Asked by Anonymous
My name is in my parents HDB, and we're approaching the 5 years MOP next year. I'm planning to get married and thus would like to take my name out to buy my own home with my wife to be. However, HDB advised that my parents will need to have a new loan, and based on their age (65 and 55 this year), they could only loan 50k, and we would need to pay about 178k cash. We do not have that amount of cash.
The alternative option is to delay my marriage and home, replace my name with my younger brother's who will turn 21 years old in 2019 February. By then my parents will be older, and my brother may not be working yet as he will still be studying. Will we have trouble getting a loan, and will we still need to pay up cash, and how much?
I did not contribute to the financing of the current loan.
The alternative option is to delay my marriage and home, replace my name with my younger brother's who will turn 21 years old in 2019 February. By then my parents will be older, and my brother may not be working yet as he will still be studying. Will we have trouble getting a loan, and will we still need to pay up cash, and how much?
I did not contribute to the financing of the current loan.
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