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I co-own a 4 room HDB in Woodlands with my mum. She bought the flat from HDB in 1999 and I added my name to the flat to take over the HDB loan payment in 2007.
The loan was cleared a few years back. I'm thinking of withdrawing my ownership of the flat and purchase another 1 of my own but I read that I would need to return the CPF savings including accrued interest back to my account. Is there any way around it? I'm a 38 yrs old single.
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1 Answer

Robbie Chen Chee Howe
Replied
Hi,

Yes, you're correct. If you were to withdraw your name from your current flat, you will have to pay back the CPF monies that you had utilised for the flat, plus accrued interest.

If your Mother is still working and drawing an income, she may be able to take a loan and cover the portion that you had paid towards the flat. If her income is low, then you may be required to top up the shortfall back to your CPF.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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