How much money do I need to buy EC?
You Can Only Apply for a Bank Loan
This means you need to fork out at least 25% in downpayment from your own pocket. Out of this, 5% must be paid in cash, while the remaining 20% can be a combination of CPF and cash. So, if you’re buying an EC for $1 million, for example, you must fork out $50,000 in cash.
Is it worth buying EC in Singapore?
ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). EC is treated as HDB property for 10 years.
What is EC price?
At the time of writing, EC prices typically trend around the $1,100 psf plus level. In pricing ECs, developers are aware that buyers’ earnings must not cross the monthly household income ceiling of $14,000, and they are subject to a 30% Mortgage Servicing Ratio (MSR).
How much is 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.
How much CPF can I use for EC?
Whatever is in the Ordinary Account of their CPF, they can be taken out to use for the Exercise fee 15%, together with the $30,000 CPF grant. The rest of the Progressive Payment is via Bank Loan’s monthly installment which can be paid using CPF.
Is it worth it to buy resale EC?
As mentioned above, a resale EC has many advantages over a new EC: It is closer to full privatisation, has less restrictive eligibility criteria, offers you the option to keep your old HDB flat, and is usually move-in ready. On the flip side, it can be more expensive as there are no CPF housing grants for resale ECs.
Is buying a resale EC a good investment?
However, resale EC is most enticing, especially when they complete their Minimum Occupation Period (MOP) of five years and when they hit their 10-year mark. Upon five and 10 years of their completion, most restrictions on ECs get lifted away and they become a bid for capital appreciation.
Is executive condominium worth buying?
Executive Condominiums are still the best value buys
The reason is simple: they’re a chance to buy private property, while still getting government subsidies. Also, ECs often feature the same range of a facilities offered by private condominiums, but at a fraction of the cost.
What is an EC?
Electrical conductivity or “EC” is a measure of the “total salts” concentration in the nutrient solution (drip, slab or drain). … The higher the “total salts” concentration in a substrate the higher the EC. An EC will only be registered when inorganic ions are present in solution.
Why is EC so expensive now?
The EC market is currently driven by demand for cheaper, bigger homes by millennials and first-time buyers. Sales were strong for both new and resale ECs. Last year, overall sales volume of ECs surged by 70.5 per cent to 2,145 units from 1,258 units in 2019, surpassing the 1,735 units moved in 2018.
What is EC property?
Encumbrance Certificate (EC)
It is a certificate of assurance that the concerned property is free from any monetary or legal liability including an uncleared loan or a mortgage.