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Do you mean transfer to father to take over the existing loan or? ABSD is applicable in this case. Or do you mean to transfer to father as way of gift? Then the outstanding loan should be cleared.

There is a relatively comprehensive write up on this subject matter at https://singaporelegaladvice.com/law-articles/transfer-of-property-in-singapore/

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Good morning,

Yes its possible, but the father has to pay the relevant 17% ABSD as it will be considered his 2nd property. And he must have the financial means to pay off your share to refund your CPF utilized and home loan.

May I have more info so as to find the best way to structure your property portfolio?

Thanks and look forward to value-add to your housing plans.

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Hi

Yes. However do note that the father have a incur ABSD of 17% of the value of the condo aside from the normal buyer stamp duty as this will be the father's second property. In addition. the father must have the financial means to financed the outstanding loan. Should the son have used CPF OA in the past to financed the condo (either lump sum or servicing mortgage), the father needs to refund back the son's CPF on the usage of CPF towards financing the house plus accrued interest. The father can financed this amount either through lump sum or taking a fresh loan. Do contact me at 93375051  for a free and non obligatory discussion on this.

Regards
Taufik Hussein
Marketing Director
ERA Realty Network Pte Ltd
CEA Reg No: R061607B
Contact No: 93375051  Read More

Hi,

1) Transferring property is as good as selling.
2) Your father will have to prepare to pay 17% ABSD for an SC to own a 2nd residential property in Singapore.
3) The bank will deduct the outstanding loan from your sales proceeds and any penalty from early redemption of the loan as well.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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