Qualifications for the ownership of executive condominium

Recently, an announcement was made that the executive condominiums will be subject to a Resale Levy. A resale levy is a payment in a lump sum that is made into the HBD when one purchases a subsided home. However, the levy is applicable to all executive condominiums with property sales having been established after 9th December 2013. There are still some that are not subject to this specific levy. There are also some laws regulating how qualified one is in order to purchase an executive condominium. For one, one must be a citizen in the nation. The nucleus of the household also must include of a citizen or a permanent resident within the country. For one to qualify, they must be 21 years or older when the application has been made. When it is being purchased under a scheme, then the applicant needs to be 35 years or older.

There are various schemes which are applicable. Under every Uptown at Farrer, there is a fixed family nucleus requirement set. For the public scheme, then, the nucleus requirement is that you, your partner, kids if parents, siblings if there are any, kids under your control, maintenance and legal custody for divorced and widowed, and fiancĂ©. For orphans, unmarried and you siblings or another orphan who is not related. For joint singles, the applicant and another person who’s single can apply. Double key Executive Condominiums can be purchased as offered by developers if you are in a multi-generation sort of house hold. For the income ceiling, it has to be at most $14,000 for any OTP allowed by any programmer starting 24th august 2015. For any OPT that has been granted before this date, the monthly household income should not exceed $12,000. There are a lot of options out there for the people interested in purchasing an executive condominium.

There are many institutions being launched every single day and this means that the accommodation for the taxpayers has been catered to in the simplest way possible. The jobs are often carried out by programmers that are famous within the circles. The executive condominium is lavish in nature and this is among the most interesting things about them. The components are often quite many and this means that one institution can handle a significant number of residents. Prime property is usually the goal for the institutions and you can note the places are in close proximity with all the vital amenities that one can consider. Public transport and expressways that connect with significant places such as CBDs and cities are typically the essential elements in the situation of these developments. This means more advantage to the men and women who need to commute daily.

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