Asked by Anonymous
I am currently a single 32 year old SC looking to own an apartment for myself. I currently co-own a HDB with my single retiree father (also SC, assume no savings) and I am currently financing the bank loan linked to our current hdb alone.
Buying a second property to live by myself while still co-owning a hdb is not within my means at the moment as it means I can only take a 50% loan from the bank now for the second property. Not enough cash for downpayment.
Some questions
1. I would like to know if I and my father can sell my current hdb (already reached MOP) to qualify for 80% bank loan based on 30 year loan tenure on a private property for myself. I will require the proceeds from the sale of the hdb flat to pay for the private property downpayment.
2. Whether I and/or my father will be able to own/co-own a HDB after private property purchase and how quickly this can happen so my father has a long term place to stay.
Thanks in advance for any help anyone can provide.
Buying a second property to live by myself while still co-owning a hdb is not within my means at the moment as it means I can only take a 50% loan from the bank now for the second property. Not enough cash for downpayment.
Some questions
1. I would like to know if I and my father can sell my current hdb (already reached MOP) to qualify for 80% bank loan based on 30 year loan tenure on a private property for myself. I will require the proceeds from the sale of the hdb flat to pay for the private property downpayment.
2. Whether I and/or my father will be able to own/co-own a HDB after private property purchase and how quickly this can happen so my father has a long term place to stay.
Thanks in advance for any help anyone can provide.
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