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Hi,

Yes its possible to return the 2rm flexi flat to HDB but you may want to confirm the compensation terms as it is determined by HDB. If your flat is the 99 years lease type, it may be possible to sell on the open market after the MOP of 5 years is met.

After selling, one way could be to purchase under their names 99% of the ownership, while you purchase just 1% share to minimzi Read More

Hi,

Yes its possible to return the 2rm flexi flat to HDB but you may want to confirm the compensation terms as it is determined by HDB. If your flat is the 99 years lease type, it may be possible to sell on the open market after the MOP of 5 years is met.

After selling, one way could be to purchase under their names 99% of the ownership, while you purchase just 1% share to minimize the upfront costs and also be able to help service the loan.

I would need more info to be able to advise further. 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 Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More

Hi,

1) Surrendering of the 2-rm Flexi flat is never an issue. This type of flat is in high demand in the market, thus HDB has no problem taking it back.
2) You must be the owner of the property in order to get a mortgage loan from the bank. This was why many said the children cannot pay for the mortgage if they are not the owner.
3) If you are still paying a mortgage for your current property, the maximum loan you can get is 45% LTV (Loan-To-Value).
4) Moreover you will be incurring ABSD for the 2nd property.
5) If your current property is fully paid, you might be able to get max up to a 75% LTV.
6) My suggestion would be you consider to be one of the owners of the property but hold a lower share so that your expense in tax can be minimized.
7) In this way, you will be the sole borrower for the mortgage, service the monthly mortgage and need not incur the high expense of owning it.

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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