The best option for people looking to live in a condominium is the executive one. They can easily house many people and are generally affordable. An Executive condo must be met several conditions. Knowing the basics can make it easier. Come and visit our website search it on Altura EC you can learn more.
The application requires you to attach different documents. There are many documents you will need, including income statements, marriage certificate, birth certificates, NRICs and others. It’s a smart thing to double-check all income statements by HR, to ensure they correspond to the HBD requirements.
Why an Executive Condominium is a good investment
The ownership of an Executive condominium comes with many advantages. A private condo is quite similar. There are many amenities that owners may use and most of these facilities are for residents. For assistance in purchasing a condo, the Executive Condominium applicants can apply for a Housing Grant. It is only available to those who are eligible and have not previously applied.
TheExecutive Condominium is available for rent
The rules for how your Executive Condominium can be used are set out when you purchase it. MOP refers to Minimum Occupation. If you have other rooms in Executive Condominiums, they can be rented out for the same period.
Rules
An Executive Condominium can be sold according to different rules. Each owner must meet the MOP, which covers five year. No transaction can be made within that time frame. The five year period is upheld and the owner can decide to either sell the unit or give it to an individual. After 10 years, an Executive Condominium may be sold to foreigners. It is necessary to wait around 30 months until you can purchase another flat directly through the HBD.