3 Answers

Hi,

For resale contra cases, only works for hdb loan cases and need to fully utilize the cpf for the purchase. You also need to set aside 50% sale cash proceeds for the next flat.

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 Realtor
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Robbie Chen Chee Howe
Hi,

Enhanced Contra Facility is for Selling and Buying another flat, with both flats utilizing HDB loan (or no loan).

Typical conveyancing fees of few hundred dollars for the sale and purchase.

I am experienced and well-versed in HDB transactions. I will be able to assist you in your property plans.

Should you need require 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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
0
Hi,

This is more of a technical question, you may find an answer from HDB website:
https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/procedures/resale-application/enhanced-contra-facility

I'll briefly list and highlight some of the essential items which you may take note of:
1) Refund CPF cannot use for payment of stamp duty and conveyancing fee. However, if you have sufficient funds in CPT OA, you may make use of those funds to pay for the mentioned items. Otherwise, you have to use cash for all the mentioned items.

2) All current CPF funds in OA has to be fully utilized before using cash proceed from the sales. But you may retain $20k in OA under current policy.

3) Cash proceed from sales of HDB has to use to deduct from the following:
a) Deposit paid
b) Outstanding mortgage loan to HDB purchase
c) Resale/upgrading levy
d) All CPF refund plus interest
e) Other sums due and payable to HDB

4) 50% of Cash proceed has to be utilized in the new purchase:
a) Amount $50k, Exactly 50% of the cash proceed has to utilized for the new purchase.
This is also known as "Right-Sizing Policy"

5) Last thing you have to be aware that:
a) Your current HDB flat was/is using HDB loan
b) New purchase HDB flat must take up HDB loan if the loan is needed.

Hope the above answers 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
https://www.facebook.com/Homesellerbuyer/

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