Buying a HDB flat vs an Executive Condominium vs Private Condominium

Buying your dream home

Lets take a quick summary look of some of the differences between buying a HDB flat vs an Executive Condominium vs a Private Condominium.

 

Buying a HDB Flat

  • More types of CPF housing grants of up to $80,000.
  • Affordable prices for the public.
  • Good capital appreciation/resale value after minimum occupation period (MOP).
  • Deferred payment scheme available for Build-to-order (BTO) flats.
  • Strictly only for owner-occupation.
  • Strictly restricted to Singapore citizens and permanent residents (subject to ethnic integration policy and SPR quota.
  • Monthly household income ceiling of $12,000 or $18,000 if purchasing with extended or multi-generation family.
  • Various other rules, restrictions, regulations may apply for qualification.
  • Home loan financing can be taken up with HDB or banks. Mortgage Servicing Ratio (MSR) and Total Debt Serving Ratio (TDSR) will apply when applying for mortgage financing with banks.


Buying an Executive Condominium

  • You may enjoy CPF housing grants of up to $30,000 from HDB.
  • Executive condominiums are typically about 25% cheaper as compared to similar private residential condos.
  • Potential for good capital appreciation of EC house value after privatisation.
  • Deferred payment scheme still available for some developments
  • Strictly only for owner-occupation.
  • Purchasing of new ECs are strictly restricted to Singaporeans. It may only be sold to citizens and PRs in the 6th – 10th year. It may only be sold to foreigners after 10 years when the EC is fully privatised.
  • Monthly household income must not exceed the $14,000 income ceiling.
  • Must not owned other properties or disposed on any within the last 30 months.
  • Must not have bought more than one HDB, DBSS or EC flat.
  • Home loan financing taken up with banks. Mortgage Servicing Ratio (MSR) and Total Debt Serving Ratio (TDSR) will apply when applying for mortgage financing.


Buying a Private Condominium

  • No housing grants.
  • More expensive than HDB and Executive Condos.
  • Progressive payment scheme.
  • For owner-occupation or investments.
  • No restrictions on foreign ownership, foreigners may also buy
  • No maximum income ceiling capped to qualify.
  • No restrictions on ownership of other properties.
  • Home loan financing taken up with banks. Total Debt Servicing Ratio (TDSR) will apply when applying for mortgage financing.