AskGuru Q&A Community

Good evening buyers,

I am afraid to inform you that it's not possible as both of your kids must be at least 21 years old to take over the ownership of current property and they must be able to take over the existing loan as well which they are not able to. Nowadays only owners can finance mortgage of the property, guarantors are no longer allowed.

Care to share more of your intention behind this move? Do you intend to own 2 properties at the same time?

Do let me share with you on one of clients that I am helping them to upgrade or grow their property portfolio (we just spent 6 hours viewing properties last sunday).

They will be selling their 4rm flat (havent fully paid) and intend to purchase an unit for own stay and the other for investment after a few rounds of detailed financial planning.

You might not believe. This plan will be funded entirely by their sale and they wont be coming out with any amount from their savings. They would have reserved funds up to 4 years to finance their homes even if they dont work.

I would or would not say this will be possible for you as well but with detailed financial planning, you will have a clearer picture what is feasible for you.

Perhaps we can find a good time to meet up so I am able to share more with both of you. Cheers!

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
(FB): www.facebook.com/yttanassetprogessor

Find out your property value for FREE on a monthly basis. Simply sign up by clicking the link below:

http://bit.ly/yt_proptrack Read More

Good morning,

Only adults above the age of 21 are eligible to become property owners, provided they have the capability to service the mortgage loan. If you want to transfer the property under your children's name, you will need to create a TRUST and have the unit fully paid in cash. In the event that you really want to get a resale HDB unit, you will be required to sell off your current unit within 6 months from key collection.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi,

This may be possible. You may choose to fully pay for the property and transfer the property to your children under Trust. Afterwhich, you can proceed to purchase a HDB flat for your own occupation.

Should you need any 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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More