Beeepboo 0 Report post Posted May 19, 2015 Hi! I need help with some issues regarding the removal of name from existing hdb flat. My DH (Singaporean) co-owned a flat with his parents (Singapore PR) and have been contributing for the flat using his cpf. He needs to remove his name from this existing flat before the new flat comes but we are facing many issues. His parents are not able to get a hdb loan since they are pr and would have to get a bank loan. However, the bank doesn't allow for transfer of shares and hence, my DH has to sell his share to his parents. But the complication arises because the bank is unwilling to give them the loan since mil and fil has really low income.The recent call to hdb, they told us that DH has to pay back his cpf + interest and redeem 1/3 of the loan amount. This is insane. Anyone who experience this issues before can give us some advise? Parents refuse to sell the house or downgrade. We have been to the hdb, banks but to no avail and different information is always given. The bank told us to ask hdb and hdb told us to consult the bank. Really confused. Thank you. Share this post Link to post Share on other sites
therat 18 Report post Posted May 21, 2015 Hi! I need help with some issues regarding the removal of name from existing hdb flat.My DH (Singaporean) co-owned a flat with his parents (Singapore PR) and have been contributing for the flat using his cpf.He needs to remove his name from this existing flat before the new flat comes but we are facing many issues.His parents are not able to get a hdb loan since they are pr and would have to get a bank loan. However, the bank doesn't allow for transfer of shares and hence, my DH has to sell his share to his parents.That's correctBut the complication arises because the bank is unwilling to give them the loan since mil and fil has really low income.From Bank point of view, they had to make sure the lender can pay back.The recent call to hdb, they told us that DH has to pay back his cpf + interest and redeem 1/3 of the loan amount. This is insane.Redeem .. no commentpay back CPF + interest .. yes.. if he want to remove his name. As long as some one pay back the CPF + interest to CPF. Who money.. not importantAnyone who experience this issues before can give us some advise? Parents refuse to sell the house or downgrade.We have been to the hdb, banks but to no avail and different information is always given.The bank told us to ask hdb and hdb told us to consult the bank. Really confused.No advise. That's how it work.You not the first one and not the last one.Since his parent refused to sell or downgrade.Then the only left few choice1. win TOTO Group 12. Pay back CPF + interest in order to remove his name.If all option not available, then left one choice1. Give up your BTO, stay with his parent Share this post Link to post Share on other sites
cinnamoroll 0 Report post Posted May 21, 2015 (edited) Hi,There are 2 things to take note for change of ownership.1) If DH wants to remove his name from HDB and change the ownership to his parents' names. His parents need to return DH's CPF used for the flat + interest. DH may login to HDB website to see this amount. This payment can be in CPF and Cash. However, if his parents do not have enough CPF, they need to pay in cash.2) For change of ownership, his parents need to ask for a new loan. For your case, it will be bank loan. But you said bank won't grant the loan to his parents due to low income. That means you are left with 2 choices. (a) Settle HDB's full payment in cash. (b) Sell the house.There is another way to retain the flat by adding a family member's name to the flat. But this person must be willing to take up the flat. Edited May 21, 2015 by cinnamoroll Share this post Link to post Share on other sites
Beeepboo 0 Report post Posted May 21, 2015 Thank you for the reply. i guess it's back to one square one again. I was thinking about trying to appeal to hdb to see if his parents could continue with the hdb loan but it seems like chances are slim. Share this post Link to post Share on other sites
sengkee86 0 Report post Posted August 4, 2015 yes. either somebody will have to 1) pay back the cpf + interest; or 2) sell the house to make way.No other choice. Share this post Link to post Share on other sites
bepgof 20 Report post Posted September 19, 2015 (edited) The recent call to hdb, they told us that DH has to pay back his cpf + interest and redeem 1/3 of the loan amount. This is insane.Insane? What can you do?, you should know.MMS insane? Many say yes, he says no.You should show your 'right' and 'power' when time comes and tell him don't drive you insane and you can make him insane too. Edited September 19, 2015 by bepgof Share this post Link to post Share on other sites
