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Hi,

Just wanted to ask a question. My dad(Foreigner) and I(SPR) are in a joint ownership of a condo. The loan is under both our names. I'm thinking of buying a HDB, so it is possible to just take my name out of the joint ownership but still remain servicing the loan? I have enough cash on hand to handle a 60% loan for a HDB, so that's not an issue.

If so, would it be very expensive to do it?

Thanks!
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1 Answer

Mike Lim
Replied
Afternoon,

In order to remove your name out from the condo, you will have to engage a lawyer to do the necessary paperwork. You dad will have to repay you, the CPF component that you have utilized. As to servicing the loan, you are free to do so, only via cash.
As for the purchase of HDB flat, you need to be married, as you are SPR, before you will meet the eiligibility condition.

FYI

Mike Lim
 96929209 
ERA Read More
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