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Hi,

(1) To withdraw names is simple. Just go to a conveyance lawyer to draft an instructions on the withdrawal and submit to HDB.
Complication behind are:
(a) Your income must be able to get finance support from bank to take over the mortgage.
(b) Best to do it after MOP to reduce any complications.
(c) Your wife can be listed as owner 2 under PR status since both of you forms a family, thus eligible under Public Scheme.
Best to do it together with the name withdrawal so that your wife income (if any) can assist in getting sufficient finance support.

(2) To buy a resale under current age with loan is difficult as they properly already retire.
As the highest age to be eligible for loan is 65 under normal circumstances. Their constraints are as follow:
(a) Above 65 yrs old,
(i) max loan = 60%,
(ii) Cash outlay = 10%
(iii) CPF = 30%
If CPF is insufficient to cover 30%, will need cash top up.

To address further:
(A) Once you take over the DBSS, whatever CPF used by your parent will be top up with the loan you received.
(B) You need to check under their CPF account; Section C; Property to understand how much they can use in CPF to buy their next flat
(C) Under Joint tenancy, all shares are equally distributed, thus a valuation shall be conducted by HDB to determine how much you need to top up their CPF and any cash proceed.
(D) All CPF top up will not go into RA, since the RA sum already fixed when they reached 55 yrs ago.
(E) All CPF top up will return to their OA account, and this sum can be used to purchase next flat.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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Hi,

You need to do a transfer of ownership, and its subjected to HDB approval. The tough part is not this, but rather if the finances are able to support the move. Firstly, the CPF utilized + accrued interest for current property by the outgoing owners (your parents) need to be refunded to them. Next the incoming owners need to be able to finance the property with their age and incomes. Stamp duties are also payable.

Even if above are no issue, it is unlikely HDB or banks will grant your parents much loan based on their age and income. This may not be the best move to take.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

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

Email: Ivanng10@gmail.com
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