6 Answers

Hi, yes you will need to apply for an HFE regardless.

This depends on the situation you are in when considering temporary loan against contra facility.

The temporary loan is a mortgage of the new flat and will be redeemed subsequently, with the net proceeds from the sale of your existing flat.

To qualify for the TLS, you must have:

Booked a flat and the keys are now ready for collection
Fully redeemed your housing loan from a financial institution (FI) for the existing flat (if any)
Applied to sell the existing flat
Will have sufficient CPF and cash proceeds from the sale of the existing flat to fully redeem the temporary loan

If you are using contra facility, you need to take up an HDB loan.

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Do you mean you have already booked a BTO flat and the key collection is soon? If so, it is not necessary to apply HFE since you plan to use sale proceeds to cover the full purchase price and necessary miscellaneous costs. Contra facility usually is a better choice because temp loan requires some interest payable during the temp loan period, but temp loan allows you to have extra month to do renovation.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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Hi Sir/Mdm,

If your BTO flat is already booked then there is no need for HFE anymore. I wouldnt advise temporary loan as with proper planning, we would be able to time the sale of the current flat together with the keys collection so that you are able to move smoothly from one place to another without the need for interim housing solution and also have some buffer time for renovation. You may use the sale proceeds to collect the keys and do not need a temporary loan.

Please feel free to contact me so that I can understand your situation and draw up a timeline for you.

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Hi, appreciate your sharing. Yes, require your singpass login and apply HFE soon.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Stewart-PropNex (Senior Associate Division Director) Read More

1) As of the current HDB policy. HFE is needed regardless of buying BTO/SBF or a resale flat.
2) There are different conditions to be eligible to use a temporary loan and contra facility:
(a) Temporary Loan: This is applicable;
(i) when you are not taking any loan from the HDB and the bank.
(ii) No outstanding loan on existing flat
(iii) Sale proceeds are sufficient to cover the temporary loan + interest incurred.

(b) Contra facility:
(i) You must have sufficient funds for legal, stamp duty, and downpayment.
(ii) You are taking an HDB loan for the BTO.

3) You may select the facility according to your situation.
4) No facility other than these two may address your situation.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
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HDB Loan Eligibility (HLE) and Financing Options for your BTO Flat
HDB Loan Eligibility (HLE):

Yes, you still need to apply for a Housing Loan Eligibility (HLE) letter from HDB, even if you plan to use sales proceeds from your current flat for your new BTO purchase. The HLE letter is crucial because:

It confirms your eligibility for a HDB loan based on your income and CPF contributions.
It specifies the maximum loan amount you can qualify for from HDB.
Temporary Loan vs. Contra Facility:

Here's a breakdown of Temporary Loan and Contra Facility to help you decide which might be a better choice:

Temporary Loan:

Short-term loan: Provides temporary financing for the down payment and initial expenses of your new BTO flat.
Repayment: You'll need to repay the temporary loan in full, with interest, usually within 6 months of collecting your keys for the new flat. The funds from selling your existing flat are then used to settle the temporary loan.
Suitable for: This option might be suitable if you need some extra time to bridge the gap between buying your BTO flat and selling your current flat.
Contra Facility:

Convenience: HDB facilitates the direct deduction of your down payment and initial expenses from the sales proceeds of your existing flat.
No separate loan application: No need to apply for a separate temporary loan.
Sales proceeds requirement: You'll need enough sales proceeds from your current flat to cover the down payment and initial expenses for the new BTO flat.
Unsold flat risk: If your current flat isn't sold by the time you need to collect your keys for the new BTO flat, it can lead to complications.
Choosing the Right Option:

Financial situation: Consider your current financial situation and how comfortable you are with managing a temporary loan.
Selling timeline: If you're confident your current flat will sell quickly, the Contra Facility might be simpler. But if there's uncertainty, a Temporary Loan offers more flexibility.

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