J|nG 0 Report post Posted May 5, 2010 Hi all, I think my topic might be a bit confusing. Basically, I intend to sell my existing flat (resale with HDB grant $40k and stayed 5 years) and after that, add my name to my mom's existing flat to help her finance her flat as she no longer contribute CPF. Right now, under the new HDB 2nd loan rule, 50% of the cash profit proceeding will have to be put into the 2nd HDB loan if applying for the 2nd loan. I've called HDB and asked them "what if I am not buying a new resale flat but to add my name into my parent's house?" The officer informed me that as long as I am eligible for the loan and the amount of loan granted to me is in full, I do not need to give any cash. Eg. Loan required for financing of parent's house is $70000 and amount of loan given to us is $70000 = $0 cash. If loan given is $60000 then we have to top up $10000 cash. Any advise? Thanks. Share this post Link to post Share on other sites
bepgof 20 Report post Posted May 7, 2010 (edited) Hi all, I think my topic might be a bit confusing. Basically, I intend to sell my existing flat (resale with HDB grant $40k and stayed 5 years) and after that, add my name to my mom's existing flat to help her finance her flat as she no longer contribute CPF. Right now, under the new HDB 2nd loan rule, 50% of the cash profit proceeding will have to be put into the 2nd HDB loan if applying for the 2nd loan. I've called HDB and asked them "what if I am not buying a new resale flat but to add my name into my parent's house?" The officer informed me that as long as I am eligible for the loan and the amount of loan granted to me is in full, I do not need to give any cash. Eg. Loan required for financing of parent's house is $70000 and amount of loan given to us is $70000 = $0 cash. If loan given is $60000 then we have to top up $10000 cash. Any advise? Thanks. Seem no one interested to give some insight. Let me start. 1. After selling yr existing unit, sure you can "add yr name" into yr mom's existing unit, approach HDB brance they will asssign lawyer to do this, or you can get your own lawyer, of course need to pay money. "Add yr name" is actually referred as "Transfer of ownership" on grounds of family members and there is monetary consideration ans is "by way a gift". See http://www.hdb.gov.sg/fi10/fi10326p.nsf/w/...rs?OpenDocument 2. Maximum 4 family members all allowed to be "co-owners". You must decide you appearance as co-owner is in the form of Joint Tenancy , or Tanancy in common. 3. Yr mom's unit present is under HDB's mortgage loan? If so, things will be simpler: After "yr name added", approach HDB brance, tell them you want to do partial payment, lumsum payment, or shortening the loan tenure....and deduct $ from yr cpf account....cos you are a co-owner! 4. Or yr mom's unit presently under private bank loan, & you intend to switch it to "2nd hdb concessionary mortgage loan" under your name, after u become co-owner? Must meet many conditions to be eligible to apply for "2nd hdb concessionary m l". You need to check with HDB personally, or you can online check your eligibility. Wish things happen in accordance to what you plan for. Edited May 7, 2010 by bepgof Share this post Link to post Share on other sites
