While we have discussed many topics on Executive Condominiums as HDB upgrader’s preferred choice, how much do you know about the process?
Here’s a guide to HDB upgrading to an Executive Condo:
1. Ensure that your HDB flat has met the 5 years minimum occupation period. If you are unsure, to find out if you’ve completed your MOP, you can visit HDB’s site or contact us so we can help you through the process of checking this.
2. Do a financial calculation to understand the approximate sale price of your existing flat and your loan capacity to determine the range of your next purchase price.
3. Choose your preferred EC project and submit an e-Application to join the balloting. After signing the E-Application, a queue number will be issued. This queue number will be used on the balloting day.
4. Few days prior to the balloting date, the applicant will receive the latest update from the developer regarding the floor plan, sitemap, unit distribution, and price list.
5. On the balloting day, wait for your queue number to be called out. Select your desired unit, sign the Option to Purchase agreement, commit to the purchase with a 5% booking fee and your unit is secured.
6. Submit all the necessary documents to HDB for approval. HDB will appraise your submission and upon approval, your developer will be notified.
7. Buyers will need to exercise the Option to Purchase (OTP) within three weeks after your lawyer has received the Sales and Purchase Agreement and make payment for the stamp duty subsequently.
8. Buyers will have the option to choose between Normal Payment Scheme and Deferred Payment Scheme. Where most would have chosen the latter, where monthly mortgage loan can be service only upon key collection.
9. You will be informed by your developer on the estimated date for the release of your Temporary Occupation Permit (TOP). Be ready to furnish and move in with your family.
Have more questions on the process of EC application? My name is Jen Tan, drop a comment below or private message us & we will get back to you soonest.