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Hi, I will like to ask if I intend to only contra but will like to buy the resale HDB flat and sell my flat later, is it possible. Will HDB or bank be able to provide a bridging loan to complete my purchase first and I can return HDB/bank the loan after I complete my sale later? Thanks
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3 Answers

Mike Lim
Replied
Morning Steve,

To utilize enhanced contra facility, the sales and purchase are to be done concurrently. Both transcation must be done with HDB loan.

For your case, you are buying first and selling later. If you are using HDB loan, you are required to settle the difference using personal means. With bank loan, bankers will be able to work on possible bridging loan to help with cruise over the difference.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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Ally Chin
Replied
Hi Steve

For a Contra case to takes place it has to be the buy and sell to be carried out concurrently.

Should you need to buy first and complete the Sell later then its not Contra.

Also, you need to be taking the loan from HDB or rather no loan at all before a contra case can be considered.

Should you buy first and sell later bank could offer bridging loan and HDB too can offer a higher concessionary loan amount and interest rate at 3.38%. Upon your selling is completed the interest rate will be reduced to 2.6%.

Should I can be of further assistance pls feel free to let me know. =)

Regards
Ally Chin
Associate Team Director
Propnex Realty P/L
CEA No. R010439Z
M: 81122213 
E: cwsally@yahoo.com Read More
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Koh Zhen Hon
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Hi,

Regard to your question. Why not you just drop me an email at ot1984pierre@gmail.com or Contact me @ +65 8 2 7 9 8 3 2 7 - Whatsapp / Call / SMS

Why Should Sellers/Landlords engage me? Contact me @
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