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Hello property experts,

Appreciate your help. Many thanks in advance !!

My mum ( singaporean , > 70 yr old & widowed ) and I ( singaporean, > 40 yrs old & divorced ) and my mum is considering buying a re-sale HDB.

She does not qualified for new BTOs and ECs. Condo will be a strain financially.

I co-owned an oversea property for 4 - 5 years now. The mortgage loan through a Singapore bank and co-financed by my co-owner and I.
And thus I am not eligible any type of HDB.

She will be purchasing a re-sale HDB under her name but I will be partially financing the purchase in cash.

Is there anyway I can take up a loan from a bank to partially finance the purchase ?
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5 Answers

Ivan Ng
Replied
Hi,

If you are taking a loan for the property, your name must also be added into the ownership, hence you can't partially finance the property in your case. The only way is to raise more funds (mainly cash) or perhaps to get a smaller unit. Thanks and hope to assist further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
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  • YL
    Replied
    Thanks Ivan and really appreciate your prompt response !!

    Other options I am exploring to enable me get a HDB loan to partially finance the re-sale HDB to be bought under my mum's name
    and me as just an occupier.

    (1) I act as a guarantor for my mum's purchase to get a bank's HDB loan.

    (2) During the re-sale HDB purchase under my mum's name, concurrently, she "will" the flat to me which then enable me to get the bank's loan. ( I think the term "will" is wrongly used here).

    Many thanks again !!
Mike Lim
Replied
Evening,

If you are looking at using your mother's name to purchase resale HDB unit, I'm afraid she might have to pay for it in full with either cash and/or CPF. Based on her age, it's quite unlikely that any financial institution will provide her with the mortgage that she requires.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • YL
    Replied
    Many thanks Mike for the prompt response.

    Agree my mum will likely not able to secure a bank loan.

    Options I am exploring to enable me get a HDB loan to partially finance the re-sale HDB to be bought under my mum's name and me as just an occupier.

    (1) I act as a guarantor for my mum's purchase to get a bank's HDB loan.

    (2) During the re-sale HDB purchase under my mum's name, concurrently, she "will" the flat to me which then enable me to get the bank's loan. ( I think the term "will" is wrongly used here).

    Many thanks again !!
Nick Tan
Replied
Hi Sir,

I would suggest that you transfer the ownership of the property to your co-owner and purchase the HDB under your name. In this way, you will be able to secure a loan and also use your CPF in the flat purchase.

Please feel free to contact me at 9644 4854  to discuss further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nicktan@propertyavenue.com.sg
(W) www.nick-tan.com / www.propertyavenue.com.sg

Testimonial from Satisfied Clients (2015)

“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.

We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer of HDB)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer of HDB)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”

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  • YL
    Replied
    Many thanks Nick for the prompt response. Your suggestion I am definitely considering. As well as disposing of the overseas property.

    If transfer ownership is executed, is there a waiting period before I can purchase a resale HDB solely under my name or jointly with my mom. I read somehow in HDB site, there is a 36 months waiting period BEFORE i can buy. Do correct me here, thanks :)

    Other options I am exploring to enable me get a HDB loan to partially finance the re-sale HDB to be bought under my mum's name and me as just an occupier.

    (1) I act as a guarantor for my mum's purchase to get a bank's HDB loan.

    (2) During the re-sale HDB purchase under my mum's name, concurrently, she "will" the flat to me which then enable me to get the bank's loan. ( I think the term "will" is wrongly used here).

    Many thanks again !!
YT Tan (陈永达)
Replied
Good evening Phil,

Do take note that loan is only be granted to owners. Based on your mom's age, I doubt her ability to obtain a loan.

Alternative will be for you to dispose off his interest in overseas property and purchase a resale HDB solely under your name or jointly with your mom.

If not, this purchase wont pull through.

Hope my explanation helps!

If you need further assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More
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  • YL
    Replied
    Hello YT Tan,

    Many thanks for the prompt response. Yes, your explanations did help :)

    Yes, (i) disposing of the overseas property and (ii) as well as transferring that property to under my co-owner's name
    are options I am considering. Each has its own merits and downsides which I am weighing in.

    If (ii) is executed, is there a waiting period before I can purchase a resale HDB solely under my name or jointly with my mom.
    I read somehow in HDB site, there is a 36 months waiting period BEFORE i can buy. Do correct me here, thanks :)

    Other options I am exploring to enable me get a HDB loan to partially finance the re-sale HDB to be bought under my mum's name
    and me as just an occupier.

    (1) I act as a guarantor for my mum's purchase to get a bank's HDB loan.

    (2) During the re-sale HDB purchase under my mum's name, concurrently, she "will" the flat to me which then enable me to get the bank's loan. ( I think the term "will" is wrongly used here).

    thank you !!
YT Tan (陈永达)
Replied
Good evening Phil,

Apologies for the reply as Propertyguru doesnt prompt me when there's a reply to my post. You might want to reach me directly via email or mobile in future.

Btw you dont have to observe any waiting period to purchase a resale flat. In fact you can purchase first and dispose off your overseas property within 6 months from purchase completion.

And as I had mentioned earlier, only owner are eligible to obtain mortgage. As an occupier, you are not eligible to obtain mortgage thus your options wont materialise.

If you still keen to purchase a resale HDB, I am afraid you have to purchase at least with your name and you will have to dispose off your overseas property.

Hope my explanation helps!

If you need further assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More
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