Enhanced contra facility – HDB flat for sale
HDB flat for sale – The Enhanced Contra Facility (ECF) was jointly implemented by the CPF Board and the HDB.
The ECF enables a HDB flat owner to sell his existing flat and at the same time Purchase another resale HDB flat by using the sale proceeds and the refunded CPF monies to pay for the next flat, including the insurance premiums payable under the CPF Home Protection Scheme. With this, the cash outlay and the mortgage loan required will be reduced. Therefore, monthly loan repayment will also be reduced. However, the CPF refund cannot be used for the payment of stamp fees and conveyancing fees
The two applications for resale of Flat A and Flat B and the application for the ECF must be submitted separately but within 7 days of each other. Only one party is allowed to do contra. Approval for the resale of Flat A and Flat B does not constitute approval of the application for the ECF. The resale of Flat A must be completed before the completion of the Flat B, which can usually be completed on the same day
If the contra party is selling with an outstanding bank loan or buying using bank loan, he/she will not be allowed to apply for ECF.
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