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RESOURCE CENTRE
This Resource Centre is
What's
HDB Enhanced Contra Facility
With effect from 15 Jun 2000 flat-owner
sell his existing flat and at the same time purchase another
resale flat, the sales proceeds to be refunded to his CPF account,
will now use to pay for the purchase flat.
Condition:
1. Use the entire existing amount in CPF Ordinary
account and the entire amount to be refunded to his CPF account
first before he can use the cash proceeds to pay for the next
flat.
2. The amount to be refunded to CPF account can also be used to
pay for the CPF's HPS premium but NOT the stamp duty and legal
fees.
Effect after Enhanced Contra
1. Low or No balance in
CPF Ordinary account
2. *Lower mortgage loan and monthly instalment.
(*The CPF refunded plus existing CPF must greater than 20% of
valuation)
3. *No additional cash outlay for HPS premium
(*The CPF refunded plus existing CPF must greater than the
HPS premium needed)
4. *More cash proceeds from the transaction
(*The CPF refunded plus existing CPF must greater than 20% of
valuation)
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