Asked by Anonymous
Dear Gurus,
In the event if i were to transfer ownership by way of gift (existing HDB is owned by me and my other sibling) to another family member who is also the occupant of the house, i understand that it would be difficult to do so since we still have an existing mortgage with the bank.
By transfer of ownership,the bank has to do an reassessment of the financial status of the new owners and likely they would not approve the transfer due to the complexities.
However, what if the new owners apply for a property refinancing from another bank since this will be based on their income now. Let's say, if the remaining mortgage is left with $250k, and the loan quantum for the refinancing is only $230K, can we just top up the $20k in cash to the new bank?
Will the above scenario be doable assuming HDB has given their prior consent? thanks.
In the event if i were to transfer ownership by way of gift (existing HDB is owned by me and my other sibling) to another family member who is also the occupant of the house, i understand that it would be difficult to do so since we still have an existing mortgage with the bank.
By transfer of ownership,the bank has to do an reassessment of the financial status of the new owners and likely they would not approve the transfer due to the complexities.
However, what if the new owners apply for a property refinancing from another bank since this will be based on their income now. Let's say, if the remaining mortgage is left with $250k, and the loan quantum for the refinancing is only $230K, can we just top up the $20k in cash to the new bank?
Will the above scenario be doable assuming HDB has given their prior consent? thanks.
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