Temporary Loan Scheme

The Temporary Loan Scheme (TLS) helps flat buyers who intend to use the sale proceeds from their existing flat to pay for their new flat, without taking a long-term mortgage loan. You can apply for a temporary loan to complete the new flat purchase first, while the sale of your existing flat is underway. The temporary loan is a mortgage of the new flat and will be redeemed subsequently, with the net proceeds from the sale of your existing flat.

Eligibility conditions

To qualify for the Temporary Loan Scheme, you must have:

  • Booked a new flat and the keys are now ready for collection
  • Fully redeemed your housing loan from a financial institution for the existing flat (if any)
  • Submitted an application to sell the existing flat
  • Sufficient CPF/ cash proceeds from the sale of the existing flat to fully redeem the temporary loan

After your resale application and temporary loan have been approved, you will be invited to collect keys to your new flat. The temporary loan will be offered at the prevailing non-concessionary interest rate. If the temporary loan amount (capped at the net sale proceeds) is not enough to complete the new flat purchase, you must top-up the shortfall in cash within the stipulated time period so that you can collect the keys to the new flat.

Application procedure

If you wish to apply for a temporary loan, please submit the request when submitting the resale application for your existing flat.