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Hi there,

1. If you have used a bank loan as your first loan, you are unable to use HDB loan again. You can only switch from HDB loan to bank Loan. You are unable to switch from bank loan to HDB loan.

2. There is a due process for you to purchase the shares of your father. It is better for you to check with a lawyer or HDB. Please take note that there are CPF housing and CPF accrued interest

If you have any questions, please feel free to contact me at 82002029  . Thank you very much Read More

Hi,

1) It is possible for you to buy over his share based on his contribution. The minimum is his CPF utilized + accrued interest. If did not include the accrued interest, the CPF board might object to this part-sale.
2) You are not able to switch from a FI to HDB. HDB will not release a loan to you since you started your loan via a FI.
3) Your banker is correct that you will need to do a restructure for the new loan. Your monthly mortgage payment will be reduced since the loan amount will be lesser than what you have loaned in the first place.
4) Do note to confirm with the banker that you are not liable for the penalty of redemption in this restructuring exercise.
5) Also to highlight that you are subject to a buyer stamp duty based on market rate rather than the amount you paid for your father's share. Therefore a valuation must be done in this part-sale.
6) Make sure you are eligible to hold the HDB flat alone before you start the whole process of part-sale.
7) You may refer to this link for the part sale procedures:
https://www.hdb.gov.sg/residential/living-in-an-hdb-flat/changing-owners-occupiers/change-in-ownership/resale-of-partshare

Hope the above answer 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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