AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Dear Gurus,

Currently, I have an outstanding HDB concessionary loan to finance a 3-room flat co-own with my brother. I also co-own an EC with an outstanding loan from a private bank. My brother has obtained the keys to his BTO flat and he is transferring his share of the HDB flat to me. I will therefore fully own the flat under the Single Singapore Citizen Scheme. HDB advised that I am no longer eligible for the HDB concessionary loan since I have an EC and have to pay up the entire loan before the transfer. Therefore, can I obtain a bank loan to repay the outstanding HDB loan?

Appreciate if anyone can shed some light on this issue.
0 •
1036 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

1 Answer

Mike Lim
Replied
Afternoon Louis,

For your current situation, you are in quite a fix. You need to check with HDB on the following: are you required to sell your condo after part purchase from your brother? How much is your outstanding loan? How much time do you have to complete the purchase?
You can do a part purchase from your brother and you should be able to get LTV of 60%, depending on your credit report and income status.

Do feel free to contact me for further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
1
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions