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Good afternoon,

I assume the current property A is also under HDB loan. For Enhanced Contra Facility, you need to be on HDB loan for current property and also be taking hdb loan for the next hdb property B.

For this approach there are 2 things to take note, (1) the CPF utilized+accrued interest by all owners for current property A has to be port over and utilized for the next property B. The current CPF OA amounts of all purchasers will also be fully drawn down towards the property B purchase.

(2) you have to set aside 50% of the sale cash proceeds of property A and also port over to the purchase of property B.

The balance amount of purchase price of B not covered by (1) & (2) will be funded by the HDB loan HLE amount.

This is the prevailing practice so the purchasers will not have to take up too high a loan amount for the next property B.

Other cash outlay includes hdb conveyancing fees and agent fees for the transaction.

If you prefer to have more cash on hand after the sale, you may wish to consider bank loan instead as point (2) will no longer apply.

I have worked on similar cases and will be happy to clarify your concerns. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Top 600 Achievers in Year 2017 (Top 10%)
ERA Top 300 Achievers in 3rd Quarter 2017 (Top 5%)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

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(Client's Testimonials)

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-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

We're looking to find an investment property next and will be glad to work with Ivan again for the long-term to restructure our property portfolio. He has become a friend now, and we are most happy to recommend his professional services to our loved ones and friends.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered all our enquiries. He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked. Thanks Ivan! :)

-- Sellers of Exec Maisonette Gaffoor & Isha --

Buying or selling property is a big decision, as we wanted to make sure our agent is someone we can trust, get in touch with, and approachable. Ivan certainly fits the bill. He was available anytime of the day to answer our queries and was with us throughout the process. We have no reservations in recommending him.

-- HDB BTO 4rm Sellers at Sengkang, Jonathan & Abigail --

By faith, we signed the contract with Ivan and in less than two weeks time, we opened our house for the first and the only viewing, days later the OTP was signed! Thank you for all your excellent diligent services and all the professional advise!

-- HDB upgraders to New EC owners Mr. & Mrs. Goh --

My unit was marketed by another agent back in Q3 2017 and after more than 3 months, there wasn’t any offer. I almost lost hope and thankfully I made the right decision to switch to Ivan. Through his hard work, perseverance & commitment, my unit was sold by Q1 this year. Would definitely recommend Ivan’s services to any potential sel Read More

Hi,

In terms of financial, whatever CPF monies that you have used for your current flat, will be refunded (with accrued interest) and be used for your next purchase. You will be able to set aside up to $20k each in your respective CPF-OA for the purchase. Half of the Cash sale proceeds received from the sale of your flat will also have to be used to pay for your next purchase. It is best if you could have a HLE ready, so as to have a full understanding on your capital outlay as well as potential monthly commitment.

Apart from the financial aspects, you will also need to consider the Timeline planning should you wish to have a smooth transition to your new place. This is because the completion of the sale of your flat and the purchase of the new flat will fall on the same day. I believe you do not wish to end up homeless, or having the trouble to shift house more than once?

Also, for contra cases, only 1 party (out of the 3 parties) will be able to do it. Hence, you will need to ensure that the Buyer of your HDB flat, and the Seller of the flat that you're going to purchase, are not doing contra.

I have recently helped a client in a contra case, and will be able to assist you too.

I am experienced and well-versed in HDB resale transactions. I will be able to assist you for your purchase. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead. By the way, can I have more info of your HDB unit detail so that I can find out about the unit value on your behalf alright?

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

Hi Do contact me at 97970200  to discuss more

Mark, your RIGHT choice
Propnex Read More

Dear Sir/Mdm,

In layman's terms, ECF enables you to time the process of the sale of your current place together with the process of purchase of your resale flat. On completion day, you will hand over the keys of your flat to the new owners and also receive the keys to your new flat. This is done on the same day.

HDB acts as a middle man to handle your loan and CPF such that the funds can flow seamlessly from your sale to support your purchase.

However, ECF may not be the best way to time your sale and your purchase as you may not have enough time for your renovation and moving.

I have done a lot of ECF cases before. Please feel free to contact me so that I can understand your situation better and draw up a transition timeline for you.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
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Testimonial from Satisfied Clients

“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Dear sir/madam,

I believe my fellow professionals have already addressed in details on the ECF available for home owners cum buyers who are currently utilising HDB loan for their flat and looking to purchase using another HDB loan, if they qualify.

There are several considerations to take on using ECF though, and 1 is the amount of cash proceeds you will be able to retain after the sale of your existing flat as you will only be eligible to retain 50% of the cash proceeds of your sale for renovations and other uses. The objective of this restriction is to reduce the amount of loan (or risk) undertaken by the purchaser for their next flat.

This is usually 1 of the main considerations for consumers like yourself due to the rising renovations costs, and with a new home, it also means new appliances and furniture which will be quite significant.

A newly MOPed HDB flat presents the owners a golden opportunity to plan out their next move, with the ability to monetize the flat and move on to an asset which can potentially generate better capital appreciation while the family lifestyle can also be upgraded. The last thing we want is to move into an under-performing asset where we will need to work doubly hard to make up for loss ground.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at 81577565  .

I look very much to hear from you soon.

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Regards,

Geryl LIM
Consultant - Director
Century 21
CEA Reg R014783H
www.geryllim.com
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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Hi Sir/Mdm,

Basically for Enhanced Contra Facility (ECF), it means using the sales proceeds as well as your CPF refund directly from the sale of your property to pay for the purchase without waiting. So this also means that your sale and purchase transactions will complete together on the same day.

Basically for cash outlay, if you are using HDB loan, then it will be your deposit of maximum $5,000 as well as some administrative fees which adds up to a couple of hundred dollars. For ECF, all the loans must be HDB loans and if you are intending to apply for HLE and your current loan is also from HDB, then you are good to go.

What is the important factor here is, when you apply for a second HDB loan, you will need to use 50% of your cash proceeds in the new house. This is a compulsory rule by HDB. A lot of people would want to avoid this as most of us would want to take the cash instead as there are many uses for it and it is definitely better than putting it back to your new purchase.

What I can suggest is that maybe we can meet up for a chat? I can advise you on what are some of the options that we have and I can also recommend an investment property to you which you can purchase it even if you are having the MOP of the new house and you can get the investment property for around $100K to $150K. This is definitely not a scam because I also bought one unit of the investment property myself. Haha.

No worries, there is no obligations to the meetup and we can really just take it as a chat. I can also do a calculation for you so that you can have a clearer picture of your finances when you make this move. Sometimes with the figures in front of you, you may choose to take a different option instead. I have left some links to some of the write-ups of me and my partner being featured in Council of Estate Agents' newsletter for good client service and also to testimonials that our clients have left for us. Do copy and paste the links to your browser and take a look if you have time.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Senior Associate District Director (Sincerus Division)
Training Director (Navis Living Group)
NAVIS Living Group - A group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

Founder of Sincerus Division
SAEA Real Estate Excellence Silver Award - Best Client Service (2014)
SAEA Real Estate Excellence Award Nominee - Best Client Service (2012/2013)

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* Check Out Our Client Testimonial Video Here - https://youtu.be/WzNepsjH1Oc *

Mobile : +65 9858 1322 
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