Asked by Gene Tan
Dear all Gurus,
Can you advised me on how HDB’s ruling on this type of transaction? To sell and purchase of the same HDB flat with inclusion of the third person (which is me) whereby I am aware that my CPF will be fully deducted to fund the loan of the flat that was purchased. The flat is fully paid. The reason in doing so, is to allow my parents to have partial cash back for their old age from the sale of the existing flat to me and, with me stepping up and take over the same flat as my parents like the flat and can’t bear to sell the flat away.
What are the implications and future consequences involved?
Do you have a formula with calculation (eg. X(sale of current flat) + Y minus Z,etc?) to aid me along? Also, do you reckon I will need a bridging loan for that? And if yes, does HDB provide such temporary credit facility? I would appreciate your time and help if anyone could advise and help me with.
Can you advised me on how HDB’s ruling on this type of transaction? To sell and purchase of the same HDB flat with inclusion of the third person (which is me) whereby I am aware that my CPF will be fully deducted to fund the loan of the flat that was purchased. The flat is fully paid. The reason in doing so, is to allow my parents to have partial cash back for their old age from the sale of the existing flat to me and, with me stepping up and take over the same flat as my parents like the flat and can’t bear to sell the flat away.
What are the implications and future consequences involved?
Do you have a formula with calculation (eg. X(sale of current flat) + Y minus Z,etc?) to aid me along? Also, do you reckon I will need a bridging loan for that? And if yes, does HDB provide such temporary credit facility? I would appreciate your time and help if anyone could advise and help me with.
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