Morning,
Contra is done when a HDB unit owner want to sell their current unit and purchase another HDB unit, at the same time. The CPF monies and Cash component required, with be transferred one the sale to the purchase, hence allow the party performing the contra facility to save up on the timing required. However, contra facility is only applicable if both the selling unit and purchasing unit is financed by HDB loan. Thus you need to work out of your cash profit component.
As per your statement of 'I cannot sell my unit before purchasing a new one', you would be require to have enough CPF monies and cash, to perform the purchase first, prior to sales.
Do feel free to contact me for further discussion.
Regards
Mike Lim
96929209
ERA
Read More
