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Hi we would like to upgrade our current housing .

So what we have planned is to sell off current exisiting housing with my parents name and purchase a new flat retaining my parents name.

I would like to finance the new house and the question is will I be able to get any form of loan to finance the new flat despite not having my name on it
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8 Answers

Good morning,

To be a borrower of the home loan, you also need to be the owner of the flat, hence your name will have to be added to the ownership as well. Alternatively, there could be other methods to try to make the above arrangement work out. I would need more details so to make the best recommendations.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

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We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. You are always having your smiles whenever we met for discussion.

We appreciated your process of selling and buying of our property are very systematically and well executed, from financial calculation to the purchase procedure of our new house. We are always being updated thru our group chat during the engagement of your service.

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Dear sir/mdm,

Basing on your description, you will be ineligible to obtain any home loan for the property. Home loan will only be eligible for the owners of the property, therefore in this instance, any home loan will have to be under your parents' names, should they be eligible according to their age and income subjected to 60% Total Debt Servicing Ratio (TDSR). You may of course be able to chip in with monthly servicing of the home loan using cash.

It will be helpful to do up an in-principle approval prior to embarking in this upgrade such that you will be able to know the financial commitment involved for the upgrade. Perhaps we can meet up sometime this week for a more detailed discussion where we can work out the financial flow, including the planned sale, such that you will then be able to make a more informed decision this way. No obligations.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
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Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ http://l.ead.me/7772 Read More
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Hi;

Unfortunately if your name is not in the property, you wont be able to get a loan under your name to finance for this property.. However, there are other options available too to finance for this property with just your parent's name ..Please do contact me for further info as i'm unable to contact you via here.. Thanks

Rgds;
Lyna Song
 9623 8442 
Associate Group Director
Propnex Realty Pte Ltd
lynasong@hotmail.com
https://wa.me/6596238442 Read More
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Dear Sir/Mdm,

According to the scenario that you have mentioned, you will not be able to finance the new property under your name if you are not one of the owners. In the past, guarantors are allowed so you can use your name as a guarantor. But sadly this was removed quite a few years ago so it is no longer allowed.

Maybe there are some reasons why you do not wish to have your name inside. So maybe what I can suggest is that we can actually meet up for a chat and we can discuss about this with more details for you and hopefully I can give you advice on this issue.

Just to share a little on myself. I have been in the industry for 10 years. Over the years, I have served many clients and many are my friends now. Many have also left testimonials for me for my service rendered, I was also featured in CEA's newsietter together with my partner for Great Client Service. I also won the SAEA Real Estate Excellence Silver Award for Best Client Service. I have left some links below so maybe I will need to trouble you to copy the links to your internet browser and take a look. Hopefully this will give you some idea of how I conduct this business. I am proud to say that we have always placed our clients' interests in the top position and I believe we will be able to offer the same level of service to you and hopefully even better.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Associate Executive Director (Sincerus Division)
OrangeTee and Tie Pte Ltd
NAVIS Living Group - The fastest growing group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

Founder of Sincerus Division
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Web : www.sgpropertyadvisers.com Read More
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Dear Sir/Mdm,

Under the current loan guidelines, you will need to be one of the owners to be able to use your income to secure a loan and to finance it using your CPF.

I have some clients who face the same challenges as you and I have provided them with some possible solutions. Please feel free to contact me so that I can understand your situation better and provide you with some suggestions.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients

“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer) Read More
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Hi
Unfortunately, you must be named as one of the owner of the flat in order to finance the loan. In your scenario, I might be able to think of a solution provided I am given further information and details of the current situation you are in and what your concerns are. Do contact me at 93375051  for a free and non obligatory discussions on this.
Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More
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Robbie Chen Chee Howe
Hi,

You will need to be an owner of the property that you're looking to take a mortgage loan on, either as a joint-owner, or as a sole lessee. You will also not be able to use your CPF funds for the next flat if you're not the owner.

May I know what's your reason to omit your name in the next housing that you're going to purchase? Perhaps I could provide you with a more appropriate recommendation?

I am experienced and well-versed in both private and HDB resale transactions. I will be able to assist you in your housing plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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OHMYHOME PTE LTD
Greetings from Ohmyhome!

No, you have to be a co-owner in order to be eligible to finance the purchase of a property.

Should you need further information or assistance, feel free to contact us at 68869009  or WhatsApp us at 97551009  .

We will be most glad to assist.

Richmond Chia
Senior Advisor
Ohmyhome Pte Ltd Read More
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