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Hi,

Its possible to add your sibling name in, provided she is at least 21 years old and has employment income and can meet the TDSR requirements so the bank can potentially extend financing to more favorable terms to you.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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Hi,

1) Yes, this is feasible.
2) By adding her name will definitely help increase the loan tenure and reduce the monthly loan repayment.
3) It does not mean that she has to buy over a large sum such as 50% or so to chip in her payment. It can be as low as 1%.
4) Because of the larger share she buys over the higher the buyer stamp duty she has to pay. The legal fee is a standard charge.
5) The implication is this will affect her eligibility to buy BTO/SBF flat in the future. There will be a waiting period of 30 months after selling her share before she is eligible for BTO/SBF.
6) She will also have the same waiting period when she intends to buy a resale flat with grants and eligibility for an HDB loan.
7) Although those siblings who are married with the property at the moment are subject to ABSD if they chip in their part. But the buyer stamp duty (BSD) and ABSD will not be that much, and the implication is much lower than this sister who is single.
8) Do note the amount these siblings can loan might be lower than siblings without an existing mortgage loan.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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