Insufficient CPF available for BTO downpayment?

I am a single parent applying BTO with my kids. I am not eligible for HDB loan as such I have to pay 5% cash and 20% CPF for the BTO. Most of my CPF is tied to my current resale flat and I do not have sufficient CPF for the 20% down payment. I am not eligible for deferred payment. Anyone in similar situation? In addition, is there any Contra facility available BTO (Sell resale flat, buy BTO). Do I really have to sell the resale flat fist before BTO key collection?

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Peter Lin

30 Sep 2020

Brand Comms Lead at Mortgage Master

Hi there, thanks for sharing your situation.

Unfortunately, the available contra facilities for BTO require you to take up a HDB loan (https://www.hdb.gov.sg/cs/infoweb/residential/f...).

There are other contra facilities available, such as the Enhanced Contra Facility (https://www.hdb.gov.sg/cs/infoweb/residential/b...) but these are for resale flats. If you were buying a resale flat you could also try to apply for a Temporary Extension of Stay (https://www.hdb.gov.sg/cs/infoweb/residential/s...).

All that being said, I do think if you're willing to appeal to HDB and explain to them your particular situation, you may be able to obtain a HDB loan. HDB is known to be more than willing to make exceptions to their rules, though it is always on a case-by-case basis. All the best!

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