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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?
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2 Answers

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
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Landon Chew
Replied
Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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