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My parents would like to purchase a HDB re-sale flat but were not able to take a loan, as they are retireess and have no income.

Can the children take the loan on their behalf? Can the children use their CPF to pay for their parents' flat inital downpayment?
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3 Answers

Hi,

If you wish to take up loan or use cpf for the hdb flat, your (the childrens) name have to be added into the purchase, and you be required to sell your current hdb. I believe that's not your objective, but this is the hdb policy. Thanks and hope to understand your plans further to make better recommendations.

Warm regards
Ivan ERA
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GAN ENG JOO ONASSIS
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HDB policy, your name have to added in the HDB ownership to use your CPF to serve the housing loan.

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Afternoon,

If the mortgage were to be under your name, you have to be one of the owner of the unit. As your parents have reached retirement age, it would be good to check with CPF board on the actual amount that they can utilize for the purchase.

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