Executive condominiums have become a popular choice for people looking for a better housing solution. They can accommodate many people and are typically affordable. An Executive condominium can only be purchased if you meet certain criteria. It can be very helpful to have a better understanding of the process. Visit our website and learn more about ec launch 2023 2024.
During the application process, there are many documents that you will need. Some of the documents you will need are income statements and marriage certificates. The HR should verify all income statements to make sure they are correct for the HBD.
Advantages to buying an Executive Condominium
The ownership of an Executive condominium offers many advantages. It is very similar in design to a private condo. There are many amenities that owners can enjoy, and these facilities are often available for residents. For assistance in purchasing a condo, the Executive Condominium applicants may apply for a housing grants. Only those eligible for the grant are granted, even if they have never applied previously.
Using theExecutive Condominium
The rules for how you can use your Executive Condominium are set out when you purchase it. MOP stands as Minimum Occupation Permit. You may rent additional rooms within the Executive condominium for the same time period.
There are several rules and regulations that govern the sale or purchase of Executive Condominiums. The MOP for the Executive Condominium must be satisfied within five years. No transaction can be made within the time frame and must be completed first. After five years, owners can freely sell their units and other permanent residents to other citizens. After 10 years has passed, the Executive Condominium will be available for foreign buyers. After the sale, you will have to wait around 30 months before buying any other flat directly through the HBD.