Asked by Anonymous
Hi all, I’m looking for some advice on the HDB loan payment timeline and how my cashflow might look like for an upcoming BTO.
My current HDB is valued at around $600k, and I have used approximately $310k of CPF for this flat. I’ve recently received a successful ballot for a 4-room unit at Oakville @ AMK, with prices ranging from about $515k to $600k. I’m planning to take an HDB loan and will likely be selling my existing flat to fund the purchase.
I would like to understand how the payment timeline typically works from now until key collection. Specifically, when are the booking fee, downpayment, and any other payments due, and whether there are any payments during the construction period before key collection.
I’m also trying to understand how the sale of my existing flat usually aligns with the BTO payments. When the flat is sold, how soon will the CPF refund be credited back to my CPF OA, and at which stage can this CPF be used for the new flat?
Based on this setup, I’m hoping to get a clearer picture of how my overall cashflow might look like. Roughly how much cash and CPF would I need upfront, and are there any periods where I may need to bridge payments using cash before the CPF from my current flat becomes available?
Lastly, are there any important things I should plan ahead for, such as resale timing, loan approval considerations, or temporary housing arrangements, that could affect the process?
My current HDB is valued at around $600k, and I have used approximately $310k of CPF for this flat. I’ve recently received a successful ballot for a 4-room unit at Oakville @ AMK, with prices ranging from about $515k to $600k. I’m planning to take an HDB loan and will likely be selling my existing flat to fund the purchase.
I would like to understand how the payment timeline typically works from now until key collection. Specifically, when are the booking fee, downpayment, and any other payments due, and whether there are any payments during the construction period before key collection.
I’m also trying to understand how the sale of my existing flat usually aligns with the BTO payments. When the flat is sold, how soon will the CPF refund be credited back to my CPF OA, and at which stage can this CPF be used for the new flat?
Based on this setup, I’m hoping to get a clearer picture of how my overall cashflow might look like. Roughly how much cash and CPF would I need upfront, and are there any periods where I may need to bridge payments using cash before the CPF from my current flat becomes available?
Lastly, are there any important things I should plan ahead for, such as resale timing, loan approval considerations, or temporary housing arrangements, that could affect the process?
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