You might also like to refer to this information:
Articles about money and debt management when buying a flat
Conveyancing and other legal services we provide if you are buying a new HDB flat
Priority of payment if you sell an HDB flat financed by a bank loan
Articles produced by the Association of Banks in Singapore (ABS)
For further information to help you learn more about money and debt management, you may like to read these articles:
These articles were produced by the Association of Banks in Singapore (ABS) in close collaboration with major retail banks, the Consumers Association of Singapore (CASE), and MoneySENSE.
ABS promotes and represents the interest of the banking community in Singapore.
We provide legal services such as conveyancing, to buyers of new HDB flats. If you are taking a housing loan from a bank, we can act for you in the purchase and/ or mortgage of the flat. However, if a personal guarantee is required by the bank to secure the housing loan, we will be unable to act for you in the mortgage.
If you wish to engage our legal services, please submit a signed Warrant to Act to us.
Alternatively, you can appoint a law firm to act for you. When you use a private solicitor, you will need to submit a letter from your solicitor to us.
Priority of payment
If you sell an HDB flat that is financed with a housing loan from a bank, the sales proceeds are applied in the following order:
- First: To discharge the outstanding mortgage loan with the bank
- Second: To refund the CPF savings withdrawn for the purchase of the property
- Third: To pay the interest on the mortgage loan (from the date of default in payment) if applicable, and the interest on CPF money withdrawn