AskGuru Q&A Community

Afternoon Ms. Chan,

What you are looking at is known as Part Purchase. Having the custody of the child is important as that makes you eligible for the purchase. Income and credit status does play a part.
1) For such case, you will buy over the unit at 50% of valuation. Bank will only grant you 60% loan hence you need to have a least 10% cash and the rest 30% in CPF / Cash + CPF / Cash. This does not include the amount that you have paid for the unit. The existing loan will be divided into 2 hence you will bear 50% of it. In a nutshell, the bank will loan you 60% of valuation plus 50% of outstanding loan.
2) Yes, your husband does have the right to request for COV.
3) If you fail to get the custody of either child, being below 35 years old, you are only eligible for condo.

Do feel free to contact me for detailed discussion.

Regards
Mike Lim
 96929209 
ERA Read More

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