An HDB bridging loan is a short-expression funding choice built to help homeowners in Singapore control the money hole between promoting their current HDB flat and obtaining a new home. This bank loan delivers non permanent resources, usually for any period of approximately 6 months, to address the downpayment as well as other Preliminary charges of The brand new house prior to the sale proceeds with the aged flat are been given. Bridging financial loans are frequently made available from banks and are secured against the existing property. They usually come with greater interest prices than regular house loans, frequently ranging from three% to five% for every annum or maybe a amount pegged to SORA. The applying course of action involves evidence of sale for The present house, including a choice to buy, and documentation for the new assets. Repayment of your financial loan is anticipated after the sale of the existing flat is completed and also the proceeds are received. hdb bridging loan 170 28 Some banking companies, like UOB and Typical Chartered, present bridging bank loan alternatives, at times with preferential prices for patrons also having a whole new residence mortgage with them. It's important to notice that a bridging bank loan is different within the HDB's Increased Contra Facility, that's a scheme especially for People getting and promoting HDB flats at the same time.