I’ve 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.
Developer does not provide online submission of e-application. All home buyers must be represented by a property agent to guide you on the procedure in respect of an EC purchase.
The steps below are what developers of EC have been practising in the past, and may be subject to change from project to project.
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, I can help to register on your behalf.
Developer would usually open the showflat for viewing during this period.
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.
Step 3: Obtaining In-principal Approval for Bank Loans
For those who have called or email me to indicate their interest, I recommend this as the first 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
Call Poh Lin at tel no. 96700937 to 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.