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Hi all, my bro inserted his name as owner given that my parents are unable to service the hdb loan since they are both not working. Now my bro has a BTO flat and hdb wanted my bro to withdraw his name out and asking me to insert my name as owner to service the loan. i am contemplating if i should now insert my name? i am turning 35 in 2 yrs time. Earning close to 6k. i was thinking to purchase my own flat when i turn 35. if i were to insert my name now. i will then be locked down right? is there any way we can get a bank loan under my parents name and we children as guarantors. we can pay the bank loan in cash. any advises? thanks in advance
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1 Answer

Ivan Ng
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Hi,

Yes if you insert your name, you will be subjected to a fresh 5 year MOP to be met before you can purchase other property.

Becoming a guarantor is the same, your name needs to be inserted into the HDB ownership , hence another 5 year MOP. Is the outstanding loan still a significant amount? If not you may wish to consider paying it up fully, while you will not be "locked down" by the MOP. Thanks and hope to discuss further.

Warm regards
Ivan ERA
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