Asked by Anonymous
Hi,
I currently co-own a private property with my dad (50-50 co-ownership), which is currently fully financed by my dad. My fiance intends to buy over my dad's 50% share. Understand that a restructuring of loan needs to be done for this "ownership of transfer by part sale".
Some backgrd info:
Current property valued at ~ $1,000,000.
Bank loan amt my dad took ~ $450k
A couple of qns on the expenses involved for Part Sale:
1) Fees of 3% stamp duty of property value to be payable (prorated according to the percentage of shares bought - in this case, its $15,000?)
2) My fiance needs to take a bank loan for the 50% shares bought (ie. 50% of $1M = $500,000).
Since it is my fiance's first property purchase, he can get up to 80% loan. Thus, how is the repayment for this bank loan? Is it still the 20% downpayment (ie. $100k) involved? if yes, can this 20% be financed fully through CPF or it needs to be cash?
3) Any other expenses that i missed out?
Many thanks Gurus!
I currently co-own a private property with my dad (50-50 co-ownership), which is currently fully financed by my dad. My fiance intends to buy over my dad's 50% share. Understand that a restructuring of loan needs to be done for this "ownership of transfer by part sale".
Some backgrd info:
Current property valued at ~ $1,000,000.
Bank loan amt my dad took ~ $450k
A couple of qns on the expenses involved for Part Sale:
1) Fees of 3% stamp duty of property value to be payable (prorated according to the percentage of shares bought - in this case, its $15,000?)
2) My fiance needs to take a bank loan for the 50% shares bought (ie. 50% of $1M = $500,000).
Since it is my fiance's first property purchase, he can get up to 80% loan. Thus, how is the repayment for this bank loan? Is it still the 20% downpayment (ie. $100k) involved? if yes, can this 20% be financed fully through CPF or it needs to be cash?
3) Any other expenses that i missed out?
Many thanks Gurus!
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