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Am afraid you cannot use HDB as equity. Is existing loan under 3 borrowers or you are the sole borrower in this case? For this case, you will require HDB's approval in the part sale.

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I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

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Hi, appreciate your sharing. Able to do your HFE first to determine whether using bank loan or HDB loan. Before all parties negotiate on a price to decide.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

You may want to consult with HDB to determine the most suitable approach based on your specific circumstances and goals.
To contact HDB (Housing Development Board) in Singapore, you can reach them through the following channels:
HDB Hotline: You can call the HDB Hotline at 1800-225-5432 for general enquiries and assistance. This hotline operates from Monday to Friday, 8:00 AM to 5:00 PM, and Saturday, 8:00 AM to 1:00 PM.
Online Enquiry Form: Visit the official HDB website and fill out the online enquiry form to submit your queries or feedback. You can expect a response via email.
Visit HDB Branch Offices: If you prefer face-to-face assistance, you can visit one of the HDB branch offices located across Singapore. Check the official HDB website for the nearest branch office and its operating hours.

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Hi there, thanks for reaching out! Here's how you can proceed with your situation:

- Since you are above 40 and single, you can own the HDB flat under the Single Scheme.
- First, you'll need to check with HDB regarding the eligibility for the transfer of ownership. Your parents would need to sell their shares to you, and you'll become the sole owner.
- As for the loan, you can approach a bank to take over the outstanding HDB loan with a new bank loan. They will assess your financial situation, CPF usage, and the flat's current valuation.
- Any cash proceeds would depend on how much loan you’re eligible for and how much you’ve already paid off through CPF.
- Ensure that any legal requirements are covered, including legal fees and stamp duty for the transfer.
- It’s always good to get a valuation report of the flat to understand its current market value.

Feel free to reach out for more guidance on the next steps!

Thank You.

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