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Hi Gurus,

Currently my wife and I own a HDB flat taking a 80% loan. MOP is over and we intend to rent out the flat. Can we use my mother-in-law's name to purchase a private condo? To note that she is a housewife and is age 59 so not sure if she can obtain a 80% bank loan. Is it possible for her to transfer the condo to our names once we pay our hdb flat in full? Thanks for your advice.
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2 Answers

Yian Tay
Replied
Doer - it is dependent on your mother in law getting a loan, based on her age and income (housewife - no income = no loan), so that is the crux of the matter. Unless this issue can be resolved, you should not be worrying about the rest.

All the rest can be done, u just need to pay stamp fee, legal fees and as long as the bank agrees (if you can get a loan for your mother in law), its not much of an issue.

Making dreams come true, one home at a time,

Yian Tay
ERA Realty Network Pte Ltd
Mobile: 82884499 
Email: yiantay.era@gmail.com
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Mike Lim
Replied
Evening,

Being housewife, regardless of any age, have no income at all. With this fact, it's unlikely that any bank will provide mortgage loan to her. Unless you are able to pay 40% deposit to purchase your second property, you might have to hold onto what you have at this moment.

Regards
Mike Lim
 96929209 
ERA Read More
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