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Hi Guru,

I am an existing co-owner of a condo currently still servicing my housing loan. I would like to ask on the following:-

A) Possibility to purchase either a HDB (Single Scheme) OR a private condo (housing loan eligibility)

B) If I would like to take FULL ownership of this existing condo, what's the necessary procedures I should do in terms of legal and financial loans aspects?

Thank you
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1 Answer

Mike Lim
Replied
Afternoon Kathleen,

You are eligible to purchase resale HDB unit under single scheme if you are SC, above 35 years of age. But you are required to sell away your share of the private property within 6 months from key collection. For purchase of second private property, bank can only loan you max of 60%. If you are PR, you will be liable for ABSD.

As for purchasing your co-owner's share , you need to get the bank to workout on the valuation and how much loan you need to proceed with the purchase. Standard stamp duty and legal fees apply.

FYI
Mike Lim
 96929209 
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