By MoneyBees
Selling your HDB flat and buying a resale flat the same day: the cash and CPF your sale frees up, how much HDB makes you use, the HDB loan you need and the cash you keep.
Selling your HDB flat and buying another resale flat at the same time, paying for the new flat with the cash proceeds and the CPF refunded from the sale. HDB runs it as the Enhanced Contra Facility.
State it in the resale application on HDB's My Flat Dashboard. You submit two resale applications, as seller of your flat and as buyer of the next one, and all parties must submit their applications and documents within 7 days.
Yes. HDB's terms say the sale of your flat must complete before the purchase of the next one, which can be on the same day.
HDB reserves the right not to approve a contra where either flat has a mortgage to a bank or financial institution, or where private lawyers have to be engaged.
On a second HDB loan you must use the CPF refund and the rest of your OA savings, keeping up to S$20,000 in your OA. You can keep the higher of S$25,000 or 50% of the cash proceeds; HDB counts the rest when it sets your loan.
No. HDB says refunded CPF savings and cash proceeds from the sale cannot pay the stamp duty and legal fees on the next flat. Use your OA savings before the sale, or cash.
HDB's contra terms say you must then pay for the next flat within 10 days of HDB's notice, from other money.
Yes, for up to 3 months after completion if the buyer agrees and you have committed to buy a completed home. In a contra you must be the contra party. There is no fee for you; the buyer pays S$20.
Not on the same day. You must sell your flat within 6 months of key collection. HDB's Contra Payment Facility, with an HDB loan, or Temporary Loan Scheme, without one, lets the sale proceeds pay the balance, but neither covers the downpayment.
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