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HDB Questions

Asked by Anonymous 10 Jul 2016

Hi,
I have purchased an EC under the deferred payment scheme. The expected TOP is 1st Jul 2017.

My question is how to transit smoothly from my HDB to the new condo upon TOP without the hassle of moving to an interim place.
1. When should I start to market my current HDB.
2. When is the time i have to let go of my unit so that I can contra off my unit to offset the bridging loan.
3. What other details do I need to note.

Hope to hear from any kind soul.

Thanks.

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4 Answers

Previously Asked Questions

Ivan Ng · Answer 1 · 2016-07-11T11:40:09+08:00

Ivan Ng

Replied 11 Jul 2016

Hi,

If you are taking bridging loan, you need to sell within 6 months before EC TOP so bank can disburse accordingly. You should start marketing probably 4-6 months before the TOP is attained. Do make allowance for earlier TOP, sometimes it might TOP earlier than projected. Will need more details to offer better inputs.

May I understand your plans further so to make better recommendations? Thanks and look forward to value-add to your housing plans.

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YT Tan (陈永达) · Answer 2 · 2016-07-11T13:20:07+08:00

Good afternoon upgrader,

Usually EC might TOP 3 to even 6 months earlier so how's the progress at the moment?

Whole legal completion might take up to 3 to 4 months. We can request from buyers for 3 months temporary extension so you can pay off your bridging loan, do contra if need to, have ample time to renovate your new place and without the need to find a temporary accommodation for the transition.

Perhaps we can start marketing your unit after chinese new year. Before CNY, there wont be much buyers. Once we get a buyer, we can obtain a bridging loan then completion should be somewhere in august if we sell it off by april.

If EC TOP in July, you will have 3 months temporary extension to do up your place assuming you collect keys in August (need to queue to collect keys).

Hope my explanation helps!

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GAN ENG JOO ONASSIS · Answer 3 · 2016-07-11T13:51:17+08:00

GAN ENG JOO ONASSIS

Replied 11 Jul 2016

Hi,

Will be recommend to start marketing at Oct 2016. As it take median half year to 1 year to sell a HDB flat at median price.

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