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Hi Wendy,

Nowadays HDB are pretty strict on transfer of HDB ownership. You might want to approach your HDB branch office before proceeding further. If HDB does allowed, your mom must be able to repay the CPF OA funds that you have utilised for this HDB.

You can inherit the HDB in future but have to decide whether to keep or sell it off. If you decide to keep HDB, you have to sell off your condo and fulfill 5 years minimum occupation period before you can purchase a private property.

In the event, you decide to sell existing HDB and purchase condo. Since your mom is retired with no income, you can either purchase with or without her. At the end of the day, she doesnt have to be one of the loan borrowers. You can be sole borrower.

Perhaps we can meet up over a cup of coffee to discuss and explore the options that is available to you. From there, you will have a better idea which option is suitable for you.

Hear from you soon!

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Dear Buyer,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

As long you inherit the HDB as a SC with condo. You can appeal to keep both condo and 1 hdb. Simple :)

You can transfer your part to your mum upon repay the CPF usage with interest through cash too

I am contactable at 92222389  or onassis@sgagent.com / sgrealtor.com

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Question, do you need your mum's name to be a co-owner of the new property you are intending to purchase?

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Geryl LIM
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Hi,

If you were to withdraw your name from the hdb, it is considered a transfer of ownership and with the recent revised hdb rulings, approval may no longer be as easy to obtain. Assume its approved, the remaining owner also needs to be able to refund the CPF you have utilized for the property so you can exit, which can be a substantial amount. Is it workable for your case?

If you were to purchase on joint name with your mum, the loan tenure will likely be income weighted (as in whoever earns more, the age will have more impact on the loan). Given that you are the only income earner, the loan will likely be based on your age and income profile only. This option also avoids ABSD as you would have sold your current HDB.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
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Hi Wendy,

If you sell your HDB and purchase a condo, your mother can be the co-owner with you, but she need not be the borrower. You can be the sole borrower to the property, hence your loan will not be affected.

As for withdrawing your name from the property, do take note that if HDB approves your transfer, you will still have to top up the CPF + Accured interest amount that is paid towards this flat to your CPF.

For inheritance, you will need to dispose off either the HDB or your own private condo within 6 months from taking over the HDB flat. However, you can try to appeal on this. The decision will be on a case-by-case basis.

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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More