How much loan can I get for EC?
How much loan can I get for EC?
If you’re buying an EC or a condo, you will need to get a bank loan, which will allow you to borrow up to 80% of the property value or selling price, whichever is lower.
Is EC considered HDB or private?
An EC is considered HDB property for 10 years. As such, it is subject to the same restrictions like a minimum occupancy period of five years, and restrictions on who can buy it. From the 11th year onward, an EC is fully privatised.
Can I mortgage EC?
Take A Housing Loan To Finance Your EC Purchase And the only option that EC buyers have is to apply for a bank loan. We have prepared the following housing loan table (w.e.f. 6th July 2018), to show you at a glance, the key information like the loan tenure, loan-to-value %, minimum cash outlay, etc.
Can I buy resale with EC?
You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).
Is EC considered private property?
Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties.
Is EC privatised after 5 years?
Executive Condominium or EC will reach their Minimum Occupation Period (MOP) after 5 years and will be fully privatised after 10 years from TOP (Temporary Occupation Permit). If you are an EC owner, this means that at minimum, you can only sell your EC after 5 years.
Is EC a private property?
What is EC in home loan?
An encumbrance refers to any charge created on any asset, more often used in the context of real estate. An Encumbrance Certificate or EC is a certificate of assurance that the property in question is free from any legal or monetary liability such as a mortgage or an uncleared loan.
Can I sell my EC after 5 years?
You can sell off your EC after 5 years. But after selling, it does not make sense for you to buy a private condo and a HDB resale flat. If you buy a private condo and then a HDB resale flat, you are required to sell off this condo within 6 months after the completion of your HDB resale flat.
Can I buy HDB after selling EC?
Yes, you will be able to purchase a HDB resale flat once you fulfill the MOP for your EC. However, do take note that you will be required to sell off your EC latest 6 months upon the purchase of your HDB flat.