Asked by Bryan
Hi, Would you be able to advice me on this? Currently I own a condo with my wife (50-50) shares, valued $1 million, mortgage is 800k. We plan to buy another condo valued $2 million to stay.
In order to avoid the ABSD, our plan was to transfer the first condo to my name fully and my wife buys the second condo under her name. (I cannot buy second condo under my name as I am Singapore PR, I will have to pay ABSD, but my wife is Singapore citizen).
The first condo mortgage will be serviced under my name but the second condo will be a joint borrower despite owned 100% by my wife.
My question on housing loan is :
1. Can I be a joint borrower for the second condo with my wife even though I don't own the 2nd condo?
2. Can I switch my housing loan so that my second condo becomes my first housing loan (borrow 80%) and my first condo become my second housing loan (borrow 50%).
I need that switch so that I borrow 80% of $2 million instead of 80% of $1 million.
In order to avoid the ABSD, our plan was to transfer the first condo to my name fully and my wife buys the second condo under her name. (I cannot buy second condo under my name as I am Singapore PR, I will have to pay ABSD, but my wife is Singapore citizen).
The first condo mortgage will be serviced under my name but the second condo will be a joint borrower despite owned 100% by my wife.
My question on housing loan is :
1. Can I be a joint borrower for the second condo with my wife even though I don't own the 2nd condo?
2. Can I switch my housing loan so that my second condo becomes my first housing loan (borrow 80%) and my first condo become my second housing loan (borrow 50%).
I need that switch so that I borrow 80% of $2 million instead of 80% of $1 million.
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