Asked by Mr. Andy ng
Currently, i am a guarantor for my mother who is 86 years. I understand that come 2017, most bank do not accept me as a guarantor for my mother. what should i do if i need to do refinancing. Pls advise.
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Thanks for your reply. The outstanding loan is 1.6mil. Currently because the property is under my mother's name, i have to pay cash for the mortgage loan at 1.48% and 2 year FD is up on Mar 2017. In view of this, 400k of my CPF is unused to reduce the mortgage loan.
If i transfer the property to my name, do i have to pay BSD (mother and son relationship) beside bank penalty? If transfer and need to pay BSD, can i write an appeal to IRAS to allow a lower valuation(mother and son relationship and not property speculation)? It this allowed? The bank inform me the valuation is 2.4mil. Can you advise what is the best solution? Thanks