Hi,
1) You are not alone that is under such a situation. It is common that the elder sibling or only child has to take up the responsibility with parents to support the family.
2) There are 2 types of situations:
(a) Resale HDB flat without grant:
Under such a situation, your 1st priority privilege for BTO application is not deprived. You are also able to apply for a grant in resale HDB purchase.
(b) BTO/SBF or resale HDB flat with the grant:
Under such a situation, you lost your 1st timer privilege for BTO application unless your spouse-to-be or spouse still maintains 1st timer privilege.
HDB grant will be reduced by 50% when purchasing resale HDB flat.
3) For elder parents who passed 55 yrs old can consider downsizing to a smaller flat, 2-rm Flexi. The only concern is whether the sales proceed of the current flat is sufficient to pay off this 2-rm Flexi flat.
4) 2-rm Flexi flat must be pay off and no loan service is available.
5) The child also can consider taking over the current flat so that the elder can manage to own this smaller flat if the selling-off is not an ideal situation.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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