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There are a number of timelines to take note of because of tax, cashflow and policy if you are selling a HDB and moving into another HDB. If you do it wrong, it either won't be approved by HDB or you may end up with insufficient funds to complete the purchase.

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Kay Cloud
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Good day to you.

Since bridging is viewed as a preliminary loan based on potential sales revenue, I can arrange for my banker to partner with you regarding the bridging loan, facilitating the purchasing process.

In Singapore, Singaporean buyers are exempt from ABSD when acquiring their second HDB unit, provided they sell their first unit within six months of receiving the keys.

Let’s meet and discuss the specifics.

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Hi Karen,

The bridging loan will not be able to cover the 5% cash down payment. Before the bank can release the bridging loan, you must have sold your current HDB flat and also get the HDB approval of sale. Bridging loan is not necessary if we plan the sale and purchase properly to ensure that your funds from your current flat can flow to the new one.

There is no ABSD when you buy a HDB flat because it is compulsory to sell your current flat within the next 6 months.

Please feel free to contact me so that I can provide you with further help and advice.

Regards,
Nick Tan
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With his help, we finally managed to sel Read More

Dear sir/mdm,

Bridging loan does not cover the cash outlay aspects. And if you are using bridging loan, your next housing loan needs to be with the bank too.

Do you want to speak to a banker to find out more?

——

I have been in the real estate business since 2009, with more than 15 years of experience serving the Singapore real estate market. Check out the EdgeProp featured article on myself recently at https://www.edgeprop.sg/property-news/geryl-lim-leading-landed-real-estate-heart-hustle-and-harmony

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 15,900 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's 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.

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✔1 The **bridging loan** cannot be used to pay the **5% cash down payment**, as banks release it **only after your current HDB sale is approved by HDB**.

✔2 If you **plan your sale and purchase timeline carefully**, you can often **avoid taking a bridging loan altogether**, ensuring the sales proceeds from your flat flow smoothly into your next purchase.

✔3 There is **no ABSD** when buying another **HDB flat**, since you’re required to **dispose of your existing one within 6 months** of the new purchase.

★ “A goal without a plan is just a wish.” – Antoine de Saint-Exupéry ★
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Hi

The bridging loan cannot be used to cover the 5% cash downpayment, and have to be settled in cash.

One way to work around is to time your sale completion to be approximately 3 to 4 weeks before your buying completion, such that your sale cash proceeds and CPF Refund will come back in time to do your purchase completion. That way, you need not take bridging loan, but the downside is you have less time to do your renovation for next flat, and your sale process needs to be expedited to quickly secure a buyer.

If you are SC buyer, no ABSD is payable even if you do buying first, as there is ABSD remission available for SC buyers buying resale HDB as next property, while concurrently selling their existing HDB. You will be required to sign a form to undertake to sell the existing HDB.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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Before contacting Ivan Ng, our Pro Read More

You can use a bridging loan to help with cash flow, but exactly what it covers—like the 5% cash downpayment—depends on the bank and your eligibility. As for ABSD, timing of your purchase relative to selling your current HDB affects it, and there are a few scenarios to consider.

Best to chat directly so I can guide you through your situation and options. Read More

Hi,

1) A bridging loan is a type of short-term financing designed to cover the financial gap when a person buys a new property before receiving the proceeds from the sale of their existing one.
2) You must have submitted a resale application and receive an approval from the HDB before applying.
3) The amount borrow is usually tied to the net sale proceeds and the CPF balance expected from yuor current property's sale ofern capped aroung 20~25% of the new purchase price.
4) Whether this bridging loan can cover the 5% cash portion is differ from bank to bank.
5) You have to speak to the banker to ensure this bank supports what you intend to do.
6) The final is the bank will assess whether you are able to repay this bridging loan after selling the current flat. So, it is not a guarantee that you could get the full 25% for the downpayment.
7) If you are buying first, then, make sure you have sufficient for the BSD (Buyer Stamp duty). BSD is $9.6k for a $500k propery, and more if the property price is higher.
8) Switching from HDB to HDB flat will not be subject to ABSD. As the IRAS also well aware that no one can hold on to 2 HDB flats for long time. It is only a transistion from flat to flat.

All The Best!!!

Hope the above answers 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
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Hi, appreciate your sharing. I think only for the 20% require for later part for completion. 5% I don't think bank allows, able to check on your behalf with banker.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More