An HDB bridging personal loan is a brief-expression funding possibility designed to help homeowners in Singapore handle the monetary gap between selling their existing HDB flat and purchasing a brand new property. This loan provides non permanent resources, ordinarily for your duration of approximately six months, to include the downpayment and also other Preliminary expenses of the new assets ahead of the sale proceeds with the outdated flat are acquired. Bridging loans are generally made available from banking companies and so are secured towards the existing assets. They commonly feature larger interest rates than conventional household loans, frequently starting from three% to 5% per hdb bridging loan 170 28 annum or simply a amount pegged to SORA. The appliance procedure requires evidence of sale for The present property, which include an alternative to get, and documentation for the new residence. Repayment on the loan is predicted when the sale of the existing flat is done plus the proceeds are acquired. Some banks, like UOB and Typical Chartered, offer you bridging loan solutions, often with preferential prices for patrons also getting a brand new dwelling bank loan with them. It's important to notice that a bridging mortgage differs from your HDB's Enhanced Contra Facility, and that is a scheme especially for Individuals shopping for and marketing HDB flats simultaneously.