AskGuru Q&A Community

Hi,

Seems like you have a quite a complex situation, but there are lots of info missing.

1) Selling of current flat: No mentioning of current flat type, location and when was bought. Difficult to assess whether your idea can work.
2) Getting new flat: upgrading of size, location etc, possible budget. BTO or resale etc are all different situation.
3) Reason of changing current residence property. Selling and buying seems an simple task, but lots of implication might occur. Selling and buying might not help in different situation.
4) Grant: Using your mom & your name can apply under public scheme. Grants are only used for resale flat purchase. You could possible eligible for under current situation:

(i) Half-Housing Grant: $25k (2~4-rm), $20k (5-rm & bigger)

You are not eligible for the rest of the grant, including EHG, since your combined income is $6k.
This grant amount can be use for 10% downpayment under HDB loan or 25% downpayment under private bank loan.

5) Loan amount: under MSR assessment, only 30% of total income can use for mortgage servicing. Assume no credit issue, no other loan etc, highest possible loan amount is around $300+k. And loan tenure as a guide is dependent on how old is yuor mom.
6) You have to register as owner in order to assist in servicing the loan with CPF.
7) Last but not least, you have to understand the implication of getting grant and the decision of purchase flat with your mom. Your priviledge will be deprived you from getting higher grant in future. And there is a resale levy (e.g. $20k for 4-rm flat if you own 50% of the flat) to be paid when you sell your share in latter, when you purchase BTO with spouse.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://www.facebook.com/Homesellerbuyer/

Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly. Read More

Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead. By the way, due to the weak market sentiment, it is advisable to sell off your current unit first before you go for the next purchase.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi Maam
As for grants, if your mom current flat is purchased directly from HDB or is bought with housing grants in the past, your mom will be considered a second timer. If the current flat is bought on the open market without using any grant, your mom will still be considered a first timer and both you and your mom will be eligible for first timer grant. As for half housing grant, this only to couple or if you are more than 35 years of age. This is what I am being told when I enquired HDB in regards to my client who is in a similar situation as yours. However if you proceed to purchase a resale flat without grant or a BTO after paying resale levy, it will be considered as a non subsidised purchase. In this case, you are able to enjoy first timer grant in case you sell off your future house and purchase another one whether as a couple or single. Do contact me at 93375051  for a free and non obligatory discussions on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More