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Afternoon,

Upon obtaining the OTP for your HDB sales, bank can grant you 80% loan. 5% must be cash and 15% can be using CPF / Cash or CPF + Cash.
Bridging loan only covers the 15%. As to how much you need to top up, from the $5k, would depend on the pricing of the property that you are going to purchase.
Other expenses you will incurred will be stamp fee, legal fee, CVY account admin charges and commission agreement, if you engage the services of licensed salesperson.

FYI
Mike Lim
 96929209 
ERA Read More

Dear Sir/Mdm,
If you selling (your HDB flat) and buying (a new private property) concurrently, you are likely to face tricky situation and timeline if you are taking a loan for your purchase. Reason being for buyer with existing loan (assuming you have not sold your HDB that ties with an outstanding loan for example), the loan for the new purchase is consider a 2nd one and at least 10% cash is necessary for the down payment based on new anti-speculation measure of 2010.

To revert to 5% down payment , buyer must be free from outstanding mortgage loan and this can be done with proper timing and documentation while you are selling your HDB flat in your case before acquiring the loan for your next purchase.

For other payment to consider, buyer has up to maximum 14 days from the date of exercising the “option-to-purchase” to make payment for Stamp Duty fee. CPF/cash can be used for this purpose.

Feel free to drop me a line to advise you clearly .

regards

Sunny Phua

CEA Reg No. : R031750D
Mobile: 81685708 
Email: sunny.phua@orangetee.com

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