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Hi I currently a joint tenant with my mum. However am looking for a resale flat with my non citizen spouse. My brother will be taking over the flat and I am wondering if I need to do a transfer of my share of the flat to him or to sell the whole flat to him? My CPF OA is < $40K and I am not keen to put a hefty downpayment for a flat purchase. Is $0 COV possible with the present market? As I am currently financing using bank loan, do I need a lawyer for conveyancing? As the sole breadwinner I guess I am only eligible for a 3rm flat right? BTO is not an option as I have to move out in less than a year
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2 Answers

Mike Lim
Replied
Morning Mr. Hairi,

Since the unit is under joint tenancy but being financed solely by you, you can request for part sales of unit to your sibling. However, he must be eligible for the purchase, be it administratively or financially. Once that have being done, you can proceed with your purchase. Depending on your preferred area and unit sizing, unit that are transacted at valuation pricing are fairly common.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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Ivan Ng
Replied
Hi,

For your case, you need to apply to HDB for approval to sell your share of HDB ownership to your brother. Any CPF utilized for the flat by you needs to be returned to your CPF account. HDB also requires the remaining owners to be able to manage the flat financially.

Presently, quite a number of flats in the outer region towns are transacting at valuation. Which area are you considering? The main thing I guess for you now will be to do an In-Principle Approval for bank loan, to see how much the bank will support. Thanks and hope to be of further assistance for other enquiries.

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com Read More
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