Withdrawal Of Owner's Name And Purcharsing Of Resale Flat

[pinkylicious 0]

hi all

need ur advices here. my hubby's name was added to my PIL' flat almost 3 years back. reason being my PIL's cpf a/c $ were all used up. i moved in to stay with them since we got married. now that we wanted to move out and get a flat on our own so tat hubby needs to withdraw his name from PIL's flat. understand from HDB PIL needs to top up back to my hubby's a/c by cash/ cpf/ get a loan from HDB or from bank.

my case is rather complicated but i really wish to shift out and have our own lovenest. both hubby and i income are less than $8k. wanted to know wat type of grant can we get from HDB beside the $40K HDB grant if we are buying a flat near to PIL?

as a first timer buying a flat are we suppose to pay downpayment by cash?

we having low cash and intend to do mini reno only. also hope to rent out 2 rooms for the time being.

as long as i can move out from PIL's house lesser meetings = lesser conflicts....

pls advice.

thanks.

Edited November 15, 2008 by pinkylicious

[therat 18]

I don't know abt you.

Your husband confirm is not 1st timer.

Might have grant issue.

need to pay levy.. may be..

better check with HDB officer.

[Clement08 0]

hi all

need ur advices here. my hubby's name was added to my PIL' flat almost 3 years back. reason being my PIL's cpf a/c $ were all used up. i moved in to stay with them since we got married. now that we wanted to move out and get a flat on our own so tat hubby needs to withdraw his name from PIL's flat. understand from HDB PIL needs to top up back to my hubby's a/c by cash/ cpf/ get a loan from HDB or from bank.

my case is rather complicated but i really wish to shift out and have our own lovenest. both hubby and i income are less than $8k. wanted to know wat type of grant can we get from HDB beside the $40K HDB grant if we are buying a flat near to PIL?

as a first timer buying a flat are we suppose to pay downpayment by cash?

we having low cash and intend to do mini reno only. also hope to rent out 2 rooms for the time being.

as long as i can move out from PIL's house lesser meetings = lesser conflicts....

pls advice.

thanks.

As long as ur hubby is registered as an applicant of the flat, he is no longer a first-timer. As 4 u, if ur hubby is not a first-timer, u r also consider not a first-timer cos HDB take it as a family (husband n wife). The best thing is to clarify with HDB, to confirm whelther he is a first-timer or not.

[zirhk3355 1]

First thing is to check the amount you need to top-up for your hubby's CPF after he withdraws from your PIL's flat - I believe this has to be done by cash, since your PIL's CPF already dried up. So do you have this amount, or will your PIL have enough cash to pay him back? If you cannot even settle this then no need to go further already.

As for grants and levies, it really depends on your hubby and your own status. There are alot of criteria; check them out on HDB website.

If you managed to get a flat via ballot, and both your CPF accounts (including what your hubby will get back after he withdraws from your PIL's flat) got enough for downpayment, then no need to pay alot of cash. But if you buy resale, then there is the cash over valuation (COV) to pay.

Lastly, I would suggest that you keep it small first and get a 3-rm flat that you can afford, instead of getting 4/5-rm flat then rent out two rooms. Living with tenants is just as bad as living with in-laws, you won't feel like you have your own lovenest.

[quoo 0]

I don't know abt you.

Your husband confirm is not 1st timer.

Might have grant issue.

need to pay levy.. may be..

better check with HDB officer.

hi,

the husband is consider a first timer if his parents flat are resale, not direct from HDB.Even it is a flat bot directly from hdb, u can tell HDB that the flat is a gift from his parents, husband did not bot it directly from HDB, it is his parents who bot it. Pls also note that withdrawing the name will need to pay back CPF accured interest, HDB stamp fees, conservancy fees..which can be a few $k

Edited November 22, 2008 by quoo

[edhannite 0]

hi,

the husband is consider a first timer if his parents flat are resale, not direct from HDB.Even it is a flat bot directly from hdb, u can tell HDB that the flat is a gift from his parents, husband did not bot it directly from HDB, it is his parents who bot it. Pls also note that withdrawing the name will need to pay back CPF accured interest, HDB stamp fees, conservancy fees..which can be a few $k

If the parent's resale flat is bought utilizing hdb's grant (e.g. first timer grant) then the first timer privileges are gone. But in this case, can try to withdraw the husband name before he make the purchase of another flat with you. Most likely hdb will be able to grant the first timer privileges to you. I have a friend in the same situation and this was hdb's advise. Best to check with hdb and get black & white confirmation.

[Angel81 1]

Harlow! I'm in the exact same situation as u!

Did ur hb get any grants when his name was added into current house(be it resale or new flat)? If no, then he'll still be applicable for first-timer grants with u. But yes, u need to find $$ to pay back to ur hb's cpf. My hb used abt $80k from his cpf already, so not possible.

So... we getting a new place under our name, PILs gota stay wif us, cuz they no $$. At least it's our house, we get to set the rules. I wanted to stay separately as well, bt since it's not possible, then consider getting a bigger place so that there'll be more space (btw u all and for future kids )

Best is to make a trip to HDB and ask the staff there. At least u'll know ur options.