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Hello. I am intending to sell my 5rm HDB Flat and get a condo. I have 2 questions regarding this.

1) If i were to sell my HDB and get a condo around the same time, would i be able to get a bridging loan to pay for the down payment as i would only get the proceeds of selling the HDB later.

2) I used my CPF to pay for the downpayment and montly mortgage for my HDB. After selling the HDB and the proceeds gets recredited back to my CPF, can i use the funds in my OA account immediatey towards my new home or is there a restriction on the time frame i am able to use?
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2 Answers

Geryl Lim
Replied
Hi kkren1,

In general, banks may provide a bridging loan to you if you fulfil the pre-requisites set out by them to qualify for bridging loan, as far as I understand. For details, you may like to check with a banker.

As for the utilisation of CPF, it will also be subjected to approval as we are in no position to comment if you are able to use these funds, depending on age and other requirements as set out by the CPF board.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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Mike Lim
Replied
Afternoon Kkren1,

To get the bridging loan, the bank would need to assess your income status and credit record. They would also need to look at how much profit you will get from the sales of your HDB unit.
As for using of CPF, from the completion of your HDB to the day your CPF gets credited back into your CPF account, it will take around 14 working days. Thus, staging the sales and purchase, in terms of timing, along with your current financial status is very important.

DO feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
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