Asked by Gan
Hi Property Guru,
My Mother and I co-bought a HDB unit 5 years ago. I am married with a baby now and would like to get a new place to live.
Hence I am planning to withdraw my name as a co-owner of this unit, and she will be the sole owner. However, I have been paying the loan all these 5 years. My mother is self-employed, drawing little salary, and she doesn't has much CPF.
1. I understand that CPF will return me the amount I paid these 5 years. I can give her cash to pay off HDB the amount i have been paying for 5 years. I would also help her to pay the loan monthly by cash. Possible?
2. Since she would become the sole-owner. Would the value of this HDB unit be the same as when we first bought? Any complication?
Thanks very much! I appreciate your expertise.
My Mother and I co-bought a HDB unit 5 years ago. I am married with a baby now and would like to get a new place to live.
Hence I am planning to withdraw my name as a co-owner of this unit, and she will be the sole owner. However, I have been paying the loan all these 5 years. My mother is self-employed, drawing little salary, and she doesn't has much CPF.
1. I understand that CPF will return me the amount I paid these 5 years. I can give her cash to pay off HDB the amount i have been paying for 5 years. I would also help her to pay the loan monthly by cash. Possible?
2. Since she would become the sole-owner. Would the value of this HDB unit be the same as when we first bought? Any complication?
Thanks very much! I appreciate your expertise.
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