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Thread: Bridging Loan

  1. #1
    Join Date
    Sep 2009
    Posts
    135

    Default Bridging Loan

    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?

  2. #2
    Join Date
    Sep 2009
    Posts
    118

    Default

    I don't see why not

  3. #3
    Join Date
    Jan 2007
    Posts
    106

    Default

    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.

  4. #4
    Join Date
    Jun 2012
    Posts
    7

    Default

    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.

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