Most Singapore HDB sponsored executive condominium applications are easily approved. As long as you meet ownership qualifications, you don’t need to worry about getting a rejected EC condo application result.
Rejected executive condo applications materialise due to the common reasons detailed below. Executive condo applicants are strongly encouraged to run through check their eligibilities before they file their applications to avoid undue inconveniences.
An Insufficient Income Ceiling Amount
The HDB seeks to ensure that you have the financial capability to sustain an executive condo investment. For this reason, insufficient income ceiling amount is the most common ground for executive condo application denial.
To avoid wasting your time and effort, do some basic calculation of your finances before you file for an EC application. It does not take long to calculate your savings. The time you invest doing your homework goes a long way in knowing where you stand in EC eligibility sooner rather than later.
It’s always better to be safe rather than sorry. Hire a contracted accountant to help you get your calculation going to ensure that you arrive at an accurate calculated amount.
Inaccurate Data Presentation
Sometimes, unintentional inaccurate data interpretation leads to rejection of an EC application. Do extensive research to ensure that you only present accurate eligibility qualifications. Remember that EC ownership of a Bellewoods unit is a milestone in your life. Don’t risk losing ownership of a condo unit here. You can do this by double checking facts before you file for an executive condo application with Singapore’s Housing and Development Board (HDB).
False Application Data Presentation
False application data presentation won’t lead you to a successful ownership of an executive condominium. Honesty is the best policy. This motto is a pre-requisite to owning an EC. It’ll be hard to get a future HDB approval once you’ve falsely declared some or all of your qualifications in your EC application. It’s always better to get a good shot at a second EC application than none at all.
Time Sensitive Ineligibility Qualification
March 2012 and December 2013 saw executive condo ownership eligibility revisions. Late executive condo application submissions yield corresponding consequences that you won’t like. You’ll risk losing eligibility to own an EC every time the HDB revises ownership regulations for the property.
Executive condo ownerships are lucrative as elegant living in Singapore continues to thrive. Partake on the opportunity to invest elegantly in a new home, at an affordable price.