Executive condos are one of today’s most popular housing options. These condominiums are very affordable and can house many people. You must satisfy several requirements to become eligible to purchase an Executive condominium. This will make the process much simpler. You can see upcoming EC launch 2023 2024 for more information.
You will need different documents to support your application. Income statements, marriage certificates and birth certificates are just a few of the documents you might need. To ensure the HBD has the correct information, it is best to make sure all income statements are reviewed by HR.
Benefits of purchasing an Executive Condominium
Owning an Executive condominium has many advantages. It’s similar to owning a private condo. This type of property allows the owners to enjoy the facilities, while the residents can use the facilities. To help pay for the purchase of an Executive Condominium, applicants can apply for a housing grant. The grant is only available to eligible individuals who have not applied for it previously.
Renting aExecutive Condominium
You will need to follow certain rules when you acquire your Executive Condominium. MOP stands to indicate Minimum Occupation Period. You are permitted to rent other rooms within Executive Condominium during the same period.
Different rules and regulations govern the sale of Executive Condominiums. The MOP covers five years and must be fulfilled by the owners. It is impossible to complete a transaction within the five-year period. The five year period is upheld and the owners may sell their units to permanent residents or other citizens. After 10 years, the Executive Condominium may be sold to foreigners. There is a 30-month waiting period after the sale to be able to purchase another flat directly from HBD.