Executive condominiums are considered as one of the best housing options that people go for nowadays. This is due to their affordability and large capacity. The housing unit can be occupied by a lot of people at the same time. However, there are few factors to take into consideration in order to acquire a Rivercove residences showflat. You should have basic information and knowledge about the whole process as it makes your work much easier.
You will need to provide some basic documents to fast-track your application. Some of the documents needed for the application include marriage certificates, income statements, NRICs, birth certificates, and a host of others. However, you must ensure that the HR peruse through all the income statements so as to ensure that they are the exact documents needed by the HBD. Ensure that you have the right documents for a fast application.
Benefits of buying an Executive Condominium
There are various benefits associated with the acquisition of an Executive Condominium. The process is similar to a private condo. In most cases, the owners have the chance to enjoy the facilities constructed specifically for the use of the residents. If you one of those that applied for the Executive Condominiums, you can take full advantage of the housing grant which will go a long way in assisting you with the purchase. You are expected to consider these factors to get a good deal especially the one that meets your requirements.
Essential Documentation for the Ownership of Executive Condominiums
As of this point, you want to consider getting your own EC Rivercove Residences show flat. It may be that getting a property in Singapore is very difficult, which is why you are considering the ECs. However, this doesn’t mean to say that getting an EC is easy. There are requirements that needed to be prepared and see whether you are qualified for it or not, especially if you are a foreigner. Keep in mind that the ECs were established and marketed for young Singaporeans and professionals that can’t afford to buy a private property but has the means for buying a regular condominium unit.
To prepare in buying an EC unit in Singapore, here is an overview of the eligibility conditions of the buyer.
You need to get qualified for getting the EC under one of the following eligibility schemes:
- Joint Singles Scheme
- Orphans Scheme
- Fiancée or Fiancé Scheme
- Public Scheme
- All singles are required to be a Citizen of Singapore if they are applying for Joint Single Schemes
- You need to be a Citizen of Singapore
- At least you have one other applicant that is either a Permanent Resident or Singapore Citizen
- If you are applying under Joint Singles Scheme, you must be at least 35 years of age
- Other than the above, you need to be at least 21 years of age
The buyer’s household income must not go over $14,000.
- Potential buyers have not bought a new DBSS/HDB flat or any EC or have received before a CPF Housing Grant; or they have only purchased 1 of the aforementioned properties or so far they have only received a single CPF Housing Grant
- You have no other property owned locally or overseas; or you have not disposed any of your properties within the recent 30 months
As already stated above, there are 4 different eligibility schemes.
For Public Scheme, you form up a family nucleus that composes of any below:
- Children that are under your legal control, care and custody, given that you are either divorced or widowed
- Parents and your siblings, if you have any
- Spouse and your children, if there are any
For applicants wherein there is no change of people listed in their application, it means that you’re not allowed to replace the names of your parents with that of your spouse or the other way around.
If you are applying for the dual-key EC being a multi-generation family:
- Divorced or Widowed with children and grandparents or parents
- Married or engaged couples and with grandparents or parents
With the Fiancé or Fiancée Scheme, you are expected to form the family nucleus with your soon to be spouse.
Submission of your marriage certificate
If you are applying for the ECs under this scheme, you are required to submit a copy of the marriage certificate and give it to the developer.
If you are applying for the CPF Housing Grant, you need to submit your marriage certificate copy before taking possession on the EC unit. But if not, you can take possession of the EC unit within 3 months after you have submitted your marriage certificate.