AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I am withdrawing my name from a 3 room HDB flat in Eunos that I share ownership with my parents. I paid abt 40K of my CPF to HDB & settled the mortgage loan.

I recently signed an option fee to purchase a 5 room flat in Bukit Batok with my fiance. The house will be ready in about 4 months. We plan to live on our own. As such, I have to withdraw my name from the Eunos flat.

My parents don't have any CPF and they cannot afford to pay back the 40K that they owe to my CPF. As such, the plan is for them to downgrade to a 2 room flat preferably near to where I will be living at (Bukit Batok).

Is this a feasible option? What are your thoughts about this?
0 •
1342 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

3 Answers

Mike Lim
Replied
Good evening Ms. Lizawati,

I believe the main issue is that your parents do not have the financial capability to pay for the amount of CPF that you had utilized, inclusive of interest payable.
The most viable option would then for all of you to sell the current unit and proceed for the downgrade. However, do note that there isn't much option for 2 room flat within Bukit Batok estate. The most common unit will be 3 room flat.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for an experienced agent with knowledge on sales and purchase of residential property in Singapore?
With more than 10 years experience on cases related to:

1) Mental Capacity Act
2) Long Lasting Power of Attorney
3) Esate Planning and Distirbution
4) Divorce
5) Bankruptcy
6) Purchase of HDB after Retirement Age

You can be sure that your concern and doubt will be cleared. This would allow you to move forward in one of your life's most expensive and rewarding decision with ease of mind. Read More
0
Upvote Upvoted
OHMYHOME PTE LTD
Replied
Join the HomerAI by Ohmyhome community and take control of your property journey! With powerful tools like home e-valuations, neighborhood insights, and DIY calculators, you'll have everything you need to make smart decisions and maximize your returns. And with our top-rated agents on your side, selling your home has never been easier or more affordable! Read More
0
Upvote Upvoted
Landon Chew
Replied
Hi, hopefully you managed to sell your unit at a good price then. If, so then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me .

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
1
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions