What is the income ceiling for executive condo?

What is the income ceiling for executive condo?

$16,000
HDB EC income ceiling 2021 The income ceiling for buying executive condominiums (ECs) from HDB is $16,000, slightly higher than the $14,000 income ceiling for HDB BTO flats. Singles are not allowed to buy ECs on their own.

Is executive condo a good investment?

ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). EC is treated as HDB property for 10 years.

How much does a condo earn in Singapore?

3. Work Out Your TDSR

Condo price	Minimum income needed (based on 60% TDSR)
$1,500,000 (i.e. $1.125 mil loan, $4,552 per month at 1.6% p.a. for 25 years)	$7,586 per month
$2,000,000 (i.e. $1.5 mil loan, $6,070 per month at 1.6% p.a. for 25 years)	$10,117 per month

What is the minimum salary to buy a condo in Singapore?

To purchase a basic unit in this development, you need a monthly income of at least S$3,774 to meet the 60 percent TDSR or a higher salary of S$7,548 to comfortably pay the housing loan under the 30% income rule.

How much should I earn to afford EC?

between $14,000 and $16,000 per month
Considering the income ceiling of regular HDB flats and ECs, the target market for ECs are households who earn between $14,000 and $16,000 per month.

How is EC income ceiling calculated?

Let’s say you earned $3,000 the month before your BTO application, $3,500 the month before that, and $4,000 the month before that. Your gross monthly income would be ($3,000 + $3,500 + $4,000) / 3 = $3,500….HDB BTO income ceiling 2021.

Applying as	Income ceiling
Single	$7,000

How much money does EC make?

EC profit margin higher than mass-market condos Quantum-wise, the average profit of $388,047 was comparable to private mass-market homes which averaged $372,201. However, because EC purchase price was discounted, the profit margin for ECs averaged 65% compared to 46% witnessed for private mass-market homes.

How much can you earn from EC?

3. Factor in MSR

EC price	Minimum income needed (based on 60% TDSR)
$800,000 (i.e. $600k loan, $2,428 per month at 1.6% p.a. for 25 years)	$8,093 per month
$1,200,000 (i.e. $900k mil loan, $3,642 per month at 1.6% p.a. for 25 years)	$12,140 per month

How much income do I need for a 500k house?

The Income Needed To Qualify for A $500k Mortgage A good rule of thumb is that the maximum cost of your house should be no more than 2.5 to 3 times your total annual income. This means that if you wanted to purchase a $500K home or qualify for a $500K mortgage, your minimum salary should fall between $165K and $200K.

How much do you have to make to afford a 500k house?

You need to make $185,016 a year to afford a 500k mortgage. We base the income you need on a 500k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $15,418. The monthly payment on a 500k mortgage is $3,700.

How do people afford executive condos?

As you can see, financing an EC may require higher earning power than affording a private condo because of the additional MSR rule….3. Factor in MSR.

EC price	Minimum income needed (based on 60% TDSR)
$800,000 (i.e. $600k loan, $2,428 per month at 1.6% p.a. for 25 years)	$8,093 per month

How much is the downpayment for EC?

You only need to pay 20% downpayment (5% option fee + 15% sale and purchase agreement). The remaining 80% can be paid once the project receives its TOP. The caveat to this is that you need to pay more for the EC.

Can you make money from EC?

In summary, the table tells us this: based on the past data of these 12 ECs, ECs continue to be profitable even 15 years past its TOP date, provided you buy an early sales unit. Moreover, the average psf of ECs seem to peak around 10 years after its TOP date.

Which EC is the best?

Best performing EC in Singapore

	Executive Condo	Completion
1	Eastvale	Jan-99
2	Westmere	Feb-99
3	Chestervale	Mar-99
4	Simei Green Condo Pinevale	Apr-99

How much CPF can I use for EC?

Whatever is in the Ordinary Account of their CPF, they can be taken out to use for the Exercise fee 15%, together with the $30,000 CPF grant. The rest of the Progressive Payment is via Bank Loan’s monthly installment which can be paid using CPF.