As a retiree above 70 years old who owns a private property and wants to buy a 4-room HDB flat in Singapore, can I use a bridging loan to purchase the HDB first before selling my private property, and what are the steps and limits for using a bridging loan in this situation?

As a retiree above 70 who owns a private property and wishes to buy a 4-room HDB flat before selling your private property, using a bridging loan may be possible—but there are important eligibility hurdles and steps to consider.

1. HDB Eligibility Rules
- Generally, you are not allowed to own both an HDB flat and private property at the same time. You must dispose of your private property within 6 months of purchasing the HDB flat. However, HDB does allow you to buy first and sell within 6 months under certain circumstances, but approval is required. Make sure you check current HDB rules or apply for special approval based on your timeline. Being above 55 gives you some flexibility, but approval is still not automatic.

2. Using Bridging Loan
- A bridging loan helps you finance your new HDB flat’s purchase (such as the 5% or 10% downpayment) before the sale proceeds from your private property are available.
- To apply for a bridging loan, you need to provide proof that you are selling your private property (such as the Option to Purchase issued to the buyer, or a signed sale agreement).
- The amount you can borrow depends mainly on the net proceeds you are expected to receive from selling your private property. Banks will consider this and may lend up to the value of those expected sale proceeds, typically for up to 6 months.

3. How much can you borrow?
- The bridging loan is typically capped at the sum you expect from selling your current property, minus any outstanding home loan or CPF refunds that need to be made.
- Banks usually offer up to 6 months bridging period, with interest rates varying—commonly between 4%–5% per annum.
- The loan is meant to cover the initial cash outlay or downpayment required for the new HDB flat.

4. Steps to take:
- Obtain HDB approval to buy before selling, especially since you currently own private property.
- Secure an Option to Purchase (OTP) on the HDB resale flat.
- Exercise the OTP for your private property (or at least be able to prove you are in the process of selling).
- Approach your preferred bank (usually the one providing your home loan) or licensed money lender to apply for a bridging loan.
- Submit required documents: exercise OTPs for both your new and existing property, income documents, CPF statements, and NRIC.
- Use the bridging loan to pay the required downpayment for the new HDB flat.
- After your private property is sold and you receive the proceeds, repay the bridging loan in full.

Important reminders:
- You need to ensure you can complete the sale and purchase within the timeframes set by HDB.
- Approval is subject to your credit standing and the expected net proceeds from your sale.
- Bridging loan interest rates are higher than regular home loans, so use this facility only if you are sure your funds from the sale will arrive on time.

In summary: yes, you can potentially use a bridging loan for your plan, provided you satisfy HDB’s regulations, have sale proceeds expected, and meet the lender’s criteria. Start by consulting with HDB and your preferred bank to confirm eligibility and get clarity on your financial calculations and timelines.