AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Hi, I bought my first HDB in 1996 with me as the owner and my parents as the occupiers. I'm thinking of changing ownership to my parents (who sold their 1st subsidized flat in 1990s) so that I can buy another (larger) HDB flat. Will my parents need to pay the reslae levy? How much (which scheme)? Can I only buy off the open market?
0 •
389 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

1 Answer

Mike Lim
Replied
Evening,

You have purchased this current unit under single scheme with your parents staying with you. If you have taken grant and intend to perform transfer of ownership, your parents are required to repay the CPF contributed by you, including interest and the levy as this transfer would become their second subsidized unit.

However, if you choose to sell it to your parents under normal resale, they are required to obtain mortgage loan. If you are currently single and looking to upgrade, you are only eligible to purchase from the resale market.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions