Asked by Anonymous
Hi Guru,
I currently own a 3-room HDB flat bought in the open market, and fully paid by me and my wife (joint-tenancy)via our CPF. We have 1 child living with us and just started working, and supporting our family.
My wife and I are ageing quickly and we would eventually want our only child to have our home. How can me and my wife give our home to our child without our child's CPF being used? I know of HDB's transfer scheme where a HDB flat can be gifted to the child, but HDB does not specify if the gifting of the flat would mean that the funds used to purchase the flat would return to me and my wife's CPF accounts, and my child would still have to pay for the flat out of his CPF, despite being gifted the flat from us. And would CPF housing grants have an effect on this?
The second option is our child inheriting our home(i.e. after the passing of us both). Regardless of the presence of a will, would my child be able to have our home without having to pay for it? Thank you.
I currently own a 3-room HDB flat bought in the open market, and fully paid by me and my wife (joint-tenancy)via our CPF. We have 1 child living with us and just started working, and supporting our family.
My wife and I are ageing quickly and we would eventually want our only child to have our home. How can me and my wife give our home to our child without our child's CPF being used? I know of HDB's transfer scheme where a HDB flat can be gifted to the child, but HDB does not specify if the gifting of the flat would mean that the funds used to purchase the flat would return to me and my wife's CPF accounts, and my child would still have to pay for the flat out of his CPF, despite being gifted the flat from us. And would CPF housing grants have an effect on this?
The second option is our child inheriting our home(i.e. after the passing of us both). Regardless of the presence of a will, would my child be able to have our home without having to pay for it? Thank you.
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