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Hi guys, both my spouse and I have about 255K in CPF if we sell the current flat. We would like to purchase a HDB resale flat that cost approx 375k. Can my spouse be the only one apply for bank loan of 120k as I am not able to apply any loan under my name due to bankruptcy. She is 45 yrs old and earning approx 3.5k monthly.

The cash proceeds of selling the current flat is needed to clear off parts of my debt and use it for 5% downpayment for the next flat.
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1 Answer

Mike Lim
Replied
Afternoon Mr. Tan,

With your current status, your OA will utilize 50% of the cash proceed of your current HDB unit to settle the required outstanding. Hence it would be good if you can work out on your financial standing.
As for the mortgage loan, your spouse can apply for it based on her sole income.

Do feel free to contact me should you require additional assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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  • HT
    Replied
    Hi Mike, thanks for the reply. Have spoken to OA, they will not hold any cash proceed for the sales. May I know how the bank going to grant my wife the loan as MAS requires all owners to be mortgagor?

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