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After OTP, is possible to get a home bridging loan from banks while waiting for my sales proceeds?if we were to purchase a new ec.We want to use the cash from our sales proceeds for our downpayment but I understand that it will take few months before we get it after OTP.OR is there a way whereby we ask for a loan first then pay the bank back after we get our sales proceeds?
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1 Answer

Darren Lim
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Dear Sir/Mdm,

Yes, it may be possible to obtain a bridging home from a bank but you may most likely incur interest charges by the developer of your EC as you may not be able to meet the deadline for the 15% payment.

If I understand correctly, you have the intention of selling your current HDB flat and wait for the sales proceeds so as to pay the remaining 15% of the downpayment right?

I handled a similar case recently and it went through smoothly with the help of a good banker and law firm.

Feel free to contact me should you need my assistance in your sale of HDB and/or purchase of an EC unit.

Hope to hear from you soon.

Darren Lim
HP: 91443311 
darrenlim.era@gmail.com Read More
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