Deodar 1 Report post Posted November 7, 2008 Can we buy an hdb flat if we already have one?If so,within how many months do we need to sell our existing flat?If both our existing flat and the flat we are going to buy is wth the help of bank loan,can we use contra facility for the purchase? Thanks in advance Share this post Link to post Share on other sites
applefreak 1 Report post Posted November 7, 2008 if you want to use contra, then you must sell as you buy meaning you use the proceed from the sale to pay for your new place if you don't want to use contra, you can take a bridging loan from the bank use the bridging loan to pay the downpayment and misc fees then repay the bridging loan with the proceed when you sell your old place usually hdb requires you to sell your old place within six months of taking possession of the new place but i've read about caes who successfully extended to more than a year Share this post Link to post Share on other sites
ivy 0 Report post Posted November 8, 2008 if you want to use contra, then you must sell as you buy meaning you use the proceed from the sale to pay for your new place if you don't want to use contra, you can take a bridging loan from the bank use the bridging loan to pay the downpayment and misc fees then repay the bridging loan with the proceed when you sell your old place usually hdb requires you to sell your old place within six months of taking possession of the new place but i've read about caes who successfully extended to more than a year i've got a similar problem.. i've found the unit that i wanted to buy, but i've yet sell my flat.. mine own flat is bought with HDB loan.. and I do not have sufficient funds in my CPF currently for 15% of the purchase price (heard from my agent that HDB will need to deduct 15% from CPF).. Are you able to advise me on my situation? Can I proceed to exercise my option to purchase while I continue to hunt for buyer for my house?? Share this post Link to post Share on other sites
Sam Lee Poh Huat 0 Report post Posted November 8, 2008 if you want to use contra, then you must sell as you buy meaning you use the proceed from the sale to pay for your new place if you don't want to use contra, you can take a bridging loan from the bank use the bridging loan to pay the downpayment and misc fees then repay the bridging loan with the proceed when you sell your old place usually hdb requires you to sell your old place within six months of taking possession of the new place but i've read about caes who successfully extended to more than a year Any idea HDB allows bridging loan in this instances? let say my location is "sellable".. haha. Share this post Link to post Share on other sites
