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Hi. Thinking to sell existing HDB resale flat, and get one balance flat. First timer here, since no grant taken when buying existing resale flat. COuld someone experience advise on procedures? Buy first and sell 6 months later? Can we still take bank loan? What about CPF (we used and are using CPF to serve existing bank loan)? etc.. etc.. Thanks..
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6 Answers

Dear sir/madam,

The timeline for SBF flats varies, as it depends on the status of the flat you are applying for, whether they are ready for occupation, or are they still under construction.

Would you still be looking to sell and purchase a resale HDB, should your application of SBF be unsuccessful? Would you need your funds from the sale of your existing HDB in order to complete the purchase of the new flat? We can only work backwards based on the situation you are in as well as the timeline available based on your application of SBF.

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Good morning,

SOBF is subjected to availability hence it would be good to secure a unit first before deciding to sell. As not all SOBF are ready for key collection, the timeline will differ greatly.
You will be required to pay the down payment either using your balance OA fund or cash if you are looking a tad buying first and selling later.

Do feel free to contact me for further discussion.

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Mike Lim
 96929209 
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Robbie Chen Chee Howe
Hi,

I think you should not sell your current flat until you have confirmed your SOBF.

When you have confirmed your SOBF flat, you can then proceed to market your current unit for sale. Timeline will be dependent on when is your key collection for you SOBF.

As for loan matters, you are free to choose HDB loan or bank loan. You can also use your CPF-OA funds for the purchase.

Should you need any 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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
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Hi,

There are many reasons to sell, hence it is important you aware of the reason and act upon it, and not just act on impulse.

Your idea is to sell HDB resale and to buy SBF.
(1) Since never receive any grant, you are considered as 1st timer. No impose of resale levy.
(2) You may apply for SBF as of now. There will be 2 scenario:
(a) SBF are readily available
(b) Still building in process

Under (a), you have 6 months to sell upon key collection.
Under (b), you have to wait till receive letter of key collection.

For above 2 scenario, you have "at least" 6 months to sell.

(3) Bank loan or HDB loan.
For people with disposable cash, taking bank loan is a better option due to at least 1% cheaper per annum.
For people who tight on cash, taking HDB loan is a better option, as almost no cash needed for the purchase.

(4) You do not need to service any loan during building period, you only need to start service your loan upon 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,

For SBF units it comes in various types (some are completed, some close to completion etc.), and usually its oversubscribed. I would highly recommend to only start selling after your SBF unit is confirmed. Yes you can take bank loan but that means a minimum 5% cash outlay, and yes can use CPF OA.

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 ERA ASAP
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