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I'm currently a joint owner with my brother for a HDB resale flat which we've occupied for the past 7 yrs with our parents. As I'm planning to get another property with my fiance, will it be possible for me to transfer ownership to my brother? What will be the costs incurred? Will he be able to utilise his CPF monies to refund into my CPF account the amount for which I've paid out for the bank housing loan? Tks.
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1 Answer

Mike Lim
Replied
Morning,

You can do a part purchase where your brother return you the part which you have contributed and take-up another mortgage loan, 50% of the valuation of your unit, on top of what he's paying now.

FYI
Mike Lim
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  • MS
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    Hi Mike, will it be necessary for him to take up another mortgage loan when the current one is still being financed? Is it not possible for the part that I've contributed to be returned from his CPF account and for him to thereafter finance the rest of the current monthly instalments using his CPF only?

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