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Hi, my fiance is co-owner of a HDB flat with his parents. It is not feasible for him to withdraw as the CPF contribution is a considerable amount. May we buy a Private apartment under my name (am 1st timer) but secure bank loan based on our combined income as a married couple? We can't afford the additional 7% and need 80% loan. Thanks!
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3 Answers

Mike Lim
Replied
Morning Lynn,

Under the current ruling, mortgager must be the owner of the property purchased. I'm sure this response is quite direct to your question.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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Ally Chin
Replied
Hi Lynn

Thanks your question.

Below are some suggestions if you deem fit where it works for you after some considerations:

Your fiance may consider to transfer the loan to his parents if they are eligible to loan the required amount.

If the flat is bought more than 5 years already then no need to withdraw name out. If they are still serving the loan then he may not get the second loan from bank.

Your fiance also can consider to withdraw the name out from the said HDB flat but provided the parents are able to pay him back the CPF monies he contributed.

If the name is withdrawn then both of you may apply for resale flat as first timer n also the family grant of 30k.

Else buying a private property could be under your name only.

I hope I'm not confusing you. =)

Should I can be of further assistance pls feel free to contact me.

Regards
Ally Chin
Associate Team Director
CEA No. R010439Z
Propnex Realty P/L
M: 81122213 
E: cwsally@yahoo.com Read More
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  • LL
    Replied
    Thanks for the reply!

    One last question. If we transfer the remaining loan back to his parents but do not top up his CPF (he is still the co-owner), may we just pay the remaining loan in cash monthly? Or because he is the co-owner, HDB will still use his CPF to cover the monthly installments?

    Your help is much appreciated!
Koh Zhen Hon
Replied
Hi,

Regard to your question. Why not you just drop me an email at ot1984pierre@gmail.com or Contact me @ +65 8 2 7 9 8 3 2 7 - Whatsapp / Call / SMS

Why Should Sellers/Landlords engage me? Contact me @
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