. The developer will inform you on the TOP date aka key collection date. You can start renovate your EC and enjoy the private condominium lifestyle.