AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
my wife and i will be divorcing and we checked with HDB officier on my case and was told that i can take over the share portion of my wife in the 4rm HDB flat(As a way of gift). Provided I pay back the CPF amount that she used in the 4rm flat. I am not eligible for the HDB loan after going thru the HLE online. I would like to know if bank will be willing to loan me. The current remaining loan with HDB is about 40K and the CPF to return with interest is about 120K. I am currently 35 years old. The total amt i would like to loan is about 100K. Also, I am currently self-employed. my last Income tax assessment shows that I have less than 2K/mth. But this year, for IRAS income tax will show that I will have more than 3K/mth. Please advise.
0 •
1384 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

1 Answer

Mike Lim
Replied
Afternoon Patrick,

That's known as part purchase, where you are the current owner and buying over the other owners share.
You will need a valuation report and the loan amount will be equal to your wife's portion plus 50% of valuation minus the current amount that you have used, if it's on Joint Tenancy
Being self-employed, it would be good to contact a banker to work on the amount they can loan to you. This step is prudent as it allows you to do your financial planning.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions