It's great that you're planning ahead for your housing needs! Here's some guidance on timing your upgrade and considerations for adding additional owners to the property:
Timing for Selling and Purchasing: It's advisable to start planning for the sale of your current HDB flat and the purchase of a new one well in advance, especially considering factors like market conditions, financial preparations, and the time it may take to find a suitable property. Typically, you may want to start the process around 3 TO 4 months before your Minimum Occupation Period (MOP) ends, giving you ample time to explore options, secure financing, and coordinate the sale and purchase transactions.
Adding Additional Owners: Yes, it is possible to have multiple owners for an HDB flat. In your case, if you intend to add your brother-in-law as a co-owner for the new property, you can do so, provided that all owners meet the eligibility criteria set by the Housing & Development Board (HDB). This includes citizenship, income, and other requirements. Keep in mind that each owner's financial and legal responsibilities will be shared, so it's crucial to discuss and agree on matters like financing, ownership shares, and decision-making beforehand.
When planning to add additional owners, consider factors such as their financial stability, future housing plans, and potential impact on your eligibility for housing grants ,..
FOR BUYING > APPLY HFE FIRST ,...
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