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Dear sir/mdm,

I am assuming that you are single now and above 21 years of age. Yes, it is possible for them to add you in as a co-owner of the property, so that you are able to contribute to the home loan repayments using your CPF. You will need to approach HDB to do so.

Moving forward, if you were to purchase your own flat, your name has to be withdrawn from this property, and if you are using CPF to finance this property, your parents will be required to repay you this amount of CPF plus the accrued interest, if they were to retain this property.

May I know how much outstanding loan is there for this property? And also if we are able to know more details about whether should they downsize or relook into their housing options to reduce the amount of instalments or totally look into fully paying off for the next property, is that something that could be explored further?

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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Hi, appreciate your sharing. Plan A is to check whether possible to cash out and fully paid another property. Plan B able to check with HDB whether able to input your name as owner, however it will be affected your next purchase.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More

Hi,

1) Yes, it is possible to add you as a co-owner to assist in servicing the monthly mortgage.
2) There are 2 ways of doing so:
https://www.hdb.gov.sg/residential/living-in-an-hdb-flat/changing-owners-occupiers/change-in-ownership/change-in-flat-ownership
(a) Addition of co-owner
(b) Part-share selling

3) There is a slight difference between the 2(a) & 2(b). 2(a) is you take over a certain amount of share at cost, 2(b) is your parents are selling the share to you with profit.
4) The process is the same for both. You can approach your HDB branch officer for administration assistance.
5) You are subject to the same buyer stamp duty and legal fees for both ways. Your parents will also need to pay for the legal fees to process.
6) Since your parents took a bank loan, all of you will have to engage private lawyers.
7) In the future, your parents will face the same problem again when you are buying your flat.
8) You have to sell your share back to them or sell the flat in the open market to relieve you from the HDB flat ownership.
9) Every case is unique, thus it is difficult to tell which option is the best.
10) You and your parents have to decide to have a short-term or long-term solution.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, 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/
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