Asked by Anonymous
Hi Guru, I'm 57 years old. My wife and I jointly own a private apartment (the apartment was a recent privatized HUDC flat) and is fully paid. I intended to buy another private house jointly with my son, a businessman and he is 28 years old. I'm still healthy and working as a exec. director. We intended to buy a house of about $3 million and we required a loan of $1.3 million.
What should I do?
1) Do I transfer the present apartment to my wife and remove my name to avoid paying the ABSD?
2) If we wish to take up a 25 years bank load with my son, may I know the maximum loan tenure the bank allow? As mentioned I'm 57 and he is 28.
3) If my age effect the 25 years loan tenure what should we do? My son income is only around 5K and month and my is about 21K per month.
Please advice. Thank you.
What should I do?
1) Do I transfer the present apartment to my wife and remove my name to avoid paying the ABSD?
2) If we wish to take up a 25 years bank load with my son, may I know the maximum loan tenure the bank allow? As mentioned I'm 57 and he is 28.
3) If my age effect the 25 years loan tenure what should we do? My son income is only around 5K and month and my is about 21K per month.
Please advice. Thank you.
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