hdb bridging loan 170 28

An HDB bridging financial loan is a brief-time period funding choice built to help homeowners in Singapore handle the economic gap among marketing their current HDB flat and obtaining a completely new property. This loan offers short-term money, normally for any period of around six months, to go over the downpayment and also other First charges of the new house prior to the sale proceeds from your previous flat are obtained. Bridging loans are generally made available from banking companies and they are secured versus the prevailing residence. They commonly feature increased fascination charges than normal house loans, normally starting from three% to 5% per annum or a rate pegged to SORA. The appliance process involves evidence of sale for the current property, such as a possibility to acquire, and documentation for The brand new home. Repayment from the loan is predicted when the sale of the present flat is completed and the proceeds are been given. Some financial institutions, like UOB and Normal Chartered, provide bridging loan solutions, often check here with preferential charges for customers also having a whole new residence loan with them. It is vital to note that a bridging mortgage differs with the HDB's Enhanced Contra Facility, which is a plan specifically for Those people acquiring and promoting HDB flats at the same time.