Asked by Phil Gwee
My current flat is under joint tenancy (4 owners of equal) share. One of the owner intends to withdraw his share so that he can purchase a HDB on his own. One of the 3 remaining flat owners bought a private property the year before and took up a mortgage loan with bank. This owner could only borrow up to 60% from the bank to finance the private property at that time because she was one of the owners of the HDB flat and was still servicing the HDB mortgage loan. If this owner were to take up a mortgage loan from a bank to pay for the purchase of the outgoing owner's share and to finance the outstanding mortgage loan, what is the percentage of the market value of the flat she could take up as bank loan?
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