Both types of apartments have the word “condominium” in them but what exactly differentiates them apart?
|Executive Condominium||Private Condominium|
|Age||At least 21 years old, or 35 years old if applying under the Joint Singles scheme||At least 21 years old|
|Monthly Income||S$14,000 and below||–|
|Ownership||Do not own any property within the last 30 months||–|
|Family Nucleus Scheme||· Public
· Joint Singles
When applying for an executive condominium, you may be eligible for up to S$30,000 in housing grants. What about a private condominium? Nothing.
Minimum Occupation Period
According to the Housing & Development Board, there is a MOP of 5 years for Executive Condominiums. On the other hand, since private condominiums are not under the care of the government, there is no MOP. This means that you can sell or rent out your private condominium unit any time after purchase.
Deciding on which type of condominium to buy is ultimately up to the individual’s or couple’s financial situation and plans. If you have the money and are looking to invest, private condominiums are the way to go. Contact Us to secure the lowest mortgage loan for your purchase.