The 5 Differences between BTOs and ECs
There is a great difference between a BTO and an EC. Knowing the differences will hopefully help you when deciding between the two;
- Income Ceiling-the income for an executive condominium was raised recently from $12000 to $14000. The move is geared towards enabling many families to own such homes. Attractive rates for ECs are now available for potential home owners in places such as Parclife and The Terrace. As for BTOs, the income ceiling is set at $12000, a rise from the initial $10000.
- Priority to First-time Home Owners-if you are interested in buying an EC for the first time, HBD has reserved 70% of the units supplied to first timers for a duration of one month from the time it is launched. As for BTOs a higher proportion is given to first timers and additional ones are provided after unsuccessful attempts.
- Pool of Eligible Resale Buyers-both BTOs and ECs start off as subsidized public housing units but after a period of 10 years they get listed as private property. This dramatically opens up the pool of eligible buyers for both property types. However, there is a great difference between the two after they reach their tenth anniversary. For an executive condominium, foreigners and companies become eligible buyers once the 10th year mark has been attained. This is not the case for BTOs.
- Facilities and Finishing-there is a huge difference between ECs and BTOs when it comes to the kind of facilities and finishing in the units. As for ECs, the units come with exclusive amenities and facilities such as a well-designed landscape, swimming pools, tennis courts, child care centers, security, and many others. There are no facilities within a BTO unit. As for the finishing, ECs get the standard finishing as those of a full-fledged private condo. BTOs only get basic finishing and therefore buyers have to use some extra money for furnishing their units.
- Loans-as an EC homebuyer you qualify for a bank loan but a BTO homebuyer can apply for an HDB housing loan as well as a bank loan. However, the two loans are mutually exclusive.
Be on the lookout for attractive EC and BTO offers on areas such as such as the Sol Acres Condos and BTOs and many others.