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You may address me as Lu
I have several doubts and hope you can clear my doubts
1. My girlfriend and I intend to buy a flat but she currently 'co-own' (in name only) a resale 3-room flat with her ex-husband. Can she transfer her name to her son when the unit is still repaying housing loan?
Her son is 26 years old and working.
2. If I cannot include her name, I can only buy 2-room flat during May 2022's SBF or resale flat tight?
3. If I can include her name, how does HDB calculate our grant? My greatest concern is we have a combined gross income of approximately $6600 but almost $1200 of her income is based on overtime which may not be sustainable...
4. How do I go about getting ready for the SPF as an individual or with her?
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1 Answer

Ling CK
Replied
Hi Lu,

1) First of all, her son or her ex-husband must have the financial capacity to buy over her share.
2) It is not a process of changing the name in ownership. There is the money from buying over-involved in these changes, and such changes are also subject to stamp duty which the IRAS will charge.
3) Still paying the loan is not an issue, it is whether her son's salary can borrow enough to buy over her share. He will then service his loan accordingly.
4) Since you are single, yes, you are only eligible for a 2-rm flat.
5) The HDB will calculate according to household income, meaning everyone's salary in the application. The grant amount is determined by the HDB.
6) The last question goes back to (1), (2) & (3).

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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