AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I stay in my current 4 room flat for more than 10 years now plan to upgrade to EA. If my current flat cov can get $40k and EA cov is $60k must I top up the different in cash if I am using contra and using hdb loan.
0 •
464 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

3 Answers

Geryl Lim
Replied
Hi David,

http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/SellFlatEnhancedContraFacility?OpenDocument

Please refer to the link above to read up more about enhance contra facility.

Should you require any further assistance, feel free to contact me further.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
0
Upvote Upvoted
Mike Lim
Replied
Afternoon David,

This would depend on the amount of profit which you can get for selling your unit. With contra, your current HDB and upcoming unit must be under HDB loan. 50% of the cash profit from your sales will be channeled into your purchase, and HDB will loan you the balance, depending on your HLE approval.
The COV will be then deducted from your balance cash, if there is sufficient.

DO feel free to contact me for a detail financial analysis.

Regards
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted
Choo Jia Ming
Replied
Dear David,

Contra is a more complex situation as you will be buying and selling at the same time. Prehaps it will be best to meet up to review the options and also to address your other enquiries.

I look forward to hear from you soon

Thanks.
Choo Jia Ming
B. Hons (EEE)
Savills Sales Director
HP: 9476 2732 
Email: jiaming.choo10@gmail.com
Salesperson registration. no: R026370F Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions