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I am getting a new 5 room from HDB, perhaps about $600K.
HLE=$450K
Combined OA= $90K
Has a 3 room, remaining $100K to clear from bank.

Should I get a contra facility, or sell the 3 room first?

Any cash involve to get the new flat?
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2 Answers

Mike Lim
Replied
Morning,

As your current unit is purchase with Bank Loan, you are not eligible for contra facility. You can however talk to the HDB officer about it, that you will top-up the remaining $60k, after the sales of your current unit. This would ensure that you have a roof over your head, even during renovation period.

FYI
Mike Lim
 96929209 
ERA Read More
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Ken Tan
Replied
Hi,

Since you are not using HDB loan, you are not eligible to use the contra facility.

To make things simple, you can sell your flat later (within 6 mths) and get a bridging loan. This will ensure that you will have a roof over your head during renovation period.

Cheers.

Ken Tan
 96461490 
Huttons

more info, go to www.96461490.com Read More
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