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Hi, my wife and I consider changing to bigger house, current we have 2 bedrooms unit @ Yishun Emerald (O/S: 240K), we looking for 4 bedrooms unit, either HDB (@Bishan) or EC/Condo.

We plan to sell out current unit, and rent for 6mths~1year for transaction period.

Would like to know as following;
1. We bought this condo before my wife converted to citizen, now she is citizen and I still PR, are we eligible to new EC? We never bought any HDB/EC b4.
2. Our basic income around 13K / mth, we are at age 40. No other loan beside the house loan. What is the purchase power we can expect?

Thank you for help.
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7 Answers

Ivan Ng
Replied
Hi,

After selling your condo, you have to wait out a 30month period before you can purchase new EC. Further, your income exceeds 12K hence under existing policies, you are not eligible to qualify. For purchasing new/resale private condos there is no such issue.

Purchasing power depends on bank assessment criteria such as age, income and credit profile and outstanding loan obligations if any. May I get a banker to assist further? Thanks and hope to discuss further.

Warm regards
Ivan ERA
 97432395 
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  • KN
    Replied
    For the income, we waiting for the new rules coming. For the 30 month period, any possible to appeal? As current private property was bought before become citizen.
Tricia Tan
Replied
Hi MR Ng
Let me assist you.
Unfortunately right now you are not eligible to new EC, as you have to wait for 30mmths before you arr eligible to apply a new EC.
Getting a pte condo/resale EC or hdb will be the option.
Look forward to hearing from you.
Tricia Tan
 91442664  Read More
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Bhavina Kaur
Replied
Hi Mr Ng,

Thanks for your enquiry. As an owner of a private apartment, you would need to fulfil a 30 month wait before being eligible to buy an EC. Moreover, the income ceiling for EC is $12,000.

Your option for now would only be to buy HDB or another private apartment.

Please get in touch with me and I'll assist you. Look forward to hearing from you soon.

Bhavina
Senior Marketing Manager
ERA Realty

M: +65 91708295 
E: bhavina7777@gmail.com
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Mike Lim
Replied
Evening,

For the purchase of new EC, the combined income should not exceed $12k. Therefore you are not eligible for new EC. May I know why would you want to rent for 6 months to 1 year when it's possible to get buyer for your unit and transact for the purchase concurrently?

Do contact me further should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • KN
    Replied
    I agreed with you that for maximize the saving cost, it is best to rent after sold my unit, but my wife and I just dislike to be disturb by the potential buyer when they viewing the house and we still around.
Geryl Lim
Replied
Hi KC,

I have the same question as Mike, pertaining why are you looking to rent for a period of 6 months to a year, however moving forward, I realised that you have base your plans on purchasing a brand new EC, therefore assume that the rental period is due to awaiting for new EC to TOP.

Unfortunately like what my other fellow professionals have indicated, you will need to sit out a period of 30months before being eligible to apply for a brand new EC on top of the income ceiling. The imposition of the 30 months sit out period, I believe, is aimed at allowing purchasers who are unable to afford a private condo to have priority in the application, of course, you may opt to appeal against this restriction.

Why are you not considering purchasing a newer resale EC if affordability is 1 of your considerations? We have a fast selling project in NorthPark Residences too right in the North, an upcoming affordable development in High Park Residences and many others where developers are also giving out good perks for purchasers.

In terms of your home purchase amount estimate, I suppose based on my rough estimate, you are likely to be able to afford something at $1.5m range comfortably but it would be better to speak to a professional in this field to get the more accurate information in order to make a more informed decision. If you require someone to speak to on this aspect, feel free to let me know so I can make arrangements for you to speak to an experience banker.

For other home enquiries, feel free to get in touch with me.

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Geryl LIM
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  • KN
    Replied
    The reason of rent before I sold my unit was simply because both of us dislike be disturbed by potential buyer when they viewing my unit and we still around. Beside brand new EC (which have more potential on future price raise), we are not interest in new launched (or recent launched) EC/Condo, which simply because based on the size we looking for, either there not have such big size for 4 rooms, or the price just too high for us to afford or just simply overprice :).
YT Tan (陈永达)
Replied
Good evening K C,

you can try to appeal against the 30 months waiting period but the chances are very slim. Thus I will suggest you to focus more on private property or resale HDB.

Is there anything else that I can assist you further?

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
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  • KN
    Replied
    Thank you for recommendation. We will focus on the resale HDB, simply due to we looking for big unit and private condo simply too expensive on similar size.
GAN ENG JOO ONASSIS
Replied
Hi,

Pls feel free to contact me to have a discussion.

Onassis Gan Eng Joo - CEA Reg No.: R021244C
CES Certified SG Realtor l SGRealtor.com
agent.myweb.sg (PropertyGuru) / agent.irealtor.sg (iProperty)

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