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Hi guru, i am selling my 5 room hdb property to my parents. my remaining loan amount is 180,000. the estimated valuation of my property should be worth 450,000 based on what i see in propertyguru prices around my area. if my 59 year old parents were to get a mortgage loan and i were to transfer ownership of my property to them, are they required to get a mortgage loan of 184,000 (remaining balance of my loan) or 450,000 (valuation) from the bank?
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1 Answer

Mike Lim
Replied
Morning,

Your parents are purchasing from you, hence new loan is required. Being above 55 years old, the amount of CPF that can be used is subjected to CPF's approval. As for the loan component, it's dependent on their income and credit status and how long a loan quantum the bank will issue to your parents.

FYI
Mike Lim
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