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EC Eligibility to Buy New Launch EC

Are You Eligible To Buy New Launch EC in Singapore?

New Launch EC Eligibility Conditions

Find Out How Do You Qualify For A New Launch Executive Condo

New Launch EC Eligibility Conditions can be quite complicated. Why is that so?

More and more people are checking out on New Launch EC, as they offer very competitive and attractive pricing (at about 20-30% lower compared to the nearby New Launch Private Condo), which could generate potential higher capital appreciation and a higher return on investment. To make sure a fair housing system established, ultra-careful New Launch EC eligibility conditions is inevitable.

If you are considering of investing EC developments in Singapore, you are advised to check whether you meet the various EC Eligibility Conditions even before you start looking around.

For your easy reference and eligibility check, we have listed down some of the basic New Launch EC eligibility conditions. There are many different scenarios and case-by-case situations. You might want to give us a call at +65 9004 6396 for the quickest reply.

Basic EC Eligibility Conditions For Buying New Launch EC
Citizenship Who Can Buy New Launch EC in Singapore?

  • You must be a Singapore Citizen.
  • At least one other applicant must be a Singapore Citizen or Singapore Permanent Resident (SC/SC or SC/SPR).
Family Nucleus Public Scheme

  • You and your spouse and children (if any). An occupier who is married must also include his or her spouse.
  • You (single) and both your parents and siblings (if any).
  • You (widowed or divorced) and children under your legal custody, care and control.

Fiancé/Fiancée Scheme

  • You form a family nucleus with your spouse-to-be.
  • You and your fiancé or fiancée must be unmarried, widowed or divorced (with Certificate of Making Interim Judgement Final granted) at the time of the application.
  • You must produce your marriage certificate for inspection by the Developer, within three months after taking possession of the EC unit.
  • If you and your fiancé/fiancée have gotten a CPF Housing Grant, you must produce your marriage certificate to the Developer. You can take possession of the EC unit only after the inspection.
  • If you and your fiancé/fiancée have broken off the relationship, and will not be able to submit your marriage certificate. Or, if you later annul the marriage. You will not be eligible to buy the EC unit.
  • Upon termination of the Sale and Purchase Agreement, the Developer will be entitled to impose a forfeiture amount equivalent to 5% of the EC unit’s purchase price following the Sale and Purchase Agreement.
  • If you have gotten a CPF Housing Grant, you will have to return the CPF Housing Grant together with interest accrued.

Orphans Scheme

  • You must be a Singapore Citizen and a single (unmarried, divorced, or widowed). Your single sibling(s) listed as the buyer(s) or proposed occupier(s) must comprise at least one Singapore Citizen or Singapore Permanent Resident.
  • You and your co-buyer(s) must be at least 21 years of age at the time of the application.
  • You have to list all of the single siblings in the same application.
  • At least one of your late parents must have been a Singapore Citizen or a Singapore Permanent Resident.
  • You and an unrelated orphan who are both Singapore Citizens aged at least 21 at the time of the application can also apply jointly to buy an EC unit under the Orphans Scheme.

Joint Singles Scheme

  • You and an unrelated person, both must be single (unmarried, divorced, or widowed).
  • All singles must be Singapore Citizens if applying under the Joint Singles Scheme.
  • At least 35 years old at the time of the application.
  • Both of you are not eligible for the Singles Grant to buy an EC unit.
Age
  • You must be at least 21 years old at the time of application.
  • You must be at least 35 years old if applying under the Joint Singles Scheme.
Monthly Household Income EC Income Ceiling Cap / Income Requirements

  • Your average gross monthly household income must not exceed S$16,000.
  • The Mortgage Servicing Ratio (MSR) caps your total monthly loan repayments at 30% of your monthly income.
  • Property is an illiquid asset. If times are bad, it can take months to sell the EC. Also, EC owners need to fulfil the 5-year MOP. Therefore, a safety net is important. Proper financial planning can ensure that you have the means to service the mortgage loan for at least six months, even if you have no income.
Private Properties
  • You must not own or dispose of or have an interest in any private properties within the last 30 months.
HDB, DBSS, EC
  • You have not bought a new HDB, resale flat with CPF Housing Grant, DBSS flat or EC twice.
Instances where you may need to wait
  • You, your spouse or an essential occupier have not yet met a current flat’s Minimum Occupation Period (MOP) of 5 years.
  • You, your spouse or an essential occupier have not yet reached a current EC’s Minimum Occupation Period (MOP) of 5 years + 30 months from the date of EC disposal.
  • For a divorce case
    • You must wait out three years from the date of divorce is finalised. If your ex-spouse is an existing owner of
      • a flat bought from HDB, or
      • a DBSS flat or EC unit bought from Developer, or
      • an HDB resale flat bought under the CPF Housing Grant Scheme.
    • Waiver of the requirement to seek ex-spouse’s consent during the three years
      • if you apply the new EC with your parents, or
      • if you are buying the EC with a new spouse, or
      • if you list yourself as an occupier in the application to purchase an EC unit, or
      • if you have the legal custody, care and control of all the children (below the age of 18).
  • If you had previously booked a new HDB flat, but subsequently cancelled the booking.
    • You must wait out one year from the date of the cancellation before you can apply or list yourself as an essential occupier of a new EC
  • If you had previously bought a DBSS flat/ EC using a CPF Housing Grant and subsequently terminated the Sale and Purchase Agreement.
    • You must wait out five years from the date of the termination before you can apply or list yourself as an essential occupier of an EC.

Frequently Asked Questions (FAQ)

About New Launch EC Eligibility Conditions
New Launch Executive Condo (EC) Income Ceiling/Requirements

Your average gross monthly household income must not exceed S$16,000.

For your New EC application, you and the other applicants and essential occupiers will need to get ready the following documents for verification:

  • 3 months’ payslips preceding the month of application, if employed full-time (not on commission-basis)
  • 6 months’ of income documents preceding the month of application, for other types of employment
  • Proof of unemployment, if not working
  • HDB may request other documents for verification if needed.
Household Income Computation
Income / Allowance Considered Income / Allowance Not Considered
Examples of income/allowance that are part of the computation of household income:

  • Pension
  • Stipend
  • Sustenance
  • Allowances (fixed/variable) regularly received (e.g. transport, food, laundry, uniform, etc.)
Examples of income/allowance that are not part of the computation of household income:

  • Rental income
  • Interest from fixed deposit/savings account
  • Alimony allowance (divorce cases)
  • Bonuses
  • Director Fees
  • Scholarship overseas allowance
  • Income earned from overtime work
  • National Service Allowance
Can Siblings Buy New Launch Executive Condo (EC) in Singapore?

You can apply for New EC under the Orphans Scheme.

  • You and your siblings (those applying) are orphans and single, i.e. unmarried, divorced, or widowed.
  • All of the single siblings must be listed in the same application.
  • At least 1 of the deceased parents was a Singapore Citizen or Singapore Permanent Resident.
  • Siblings are not allowed to buy or rent flats separately.
Can Singles Buy New Launch Executive Condo (EC) in Singapore?

You can apply for New EC under the Joint Singles Scheme.

  • Under the HDB family nucleus rules, you and up to 3 other co-applicants, who are singles (unmarried, divorced, or widowed), Singapore Citizens and above 35 years old, can jointly apply for a New Launch EC.
  • The CPF Housing Grant for singles is not available when buying a New Launch EC.
Can Singapore Permanent Resident (PR) Buy New Launch Executive Condo (EC) in Singapore?

A Singapore Permanent Resident (PR) can only buy New Launch EC if their spouse is a Singapore Citizen.

  • If both you and your spouse are PR, or you are a single PR, you can only buy a Resale EC from the open market.
  • The first EC owners have to serve their 5-year MOP on the EC before they can sell their EC to either Singapore Citizen or Singapore PR in the open market.
Can Foreigners Buy New Launch Executive Condo (EC) in Singapore?

Foreigners cannot buy New Launch EC in Singapore.

  • New Launch ECs are designed to cater to Singaporeans who can afford more than an HDB flat but find private residential property out of their reach.
  • Foreigners can only buy a fully privatized (after 10 years from TOP) Resale EC from the open market.