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Hi,
Under Contra scheme, do I need to use 100% of the sales proceed from my outgoing flat to finance the next flat or can I choose to keep certain amount of the sales proceed?
If I'm not eligible for a second hdb loan , can I still use this contra facility if I'm taking a bank loan for my next flat?
Thank you.
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3 Answers

Ivan Ng
Replied
Hi,

Contra is only available if you are taking HDB loan for your next flat. Whether how much sale proceeds to be used depends on how much CPF proceeds you have, and the purchase price of the next flat. If you are unsure, its better to engage an professional agent who can manage the transaction & timelines properly so its hassle free. Thanks and hope to assist with your sale & purchase further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
CEA Registration Number: R052114D
ERA Realty Network: L3002382K
Facebook Page: www.facebook.com/ASAProp
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Mike Lim
Replied
Afternoon,

Contra facility is only applicable is your current unit is under HDB loan and the upcoming unit is also using HDB loan. In general, you will need to utilize at least 50% of the cash proceed to finance your upcoming purchase, along with all the CPF monies available before HDB will disperse out the mortgage loan.

Do contact me further for detail discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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YT Tan (陈永达)
Replied
Good afternoon buyer,

Do take note that you will only be eligible for contra facility if you are using HDB loan for current HDB and will be taking up HDB loan for your purchase as well. If so, at least 50% of the sales proceeds and all your CPF OA funds will be used to reduce the mortgage for purchase.

If you are taking bank loan, you have to decide whether do you want to take maximum loan, how much sales proceeds and CPF OA funds do you intend to use.

Hope my explanation helps!

If you need further assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More
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