looney 0 Report post Posted July 8, 2009 I am currently owning a 5rm flat..and cos of my kids..i need to move to somewhere near my parent place..bt cos my parent is staying near to the central..therefore..i can only afford a 4rm flat at tt area.. i understand tt i m nt eligible for hdb loan unless i pay a 45k levy to hdb only then i will be eligible for hdb loan... Have been hunting a flat near tt area for mths..n finally i hv found someone at tt area selling...Bt when i went to the bank to ask for the bridging loan thingy.. the bank personal say tt unless i sell my current property then i will be eligible to get a bridging loan from them....else i gt to pay a 15% (either cpf/cash)....bt i do nt hv tt much in my cpf...cos my usual practise was to clear one lump sum of my hdb loan once a year... also learn tt i need a 5% cash to pay to hdb too.. Anyone here can advise....is there a way tt i buy 1st then sell off my current unit..Thanks Share this post Link to post Share on other sites
merryman 0 Report post Posted July 8, 2009 I am currently owning a 5rm flat..and cos of my kids..i need to move to somewhere near my parent place..bt cos my parent is staying near to the central..therefore..i can only afford a 4rm flat at tt area.. i understand tt i m nt eligible for hdb loan unless i pay a 45k levy to hdb only then i will be eligible for hdb loan... Have been hunting a flat near tt area for mths..n finally i hv found someone at tt area selling...Bt when i went to the bank to ask for the bridging loan thingy.. the bank personal say tt unless i sell my current property then i will be eligible to get a bridging loan from them....else i gt to pay a 15% (either cpf/cash)....bt i do nt hv tt much in my cpf...cos my usual practise was to clear one lump sum of my hdb loan once a year... also learn tt i need a 5% cash to pay to hdb too.. Anyone here can advise....is there a way tt i buy 1st then sell off my current unit..Thanks does contra work? sorry, I'm clueless actually... Share this post Link to post Share on other sites
charemme 0 Report post Posted July 8, 2009 What did you Agent suggest to help u? Share this post Link to post Share on other sites
born_again 0 Report post Posted July 8, 2009 I am currently owning a 5rm flat..and cos of my kids..i need to move to somewhere near my parent place..bt cos my parent is staying near to the central..therefore..i can only afford a 4rm flat at tt area.. i understand tt i m nt eligible for hdb loan unless i pay a 45k levy to hdb only then i will be eligible for hdb loan... Have been hunting a flat near tt area for mths..n finally i hv found someone at tt area selling...Bt when i went to the bank to ask for the bridging loan thingy.. the bank personal say tt unless i sell my current property then i will be eligible to get a bridging loan from them....else i gt to pay a 15% (either cpf/cash)....bt i do nt hv tt much in my cpf...cos my usual practise was to clear one lump sum of my hdb loan once a year... also learn tt i need a 5% cash to pay to hdb too.. Anyone here can advise....is there a way tt i buy 1st then sell off my current unit..Thanks pay 45k levy then can take hdb loan? thought pay CASH levy so that one can get another direct flat (subsidised) from HDB but nothing to do with hdb loan right? or is it a one-time thing for your case? ya, think the bank would only allow bridging loan after u sell your flat as they need to access your financial standing eg. CPF balances. the 5% cash (of valuation) is to be paid to the bank then u can get bank loan. contra cases only if the bank is not involved for both sellers n buyers. y dont u consider selling your place first since u dun have much in your cpf? Share this post Link to post Share on other sites
Phantom 1 Report post Posted July 8, 2009 Dear looney, Please let me explain to you the problem. 1) It is against the Mas Notice, meaning illegal. That one use an unsecured facility to borrow and pay for the first 20% of a property. This is to prevent rampant buying of properties and to curb property speculation. 2) For bridging loans, if you have not sold your property, how do you expect the bank to lend you money? If they do, it will be a contravene of the MAS notice, meaning that bank is commiting an offence. Hence, the only way is for you to sell your property FIRST then go look for a new one at the same time. Hope that answers your questions. Share this post Link to post Share on other sites
