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Hi,can guru please advise the process for contra?
We own a 4A flat in Tampines street 21, fully paid and meet MOP. We intended to sell and buy a 3A flat around the same area.
No cash, No CPF situation.

1)Can we still apply for HDB loan if income ceiling exceed 10K?
2)Can we do contra? Assuming the 3A flat will be fully paid off using CPF, will the cash go back to our bank? Or we have to use partial cash for the 3A flat?
3)What will be the time frame for sell and buy? What if after selling, I'm not able to get a unit which I like.
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2 Answers

Mike Lim
Replied
Evening,

With income exceeding $10k, you are not eligible for HDB loan, thus contra is only possible if you are paying fully by cash and CPF.
To have contra facility going through smoothly, you must have the timing arranged nicely. Know what are your purchase requirement and willingness to adjust your selling price plays a vital role.
Else, you will need to let your seller know about your situation and arrange accordingly.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
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Andrew Se
Replied
Hi,

I am very active in tampines as i am staTing in tampines.Please call me or sms at 96392109  or Andrew.se@irangetee.com.. Can discuss further.. Cheers Read More
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