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Dear Gurus,

I and my fiancee have just selected a BTO flat (using CPF loan). However, it would have to wait for 5 years before we can collect the keys.

I am thinking of buying a private condo in the meantime so that we can start a family. Will it be possible to purchase the condo using bank loan under my mother's name (housewife) and me being the guarantor without affecting my BTO unit? I am fine that the loan quantum is probably only 60% as I just like to set up a family soon.

Thanks all in advance for your kind advice.

Best Regards,
Gene
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3 Answers

Hi Gene,

Is it not possible as you will need to be one of the owners of the condo to obtain a bank loan. However, as you have just booked a HDB flat, you will not be able to purchase a private property.

You may want to explore renting in the meantime or getting the sales of balance flat or Executive Condos that are going to TOP soon.

Please feel free to contact me if you need further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

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Hi,

Unfortunately no, if you are the guarantor of the mortgage loan, your name must be added into the private property. This is not possible since you have already booked the BTO unit, which means you are ineligible to purchase other property unless you are willing to give up this application. Thanks and hope it clarifies and to assist further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
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(Client's Testimonials) Read More
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Evening Gene,

Based on the MAS ruling, guarantor for residential unit mortgage would have to become the owner of the unit. It is also indicated under HDB ruling that all BTO applicants are not eligible to purchase or own any private residential unit prior key collection.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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