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Hi, 5 years ago, we (three sisters) bought a resale HDB under the siblings scheme. Now my younger sister decided to get married and she needs to transfer her ownership to 2 of us. We bought the flat using commercial bank loan. Do we have to purchase my sister's share of the flat (1/3 of current market value) or can we just return the money to her cpf?
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2 Answers

Mike Lim
Replied
Morning Angel,

Transfer of ownership should be sufficient. Both of you need to redeem the CPF monies that younger sister have contributed, using Cash or CPF. Do note that the mortgage contribution may need to be amended.

FYI
Mike Lim
 96929209 
ERA Read More
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Jaslin Poh
Replied
Hi Angel,

There are two options you gals can discuss about it:

1. Get a valuation done & pay 1/3 market share back to your sister.

OR

2. Just return your younger sister CPF OA amount used + Accrued Interest.

I would advise you to make a trip to your HDB Branch office to gather more information from the right authority. If your housing mortgage is still outstanding, there may be another consideration involved.

Best Regards,
Jaslin
Mobile 8333 9131  Read More
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