Being keen to consider a purchase at executive condominium new launches, you may wonder what steps you need to take.
We have served many EC home buyers, and understand the anxiety of the unknown, especially when this is likely the first time you encounter property purchase direct from a developer.
The steps below are what developers of EC have been practicing in the past, and may be subject to change from project to project.
Do you know?
It is ideal to apply through us as there are many paper works to be done and necessary documents to submit, And good news, you are not required to pay us as we are paid by developers
Step 1: Release of EC project information
Once approval has been obtained from relevant authorities, developers will release project information to marketing agents, along with the timeline till booking day.
The site map will help you in understanding the facilities offered and the orientation of units, and floor plans on the layout of each bedroom type.
Step 2: Registration of Interest
This process is called ‘E-application’, and with an authorisation, we can assist you to register your interest.
Developer would usually open the showflat for viewing after submission E-application is closed.
You have no obligation to make an eventual purchase and there’s no cost to submitting an E-application. However, required documents such as NRIC and income documents must be submitted together as Developer will need to verify your eligibility.
- It is FREE to register interest
- Get 1st hand info of the project you like
- Stand a better chance to own a good facing unit (as new launch EC is base on ballot number)
- NO OBLIGATION in the event you decide not to purchase
Step 3: Obtaining In-principal Approval for Bank Loans
For those who are register their interest, this is the next important step they should take.
The reason is to understand the loan amount from bank, and compute on your financing, to better understand if your desired bedroom type is achievable.
Many EC home buyers are not aware that their bank loan is subject to MSR (mortgage servicing ratio), where they can only borrow up to 30% of their household income.
Step 4: Notification of Ballot Results
A few days before booking date, you will be informed of your queue number, along with the time and date to turn up for booking.
A point to note is that second time home buyers will be given priority for up to 30% of total units. This means that in the worst case scenario, second time home buyers may be the first to buy, but up to the first 30%.
Step 5: Release of EC Price List
Two days before booking, the price list will be posted at showflat for you to make reference to.
This is when you make a decision whether you wish to turn up on booking day to book your choice unit.
Should you decide to go ahead, you are advised to shortlist all units you are prepared to consider in order of priority.
This is because others behind you in queue may go first if you are undecided on which unit to choose, and you will be put at the ‘holding area’ till a decision is made.
Step 6: Booking Day of EC
You will be called in accordance to ballot number, and issued a queue number for booking, once the allotted booking time is up. You would then join the queue for your turn to book.
There’s no obligation to proceed with purchase, if your choice units have all been booked by those ahead of you in the booking queue.
Once a selection is made, there will be a set of documents called ‘PDI Forms’ to be signed. As your agent, I will explain the documents which include information on the EC development and the unit you purchased.
The ‘Option to Purchase’ (OTP) can only be generated upon the submission of all signed copies of ‘PDI Forms’, together with a cheque payable to the project account of the EC for 5% of total purchase price.
Make your experience in EC Purchase an ease
Make your experience of a purchase at executive condominium new launches an ease or to discuss on the attributes of each EC as and when they are launched, or submit the form below to request for project information when released by developer. We will guide you step by step to get your dream home!