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Dear All,

I would love to get an apartment but I just gotten my PR just few months ago and I guess is not eligible for buying a resale flat.

But my father in law (57yo) could buy a resale to have name join with his daughter(single- 27yo), both SPR for almost 10 years.
How much can they loan and how much can they use the CPF account to cover and how much to be have cash on hand?

Appreciate for every reply.

Thank you
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1 Answer

Robbie Chen Chee Howe
Replied
Hi,

Your father-in-law will be able to purchase a HDB resale flat with his unmarried daughter.

The amount they can loan depends on their age and their income, up to a maximum 75% of the flat purchase price or valuation, whichever is lower.

They can utilize their CPF funds for the purchase, up to the approved limits. As your Father-in-law is above aged 55, he will need to set aside Half-Minimum Sum first, before he can utilize the balance to pay for the flat.

Minimum Cash downpayment would be 5% of the property purchase price, as they will only be eligible for Bank loan.

Do take note that as both of them are PRs, they will be liable for a 5% ABSD for the purchase too.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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