What is EC?

1. EC is Known as the public-private housing hybrid catered to middle-income Singaporeans who don’t qualify for an HDB flat due to the income ceiling cap but still consider private condominiums too expensive

2. ECs Are a Good Option for Middle-Income Singaporeans

The income ceiling for buying an HDB-launch EC is $16,000. As such, ECs appeal more to middle-income Singaporean families who can’t meet the income eligibility for BTO flats due to the income cap.

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3. ECs are developed and sold by Private developers

They have condo-like attributes such as swimming pools, gyms, clubhouse, and better design, tennis courts, BBQ pits, function rooms, and gyms.

4. ECs Are Cheaper Than Private Condos

as they are subsidised by the government.

5. ECs Are Eligible for CPF Housing Grants

For First-Time Buyers Only. There are two types of grants available for ECs:

• Family Grant
• Half-Housing Grant

6. Executive Condos Are Mostly Located in ‘Ulu’ Locations

To keep EC prices low, they need to be built in areas with lower land costs, mostly not near mrt.

7. You Can Only Apply for a Bank Loan

That’s right, ECs aren’t eligible for HDB loans. This means you need to get a loan from a bank or financial institution using Mortgage Servicing Ratio (MSR). For MSR, you can only use 30% of your monthly income to service your home loan.

8. EC Launches Are Far and Few

Whenever there’s an HDB EC launch, it usually prompts people to make a mad dash to buy it. That’s because even though the demand for ECs is high, only a handful of launches happen yearly.

9. EC are bounded by HDB’s rules.

These include the Minimum Occupation Period (MOP) rule,  HDB’s selling restrictions, and the resale levy (if you’re buying it from a developer) and you can sell after 5 years to local and SPR only.

10. ECs Become Privatised After the 10th Year

And you can sell to foreigners