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Hi My mum is currently 58 yrs old (widowed). she own a 4rm flat fully paid. Would it be possible for her to buy an excutive/5rm flat in woodlands? She is not working. I think we will need about 200k loan for executive hdb flat. Is she allowed to buy the flat under her own name? I am married and have another HDB unit. Can she get a bank loan with me as guarantor or something like that? I am 27yrs old earning about 3.3k per month.
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1 Answer

Mike Lim
Replied
Evening Ahmad,

With the current given ruling, guarantor have to be owner of the unit hence the plan is not feasible. Neither will bank provide your mum with loan as she have no income. Therefore I don't think your mum can upgrade to EA/EM or 5 room flat unless she have a good sum of CPF RA which she can tap on for the upgrade.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
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