Even with the recent rise in interest rates, HDB ECs are still popular and a great housing option. With down payments of 25%, they’re cheaper than private condos and are perfect for first-time buyers. But what’s the catch? You have to pay at least 25 percent of the total purchase price as down payment. If you’re not ready to make this kind of down payment, ECs may not be for you.
ECs are cheaper than private condos
If you’re looking to buy a new home but don’t have the cash to pay for the full purchase price, you should consider buying an EC instead. While private condos are freehold, ECs are sold at a discount, often 30% or more lower than the price of a private condo. In addition, HDB offers a grant to EC buyers if they meet certain criteria.
However, ECs are not for everyone. To purchase an …