7 Answers

askguru expert
Hi there, thanks for writing to us on AskGuru.

Unfortunately, this is not allowed as only the owners are eligible to borrow from banks. MAS's rules clearly state that a borrower named on a residential property loan is required to also be the mortgagor of that property.

Hope this answers your question.

Best Regards,

Team PropertyGuru
YT Tan (陈永达)
Good morning X,

I am afraid to inform you that only owners are able to obtain loan for a property [purchase thus if you wont be one of the owners, its impossible. You wont be able to be his guarantor as well. But having said that, if you guys have a substantial amount of cash on hand, there might be a solution.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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Aaron Chong

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, you may want to consider joining your name with your brother in order to use your income for loan application.

Aaron Chong
9730 8455
Ling CK

1) I would suggest your brother hold on for a while instead of rushing into a high commitment when he is unemployed at the moment.
2) I believed with his profile he will be able to get something within a short period. After settling down for 3 months in his new job, he will be able to get a healthy loan amount for his purchase by then.
3) Although there are ways to get a mortgage without an income. I still feel it is better to get a mortgage with an active income.

4) As for yourself, unless you are the owner of the property you won't be qualified to get a mortgage on his behalf.
5) Moreover you are going to buy a resale flat, you will have to sell your share in the private unit within 6 months upon key collection of the resale HDB flat.
6) By then, you will be stuck if your brother is unable to take over your share.
7) Even by then he is able to take over the mortgage, you will also incur Seller Stamp Duty (SSD) of 12% for selling your shares within a year.

Hope the above answer to 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

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Robbie Chen Chee Howe

If your brother is looking to get employed in the near future, there may be a possibility for him to get his condo with your help. This method will require proper planning, hence I would suggest you WhatsApp me to take this discussion further.

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
Nick Tan
Dear Sir/Mdm,

As you are buying a resale HDB soon, you should not allow your brother to use your income as you will have to be one of the owners of the condo in order for you to use your income for loan assessment. By becoming one of the owners of the condo, you will need to sell your condo within 6 months if you were to buy a resale HDB flat.

You brother can try pledging his funds to get a loan. Please feel free to contact me so that I can understand your situation better and assist you further.

Nick Tan
(M) +65 9644 4854
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:

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Silvia Yang
Hi Sir/Madam

I just assisted my client who have similar concern and I will be glad to assist you as well
Appreciate if you can contact me at (65) 96608508
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508
Email: Silviayang8@gmail.com