I own a flat but am looking to sell it before buying a new one. Can I get a bridging loan to pay the downpayment for the new apartment? :confused:
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I own a flat but am looking to sell it before buying a new one. Can I get a bridging loan to pay the downpayment for the new apartment? :confused:
I don't see why not :)
To qualify for a bridging loan, you should have already sold your existing place (i.e. the buyer for your place should have exercised the Option to Purchase) and you have obtained the Option to Purchase for the property you are looking to buy. The bridging loan can be up to whatever cash proceeds you will be receiving upon completion of your sale or 95% - 99% of the valuation of the property, whichever is lower.
I don't see why not. I got my home refinance loan for my new property from posb and there wasn't any problems. You need to show your Option to Purchase and the HDB valuation form.