Asked by cheng
I am planning to purchase a flat for my mother, who is a widow. She has no income as well.
We are looking at 3-room flats in Toa Payoh area selling in the region of 350k. The flat will be under my mother's name since I already have another flat with my spouse.
1) We are able to come out 200k in cash and will need to obtain a loan of 150k. Can my mom be the borrower since she has no income? Or I have to be a guarantor before the loan can be approved?
2) In principle, I am the logical owner of the flat since I will be financing its full amount. Is there any legal methods preventing my mom to sell the flat without my consent? Any way to mitigate this?
thanks a lot
We are looking at 3-room flats in Toa Payoh area selling in the region of 350k. The flat will be under my mother's name since I already have another flat with my spouse.
1) We are able to come out 200k in cash and will need to obtain a loan of 150k. Can my mom be the borrower since she has no income? Or I have to be a guarantor before the loan can be approved?
2) In principle, I am the logical owner of the flat since I will be financing its full amount. Is there any legal methods preventing my mom to sell the flat without my consent? Any way to mitigate this?
thanks a lot
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