Hi all,

Need some feedback on my queries. Am thinking of getting flat after ROM, but my gf has a share in her family's flat and she's the only person paying the housing bank loan(using bank loan, not HDB loan) by CPF. Another thing is that she would like to continue to pay for the loan after getting her name out. Also if it is possible that she don't need to pay back to CPF after she withdraw her name out of the house.

Is there any way that she could get her name out w/o having to pay? I'm not familiar with HDB rules/regulations, so if anyone can help/went through similar situations as me, pls kindly reply, thks very much. I will provide more details if needed.

Edited July 12, 200719 yr by rofy

is she paying the bank loan using cash?

if yes then she can transfer her share in the unit by way of living gift

if she is paying the loan by CPF, then someone will have to top up the entire amt back into her cpf a/c before she can remove her name from the unit

is she paying the bank loan using cash?

if yes then she can transfer her share in the unit by way of living gift

if she is paying the loan by CPF, then someone will have to top up the entire amt back into her cpf a/c before she can remove her name from the unit

Thks for your quick reply!

Another question, is it possible for her to continue to service the loan using CPF when her name is not in it?

no, when she remove her name from the unit

someone will have to top up her cpf a/c the entire amount withdrawn thus far and the accrued interest

e.g. your gf had paid $50k so far, then someone will have to take out $50k cash and put it into her cpf a/c before she can take her name out.

if dun have this cash, either she dun take her name out or the unit has to be sold

no, when she remove her name from the unit

someone will have to top up her cpf a/c the entire amount withdrawn thus far and the accrued interest

e.g. your gf had paid $50k so far, then someone will have to take out $50k cash and put it into her cpf a/c before she can take her name out.

if dun have this cash, either she dun take her name out or the unit has to be sold

Ok, seems like there's no other way out then. Only private housing that we can opt for, with prices so ex now...

Thks for your help AppleFreak!

Don't think there's any way to solve this prob, but if anyone else here hv any methods that u know of, pls reply, thks...

Edited July 12, 200719 yr by rofy

If you got 50k cash, you can help to pay her share for her name to be taken off.

If you got 50k cash, you can help to pay her share for her name to be taken off.

alamak, money not enough...

alamak, money not enough...

Then are you above 35 years old?

The other way I can think of is that you do a valuation of the flat which may be less than the purchased price.

Eg.

bought the hse at 150K.

valuation is at 120K.

Outstanding loan is 100K.

"Sold" the hse at 120K. (which may be a transfer of name to yr gf parents)

Technically - the parents will have to pay at least 10% as downpayment for the flat. - you may hv to find cash for this.

Amt sold is 120K. Outstanding loan is 100K. which means you only get 20K back.

Since she has already paid 50K for the flat, the amt that goes bk to her CPF is only 20K.

She will not get back the total 50K in which she paid for the hse.

System is such that the selling price will minus off the outstanding Housing loan. Any excess from there will go bk to your CPF account. In cases where you are **** lucky & managed to sell the hse above than what you have already paid for... then you may be able to get back some cash.

This is the only way I can think of that you can pay less cash back to yr gf's CPF account.

Another important factor, if yr gf ROM with u and u also got another flat with yr parents, HDB may ask one of u to dispose 1 of the flat now. Also since yr gf is paying for the housing loan now, she might be consider a 2nd timer when purchasing another flat. DO call the hdb branch to clarify all matters. Transfering of name only needs abt 1K cash or CPF but the only problem is how to pay back the CPF she utilise for the flat. Go to www.cpf.gov.sg to view the housing statement to see the total interest incurred too...

The other way I can think of is that you do a valuation of the flat which may be less than the purchased price.

Eg.

bought the hse at 150K.

valuation is at 120K.

Outstanding loan is 100K.

"Sold" the hse at 120K. (which may be a transfer of name to yr gf parents)

Technically - the parents will have to pay at least 10% as downpayment for the flat. - you may hv to find cash for this.

Amt sold is 120K. Outstanding loan is 100K. which means you only get 20K back.

Since she has already paid 50K for the flat, the amt that goes bk to her CPF is only 20K.

She will not get back the total 50K in which she paid for the hse.

System is such that the selling price will minus off the outstanding Housing loan. Any excess from there will go bk to your CPF account. In cases where you are **** lucky & managed to sell the hse above than what you have already paid for... then you may be able to get back some cash.

This is the only way I can think of that you can pay less cash back to yr gf's CPF account.

Isn't it better if the flat is sold below valuation, ie at $100k?? Don't even need to pay back cpf at all.

But the other problem is, how would the gf or her parents continue to pay for the outstanding loan after this sale is made? Saw the gf would like to continue paying for the parents' flat using her cpf, which is not possible for HDB flats, because one person can only be paying for one flat at any given time.

Isn't it better if the flat is sold below valuation, ie at $100k?? Don't even need to pay back cpf at all.

But the other problem is, how would the gf or her parents continue to pay for the outstanding loan after this sale is made? Saw the gf would like to continue paying for the parents' flat using her cpf, which is not possible for HDB flats, because one person can only be paying for one flat at any given time.

Seems like the GF has taken a bank loan. In this case, it might be possible to instruct the bank to deduct from a specific bank account instead of the CPF account.

Seems like the GF has taken a bank loan. In this case, it might be possible to instruct the bank to deduct from a specific bank account instead of the CPF account.

Thks everybody for all your replies, very much appreciated... !!

1. Another question is that like can my GF continue to service the loan if her name is no longer in the flat? She would like to continue service the loan using CPF, not by cash. Is this possible?

2. Also, can there be only one owner name for the flat? (as in her mum be the only person named as owner of the flat, or must there be at least 2 person?)

3. If she takes out her name, and buy a flat with me, are we still entitled to 1st timer grant?

4. If there's no way to get her name out and continue to service the loan, then i might hv to get the flat myself. So in that case, will that be consider as a single above 35 buying flat? Or we are married with me above 35 yrs old, and buying a flat just under my name alone?

Edited July 16, 200719 yr by rofy

1. If you want to use cpf to finance the flat which is not under yours name, check with CPF. I'm sure they have encountered cases like yours.

2. Check with HDB on this. Should not be able to do so in the normal case but on a case-by-case basis can try. What about the father??

3.If you are 1st timer, yes, you are still entitled to the grant.

4. Not possible as the above 35 applies only to single (status does matter here).

Edited July 16, 200719 yr by raincole

Thks everybody for all your replies, very much appreciated...

1. Another question is that like can my GF continue to service the loan if her name is no longer in the flat? She would like to continue service the loan using CPF, not by cash. Is this possible? - no it is not. cpf can only be used by cpf member to pay for home loan for unit owned by member.

2. Also, can there be only one owner name for the flat? (as in her mum be the only person named as owner of the flat, or must there be at least 2 person?) - yes, as long as owner and occupiers form a family nucleus. or owner takes over the flat under the singles scheme.

3. If she takes out her name, and buy a flat with me, are we still entitled to 1st timer grant? - dun think so. better to call hdb and check.

4. If there's no way to get her name out and continue to service the loan, then i might hv to get the flat myself. So in that case, will that be consider as a single above 35 buying flat? Or we are married with me above 35 yrs old, and buying a flat just under my name alone? - if you are married, you no longer qualify under the single scheme. it's a catch-22 situation. why not get your gf to sell her flat, and her mum move in with you two?