AskGuru Q&A Community

Good day to you.

The HDB Enhanced Contra Facility is specifically designed for homeowners whose current property is either fully paid off or financed through an HDB loan, and who plan to fund their new property purchase in full. To utilize this facility effectively, it is essential that the completion dates for both the sale of your current unit and the purchase of your new unit coincide. This requires meticulous planning and cooperation between all parties involved—namely, the buyers of your current unit and the sellers of the new unit you wish to acquire.

Alternatively, you may consider securing a bridging loan. This option allows you to purchase your new home before selling your current one. In this scenario, it is paramount to work closely with your bank, as they will conduct necessary credit assessments and provide prior approval for the loan. It's vital to be aware that you will incur administrative charges and interest fees on the borrowed amount, which can affect your overall financial planning.

Additionally, communication with the Central Provident Fund (CPF) Board is crucial. You will need to ensure that the CPF refund you receive from the sale of your current property does not get automatically transferred into your Retirement Account (RA). Instead, it should be redirected for use in your upcoming property purchase.

Let’s collaborate closely to navigate these processes and make this transition as smooth as possible. Your success is my priority!

Navigating a property transaction can be complex, especially with major life events. As a seasoned property consultant with 15 years of experience, I provide informed guidance on complex property matters.

I assist my clients with -
Divorce: Providing guidance for property settlements and achieving a clear outcome.
Estate Planning: Simplifying the process of planning for the future or handling inherited property.
Complex Situations: Offering support for cases involving Power of Attorney, bankruptcy, and other challenges.

For informed guidance along your property journey, you can schedule a free consultation to discuss your specific needs via -
Mobile: 96929209 
email: m52i@yahoo.com

For more property insights, follow my short videos here: https://www.youtube.com/@SGHomeCompass Read More

Yes you should be able to, and I can help you with that.

Happy to support you in the transition! I will be able to work out the numbers for you, and show you how everything might pan our financially, while also showing you the potential 4-room resales you can move into.

I'm a Harvard graduated real estate agent with a degree in economics, and I have a decade of experience working on Singapore public policy. I would love to schedule a free consultation to guide you through and work out the plans together with you and your partner.

Feel free to reach out via whatsapp or email as per my contact below:

Kay Cloud
The Harvard Educated Agent
Propnex Realty Pte Ltd
cloud@propnex.com
Tel: (+6.5.) 8.5.6.7.4.5.8.5
Whatsapp -> https://wa.me/6585674585 Read More

Hi

The temporary loan facility is only for BTO buyers. For your case since you are buying resale flat, and selling resale flat as well, the Enhanced Contra Facility is more useful to you, as it allows you to port over your sale proceeds and part of CPF refund towards the purchase of the next flat, and have both sale & purchase completions scheduled on the same date, for a smoother transition. However there are eligibility conditions to fulfill, one of which will be no bank loan must be involved. Is your house already fully paid?

The other thing will be your cpf refund, upon sale, have to go towards your RA first to meet the FRS requirements, before any excess can go towards CPF OA to be able to use for your next housing. So I will need to know how much each of you already have in your individual CPF RA so to be able to calculate exactly how much CPF you can use for the next flat, and determine your budget.

I have worked on similar cases before with seniors and am happy to do a detailed calculation for you so you have the full picture before you take any next action step.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Multiple Diamond Award Achiever

SEAA Salesperson Achievement Award (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 11th Achiever in Feb 2024 (Top 1% Company Level)
ERA Top 64th Achiever in March 2024 (Top 1% Company Level)
ERA Top 37th Achiever in Oct 2023 (Top 1% Company Level)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Whatsapp: wa.me/6597432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
Web: https://propertyportal.era.com.sg/agent/detail/R052114D
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- HDB Executive Maisonette Sellers, Mr & Mrs Yeo --

Before contacting Ivan Ng, our Property Realtor, we were quite apprehensive about our Contra-deal ( concurrent resale & purchase of HDB flats) as at that time the outlook of the resale property market was quite sluggish & pessimistic. But surprisingly our property realtor, Ivan , was able to put us at ease with his professional competence, astute work experience & friendly nature . He was able to consummate our contra-deal within one month of our HDB application. Now we are convinced by his promise that (in Ivan's own words) ... "A contra-deal is where the sale & purchase transactions are done concurrently and completed on the same day. This results in a seamless transition of the funds from your sale proceeds and CPF proceeds towards your purchase price." More importantly Ivan has also managed to clinch a good deal for our contra-deal. We'll certainly recommend him to our kins & friends. Thank you very much, Ivan. We are definitely your satisfied customers!

-- HDB Toa Payoh 5-RM Sellers of Million-Dollar HDB, Mr. & Mrs Leong

We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. This was definitely supported by the fact that I Read More

Hi there, thanks for sharing your situation. Quite a common one for seniors right-sizing these days, so you are not alone.

Let me break it down in plain terms.

Can you use Contra or Temporary Loan Scheme?

Yes, both are possible for your case, because you are selling an HDB and buying another HDB.

HDB Contra Facility
If your buyer uses CPF, the CPF refund from your sale can be used to pay for your next flat directly, which eases cash flow. Good if timing is tight. Works only if both flats are HDB flats and your buyer is not taking a bank loan.

HDB Temporary Loan Scheme
If you need to pay the sellers before your own sale completes, HDB can give a temporary bridging loan. Then when your sale completes, the proceeds will repay HDB. This is useful if your purchase completes first.

Retirement Account / FRS concern

For seniors selling to buy another HDB, CPF rules kick in. If you are below 65 at the time of completion, the refund to CPF OA from your sale will first go toward topping up RA up to FRS.

If you are already 65 or above, CPF requires your sale proceeds to top up RA up to the Basic Retirement Sum if you pledge the property. So still some RA requirement, but less strict than FRS.

If after topping up RA, you still have remaining CPF OA funds, you may use that for your purchase as normal.

Good to note: many seniors do not hit FRS, so do not panic. CPF will take whatever OA refund comes back, up to your required amount. It is not a separate cash top-up out of pocket unless you voluntarily choose to.

What alternatives do you have?

Options usually look like:

• Buy smaller flat (3 or 4 room) to free up proceeds
• Use Contra or HDB Temporary Loan Scheme to manage cash flow
• Consider 2-room Flexi if lifestyle suits, although you prefer 4 room, so keep this as a backup idea
• Cash on hand buffer for moving, reno, stamp duty etc

Since your current unit value is around 950k and your target is 700k, the right-sizing still works quite comfortably as long as your RA rules are observed.

What flats you are eligible for

As Singaporean seniors buying HDB to live in, you can still purchase up to a 4-room resale flat, no issue. Read More

We will need to find out more about the current financial standings especially on CPF monies. If you have utilised CPF monies for the current flat, technically this amount of funds need to be refunded to the CPF including the accrued interest and will be locked into your RA.

Should you need this amount to fund your next purchase, you will then need to apply to CPF board for approval to set aside this funds for your next purchase.

Once you are clear on this, you can look into the final numbers and timeline to consider contra facility or temporary loan scheme which are possible to plan out the transition required and best suited for your customised situation. Read More

Good Day!
Give me a call at 81027317  and i can explain to you how it works!

Regards, Anthea Read More

Hi,

1) Getting a 2-rm flexi lease BTO is the best option if intend to cash out the most from the current flat.
2) The main reason is 2-rm flexi lease BTO is the cheapest, and highest resale levy is kept at $18k only.
3) You may apply for the temporary loan scheme when your flat resale application has received approval from the HDB.
4) TLS is only applicable to buying BTO and only seniors are eligible for it.
5) However, it is understandable that you might not be able to accept a small unit since you are living in a big unit now.
6) The advantage of using the contra facility is you can complete your sale and receive your keys for the resale purchase on the same day.
7) But in your situation, you might not eligible to the contra facilty since you already pass 55 years old.
8) The CPF board might stop this because you are not able to fulfill the Full Retirement Sum.
9) I would suggest you to make an appointment with the CPF board to check whether you are able to fully utilize the CPF refund from the sale to pay for the purchase.

All The Best!!!

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.linkedin.com/in/ckling/
https://agents.huttonsgroup.com/R056727F/

Note:
Any response to our answer does not reach us until we scroll through every query posted daily.
The best way to get a follow-up is to contact us directly via WhatsApp or email. Read More

Hello there!

With my strong foundation in property analysis, market trends, and legal frameworks, my expertise covers a broad spectrum of real estate matters.
From new launch investments to resale upgrades and financial planning, I believe in offering practical, data-driven insights tailored to your goals.

Whether you’re planning your first purchase or optimising your portfolio, I’ll help you make informed, strategic decisions.

My goal is to simplify decisions with clarity and data-backed advice — not pressure.

Contact me at 8444-0899  for a free, no-obligation consultation today.
Connect with me on Instagram, TikTok, YouTube, Facebook, Apple Podcast and Spotify at @johnlaiproperty
where I share weekly property insights, real-life case studies, and market updates to help you make smarter real estate decisions.

John Lai | 黎潍铭
 8444-0899  | john.lai@kwsingapore.com
Associate Growth Manager 
KW Singapore Real Estate

Top Achiever Agent 2023 (PropNex)
Top Achiever Agent 2024 (PropNex) Read More

Hi, appreciate your sharing. Able to check with CPF board to determine the amount of RA if require to be set aside after the sale. Able to meet up and share the breakdown of the sum.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

(✔1) If your current flat is fully paid or financed under an HDB loan, the Enhanced Contra Facility (ECF) is a smart option. It lets you use the sale proceeds and CPF refund from your existing flat directly for your next flat purchase. Both the sale and purchase should be completed on the same date for a seamless move.

(✔2) A bridging loan is another route if you want to buy before selling. This short-term financing from the bank comes with interest and admin fees, so plan carefully. The bank will assess your credit standing before granting approval.

(✔3) For CPF matters, when your flat is sold, your CPF refund first goes into your Retirement Account (RA) to meet your Full Retirement Sum (FRS). Only the remaining balance, if any, will return to your Ordinary Account (OA) for use on your next purchase. To estimate how much CPF you can use, you’ll need to know the current amount in each owner’s RA.

✔ “A goal without a plan is just a wish.” – Antoine de Saint-Exupéry ✔
WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255

----------------------------888--------------------------------888--------------------------->>>

(1) "If you need more assistance with property matters:

like renting / selling, buying / or investing, I'm here to help!

WhatsApp me at: ✔✔ABLE Toh (65) 9856*9255 or through this link.:https://wa.me/6598569255

(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(2) (***) ✅✅ You can READ my REVIEWS here:

✅✅ https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

(3) ✅✅ For PRIVATE Home Buyers, I offer solutions for sourcing resale and new PRIVATE homes at ✅✅ ZERO charge (Because Most PRIVATE seller Agent are willing to share commission with Buyer Agent)

*** You can reach me at my Singapore mobile: (65) 9856 9255 

***(4) ✅ ✅ ✅ DEVELOPER SALES TEAM!!! BEST PRICES !!! ✅ ✅ NO AGENT FEES !! ✅ ✅ LOWEST PRICE GUARANTEED!!!

*** Connect Singapore Line: (65) 9856*9255

FOR : UPDATED INFO / E- BROCHURE / FLOOR PLAN / PRICE LIST!!!

NEW Launches Condominium in 2025 , call , whatsapp me FOR BEST CHEAPEST, LOWEST PRICE:

NORTH Region //

N1.Springleaf Residence – Upper Thomson Road, D26 | OCR | ~3 min to Springleaf MRT (TEL)

N2.Artisan 8 – Sin Ming Road, D20 | RCR | ~4 min to Upper Thomson MRT (TEL)

N3.Canberra Crescent Residences – Canberra Crescent, D27 | OCR | ~6 min to Canberra MRT (NSL)

SOUTH Region //

S1.UpperHouse @ Orchard – Orchard Boulevard, D10 | CCR | Direct link to Orchard Boulevard MRT (TEL)

S2.Zion Residences – Zion Road, D9 | CCR | ~4 min to Great World MRT (TEL)

S3.Promenade Peak – Zion Road, D9 | CCR | ~5 min to Havelock MRT (TEL)

S4.Robertson Opus – Unity Street, D9 | CCR | ~7 min to Fort Canning MRT (DTL)

S5.River Green – River Valley Road, D9 | CCR | ~5 min to Great World MRT (TEL)

EAST Region //

E1.Arina East Residences – Tanjong Rhu Road, D15 | RCR | ~3 min to Katong Park MRT (TEL)

E2,Amber House – Amber Gardens, D15 | RCR | ~10 min to Tanjong Katong / Marine Parade MRT (TEL)

E3.Mori @ Guillemard – Guillemard Road, D14 | RCR | ~8 min to Mountbatten MRT (CCL)

WEST Region //

W1.LyndenWoods – Science Park Drive, D5 | RCR | ~5 min to Kent Ridge MRT (CCL)

W2,Bloomsbury Residences – Media Circle, D5 | RCR | ~8 min to one-north MRT (CCL)

W3.Faber Walk GLS – Faber Walk, D5 | RCR | ~10 min to Clementi MRT (EWL)

W4.Elta Condo (Clementi Ave 1) – Clementi Avenue 1, D5 | RCR | ~10 min to Clementi MRT (EWL)

OTHERS / OCR Launches //

O1.One Marina Gardens – Marina Gardens Lane, D1 | CCR | ~2 min to Marina South MRT (TEL)

O2.W Residences Marina View – Marina View, D1 | CCR | ~2 min to Shenton Way MRT (TEL)

O3.Otto Place EC – Plantation Close, D24 | OCR | ~6 min to Tengah Park MRT (JRL)

O4.The SEN – De Souza Avenue, D21 | OCR | ~8 min to Hillview MRT (DTL)

O5.Skye at Holland – Holland Drive, D10 | CCR | ~6 min to Holland Village MRT (CCL)

O6.Margaret Drive GLS – Marg Read More