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If i have a five room HDB, fully paid, and I want to downgrade to a 3rm resale for retirement, and I want to do ECF, is it still necessary to take a HDB loan if my 5rm proceeds can cover the purchase of the resale 3rm?
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5 Answers

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi,

It is not necessary to take a HDB loan, you can choose to use sale cash proceeds and CPF OA refund from the current property to fully pay off the next flat. I have worked on various similar cases and would be happy to share the best approach for your case.

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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Dear Sir/Mdm,,

If your sales proceeds or your CPF refund from the 5 room flat is sufficient to cover the purchase of the 3 rm flat, you will not need to take any loan. You will also be able to make sure of the Enhanced Contra Facilities to shorten the transaction timeline.

I have successfully done many contra cases before. Please feel free to contact me so that I can give you an overview of the whole process and also highlight to you the issues that you need to take note of. I am happy to help you do up a calculation as well

Regards,
Nick Tan
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Hi,

1) You may skip the HLE application since you are downgrading.
2) Your returned CPF + accrued interest will be transfer to pay for your purchase directly when using ECF. This is the main advantage compared to not using ECF, which will need for 2 weeks or more during this WFH period.
3) Please be reminded you have to be open to both your buyer and seller that you are using ECF because you will need to submit your resale application on the same day and indicate on your resale application that you are using the ECF so that 1 HDB officer will handle both your cases.

Hope the above answer to your main concerns, but if there are more query, 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://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Robbie Chen Chee Howe
Hi,

In this situation, a loan is not needed. You can set off the purchase price against the sale price, and cash out any balances.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

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
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