Hi,
The info missing are:
1) Your future father-in-law is a 1st-timer buyer or 2nd-time buyer or even more than 2nd.
The answer can be lengthy and non-exhaustive.
I'll try as best as I could.
All applicants are 1st timer only:
1) Family Grant: up to $50k (2~4-rm) or $40k (5 or bigger)
2) EHG: up to $80k
The application comprises of 1st & 2nd timer:
1) Family Grant: up to $25k (2~4-rm) or $20k (5 or bigger)
2) EHG: up to $40k
If your future in-law is more than 2nd timer then you will miss the grants completely.
A) Once you apply for a grant in this resale purchase if available, you will not be considered as 1st timer.
B) Once you apply for a grant, you are subject to a resale levy once you apply for BTO or a new EC purchase.
C) Whether it is better to apply grant will depend on the individual situation.
For example, you are buying a 5-rm or an EA, your salary is not eligible for EHG. Thus your grant max is $40k.
You already decided to purchase an EC when you are ready in the future. Your resale levy is $45k (5-rm) or $50k (EA).
D) So from basic mathematics it makes common sense that you should not apply for a grant.
However, we also know that money value depreciated in the long term. If you only plan to buy an EC 20 years later. It will make perfect sense to apply for a grant since $40k today and $45k in 20 years is a big difference due to inflation.
E) However, it makes perfect sense if you really need this grant to allow you to have a better choice in selecting your new home.
Last but not least, your future in-law can always register as occupier instead of co-owner, unless really necessary.
Hope the above answer to your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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