AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Hi, I have owned a private property with outstanding loan. My friend wants to list me as co-owner of another private property she is purchasing and I don't need to serve the loan. The whole purpose is just to put my name there as there is nothing to do with my previous loan. However I was told that if she wants to share the property with me, she needs to pay 50% downpayment. Is it part of new cooling rule? Can someone explain to me that it is legal and valid?
0 •
795 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
Afternoon PZ,

With the new measure, your friend can only obtain a maximum of 60% loan, with you as the co-owner, for you still have outstanding loan at hand.

It would be ideal for you and your friend to do some financial computation before going into this.

Feel free to contact me for further enquires.

Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions