Asked by Yana Tang
what is contra
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3 Answers
Hi Yana,
1) There are 2 types of contra schemes under HDB policy.
(a) Contra Facility: This is only applicable to buying of BTO/SBF. This works similar to bridging loans in private banking except this is only available for new HDB flats only.
You may apply for this when your current flat is in the process of selling but you wished to collect your new flat first. While you need the sale proceed to finance your purchase. For more information on when you are eligible to apply for this have to check with the HDB officer.
(b) Enhanced Contra Facility (ECF): This is only applicable to buying resale flats. You will have to submit both BTO together in order to be eligible for this.
All returned CPF will go direct to finance your purchase flat without the waiting time for a CPF refund from your selling. The condition of applying for this is your current flat must be fully paid without any outstanding mortgage.
Note that you must be able to pay for your stamp duty and legal fees with your CPF or cash. The refund CPF cannot be used for these 2 items.
2) You usually will see this term in the advertisement and in general they are referring to 1(b).
3) Under 1(b), only 1 party out of the 3 parties involved is allowed to utilize this facility. Thus if you are planning to use this ECF, you should avoid viewing such flats.
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
Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
1) There are 2 types of contra schemes under HDB policy.
(a) Contra Facility: This is only applicable to buying of BTO/SBF. This works similar to bridging loans in private banking except this is only available for new HDB flats only.
You may apply for this when your current flat is in the process of selling but you wished to collect your new flat first. While you need the sale proceed to finance your purchase. For more information on when you are eligible to apply for this have to check with the HDB officer.
(b) Enhanced Contra Facility (ECF): This is only applicable to buying resale flats. You will have to submit both BTO together in order to be eligible for this.
All returned CPF will go direct to finance your purchase flat without the waiting time for a CPF refund from your selling. The condition of applying for this is your current flat must be fully paid without any outstanding mortgage.
Note that you must be able to pay for your stamp duty and legal fees with your CPF or cash. The refund CPF cannot be used for these 2 items.
2) You usually will see this term in the advertisement and in general they are referring to 1(b).
3) Under 1(b), only 1 party out of the 3 parties involved is allowed to utilize this facility. Thus if you are planning to use this ECF, you should avoid viewing such flats.
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
Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
Hi Yana,
If you are referring to contra for HDB resale, in a nutshell, it means a seamless movement of funds (cash+CPF refund) locked in your current property, towards the purchase of your next HDB, such that you need not attend 2 appointments (sale & purchase) and can transit smoothly.
Do note that only cases without bank loan involved are eligible for HDB contra facility.
I have worked on various similar cases and would be happy to advise the best approach. 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
ERA Senior Marketing Director
ERA Diamond Achiever
ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
ERA Top 91 Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.
Contact: (+65) 97432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
W: ivanng10.com/clientreviews
(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! **
-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.
-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --
I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More
If you are referring to contra for HDB resale, in a nutshell, it means a seamless movement of funds (cash+CPF refund) locked in your current property, towards the purchase of your next HDB, such that you need not attend 2 appointments (sale & purchase) and can transit smoothly.
Do note that only cases without bank loan involved are eligible for HDB contra facility.
I have worked on various similar cases and would be happy to advise the best approach. 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
ERA Senior Marketing Director
ERA Diamond Achiever
ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
ERA Top 91 Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.
Contact: (+65) 97432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
W: ivanng10.com/clientreviews
(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! **
-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.
-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --
I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More
Hi, it means sell and buy together using HDB loan only. Welcome any free sharing via zoom or physical meet up to understand and propose solution to your current plan. Stewart-PN 9696 4398 Read More