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Good evening Joel,

I am afraid to inform you that it's not possible. You have to make full payment before HDB will release the keys to you.

Why not we do a contra for your case (if current loan is HDB and new BTO is also HDB loan) and request a temporary extension of 3 months from your buyers?

With that you should have ample time to do renovation and move into new BTO without having to find a temporary accommodation during the transition?

Or if not, do share with me your concerns so I will be in a better position to advise you further.

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
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Hi Joel, it is still possible to get the keys of the BTO unit first provided you have enough funds to settle it.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi Mr Joel,

Buying and selling is a different matter. Even though you are buying from HDB.

You had already paid the downpayment irregardless of whether HDB or bank loan. Thus you will be servicing the mortgage which you had committed when sigining the S&P earlier upon collection of key.

(1) Using HDB loan: Your sale proceed in terms of CPF portion that return to OA will be use to reduce the loan.
(2) Using bank loan: You may determine how much of CPF portion that returns from sale proceed to reduce the amount of loan. However, there might be monetory penalty involved in revising loan amount.

Thus in order to reduce the monthly installment, you will have to dispose off current flat before key collection.

Hope the above answer to 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.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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Hi Joel,

Unfortunately, it is not possible for you to collect the keys before selling your current place as HDB requires you to fully pay off your new flat before releasing the keys to you.

You are facing a common situation which a lot of my clients are facing. To transit smoothly from your current HDB to your new BTO, I will recommend that you sell the flat first and at the same time request for an extension of stay from your buyer. In this way, you will be able to collect the keys from your new BTO and having some time to renovate your new place while still staying at your current place.

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

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
Visit my website to know me better: www.nicktan.com.sg

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