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Hi, I hv bought a bto flat which will be ready in 2011. In the meantime, my wife and I are interested in getting a condo unit for investment purpose. However, we noted that we are not allowed to buy a private property before the 5 year minimum occupation period of our hdb flat is up. We were told that we could put our parents as owner of the new property but secure a bank loan in our name. Can this be done? Especially in view that we wld be taking a hdb loan of abt $150k. Pls advice. Thanks.
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3 Answers

Mervin Tang
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Hello Ong,

Yes you are right, you have to fulfill the minimum occupation duration of 5 years before you are allowed to buy a private property. It does not matter the quantum of the HDB loan, once there is a subsidised loan involved, together with buying a flat directly from HDB, the 5 year ruling automatically applies.

At the same time, although you cannot be the legal owners of the private property, your parents in this case can, while you and your wife both can apply for the legal commercial loan.

Please let me know if there are other areas that I can assist you in!

Your Singapore Condo Specialist Team,

Mervin Tang
Senior Marketing Associates
Developer's Appointed Agency
Huttons Real Estate Group

Call Today: (+65) 9184 0208 
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Dalen Chee
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Hello Ong,

I would encourage you to speak to a banking professional regarding your finance issues so that you have a clearer picture. You may undertake the loan in your parents name but as you have a current mortgage, your future bank loan quantum for your private property will be affected. This will also affect your investment decisions with regards to property. I hope this helps! If I can assist you in any other way, do feel free to contact me!

Sincerely
Dalen Chee
email : dalenchee@gmail.com
mobile : 9695 2550 
my web : www.96952550.com Read More
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John Lai
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