Is EC considered HDB or private?
Known as the “sandwich flat”, an EC is a public-private housing hybrid catered for middle-income Singaporeans who don’t qualify for an HDB flat due to the income ceiling cap, but still consider private condominiums too expensive. ECs are developed and sold by private developers but are subsidised by the government.
Should I change my HDB loan to bank loan?
HDB loans have a higher LTV, which means more interest On the other hand, a bank loan covers up to 75% of the purchase price of the house. Though this translates into a higher down payment, the smaller loan size and lower interest rates will result in more savings overall in the long run.
Can you switch from HDB loan to bank loan?
Yes, you can switch immediately to a bank loan as HDB concessionary loans do not have a lock-in period. There is also no penalty involved if you do so.
Is EC worth buying?
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.
Can I use HDB loan for EC?
Note — to finance an EC, you must get a bank loan. EC buyers aren’t eligible for HDB loans, so your only option is to apply for a bank loan. That means you cannot be paying more than 30% of your combined income in home loan repayments.
Can I own HDB and EC?
You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though. In short, as long as you have the moolah, you can buy as many condo units as you want, whether to live in, rent out, or just leave empty.
Can I take HDB loan after bank loan?
Bank loan interest rates fluctuate, so depending on the current SIBOR/SOR rates, a bank loan can be better or worse than HDB loan’s 2.6%….Should you get an HDB loan or a bank loan?
| HDB loan | Bank loan | |
|---|---|---|
| Downpayment | 15% can be fully paid using CPF | 5% must be paid in cash, 20% can be paid in cash or CPF |
Should I pay off HDB loan early?
HDB loans do not have a prepayment penalty. This means that, if you want to pay more to redeem the loan early, you won’t be penalised for it. As such, one method is to apply for a housing loan with a longer loan tenure (e.g. 25 years), but save up/invest money to pay off the loan early.
Should I pay off my HDB loan using CPF?
You don’t need to pay for your home loan in cash; you can pay for it through your CPF Ordinary Account (CPF OA). This is regardless of whether you use an HDB loan or a bank loan. (And in case you’re wondering, yes, you can use CPF to pay for private property loans as well).
Can I downgrade from EC to HDB?
Can I Downgrade From a Condo to an HDB Flat? Yes, you can. However, you would need to wait at least 30 months after selling your condo if you want to buy a new HDB flat, get an HDB loan, or CPF Housing Grants.
Can I buy a resale EC if I own a HDB?
If you already own an existing HDB flat, you cannot buy a new EC and keep that HDB as ECs are under HDB rules. The only option is to sell your existing flat six months before receiving the keys to the EC if you really want the more premium residence.
Can EC owner buy HDB flat?
Yes, you will be able to purchase a HDB resale flat once you fulfill the MOP for your EC. However, do take note that you will be required to sell off your EC latest 6 months upon the purchase of your HDB flat.