Sales proceeds from selling your HDB flat refer to the total amount of money received from the sale after deducting outstanding mortgage loans (if any) and CPF refund (principal + accrued interest) if CPF funds were used to purchase the flat.
You can use our HDB sales proceeds calculator to see how much proceeds you might receive from the sale.
You will get your cash proceeds (if any) on the day of resale completion in the form of a cashier’s order in the seller's name. You need a joint bank account if there are more than one seller.
You will receive CPF refund to your CPF account within 15 working days after the resale completion.
A temporary extension of stay allows you to continue to occupy your existing flat for up to 3 months after the resale completion. You should sign an extension of stay agreement with your buyer to avoid a potential dispute.
Contra Payment Facility, which allows you to collect the new BTO flat key after receiving the resale approval of the existing flat. Learn more about timeline planning using the contra payment facility.
Temporary Loan Scheme (TLS) allows you to collect your BTO key after the resale application and temporary loan have been approved.
- The buyer of your existing flat exercised the Option to Purchase (OTP)
- You received the "NOTICE TO COLLECT KEYS TO BOOKED FLAT" from HDB.
| Options | Existing flat mortgage loan | New BTO mortgage loan | When to collect BTO keys | Costs |
|---|---|---|---|---|
| Temporary Extension of Stay | Not affected | Not affected | 2 - 3 weeks after resale completion | Non-owner occupier property tax and town council fees |
| Contra Payment Facility | HDB loan / No loan | HDB loan | After resale approval | Interest on additional loan |
| Temporary Loan Scheme (TLS) | HDB loan / No loan | No loan | After resale and temporary loan approval | Interest on temporary loan |
Each option has a slightly different time for collecting your BTO key. Upon BTO key collection, you have 30 days to report any defects. Doing this quickly can help expedite your new home renovation. Ideally, you should complete your renovation within 2 months, as you only have a maximum of 3 months of temporary extensions of stay.
Using the funds from selling your existing HDB flat to finance your BTO flat is a practical strategy. Each option has its pros and cons.
To ensure a smooth transition and optimal financial planning, schedule a non-obligation discussion now!
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