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Hi. I need some answer. I am buying over my parents house under market value. I am applying for the HFE as we speak. Question is, do I need to apply for a In-Principal Approval for a Financial Institution for loan or need not?
My father has agreed to sell the house under market value as my CPF is currently not allowing me to buy over the house at market price. Furthermore, he is worried about his future medical fees as he is currently on a peritoneal dialysis daily.
Fyi. He has fully paid up for the HDB flat. I am a first time buyer and currently staying with my parents. Kindly shed some light on this issue.
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8 Answers

Dear sir/mdm,

Is the existing HDB flat financed using CPF monies by your parents? Your purchase over of your parents' flat will require you to refund all the CPF monies they have used plus the accrued interest into their respective account. If you have sound idea on how much your loan can go, it is not a must to go through In Principle Approval. HFE itself will also allow you to know how much HDB loan you can take if you are taking HDB loan over bank loan.

——

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Hi! You will need to refund whatever CPF monies used from your parents' CPF back into their CPF account. Indicating that you would like to have in-principle approval from banks will give you an option of taking a bank loan instead of a HDB loan. No harm in indicating that you'd like to know the amount that banks would offer in loaning you.

I would be glad to explain and assist on this. Drop me a text!

Lua Shi Ying
Associate Advisor
Mobile: 88971433 
Instagram: @DesigningTmrwTogether
Email: luashiyinggg@gmail.com Read More
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Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, are you aware that you would have to refund all the CPF sum plus accrued interest back to your parents account if you will to take over their share.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Good day to you,

Let me address your inquiry step by step:

1) Your parents purchased the current unit several years ago and used their CPF funds for the monthly installment. Our primary goal is to determine the minimum selling price required to cover the CPF funds utilized, the accrued CPF interest, and to repay the outstanding mortgage loan.

2) Are you applying under the Single Scheme and eligible for an HDB loan? Depending on the scheme you're eligible for, there is an income ceiling that must be met if you plan to utilize the HDB loan.

With the uncertainty that you have, it is advisable to engage an estate salesperson to work things out, ensuring peace of mind.

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Mike Lim
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ERA Read More
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1. **CPF Financing**: If your parents used CPF funds to finance the existing HDB, you’ll need to refund the amount they’ve used, including any accrued interest, when purchasing the flat from them.

2. **Loan Clarity**: If you already have a clear idea of the loan amount you're eligible for, you don’t necessarily need to go through the In-Principle Approval (IPA) process. The Home Financing Eligibility (HFE) system will provide the loan details if you’re opting for an HDB loan instead of a bank loan.

3. **HDB Loan Option**: HFE will also show you how much you can borrow from HDB if you choose an HDB loan, making it easier to understand your financing options.

_"The only limit to our realization of tomorrow is our doubts of today." – Franklin D. Roosevelt_
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Tan Pei Cheng (Pei)
I would be glad to assist you.
Feel free to contact me at wa.me/6597100155
Hope to hear from you soon.
Pei Mobile: (65) 9 7 1 0 0 1 5 5.
Email: peicheng.tan@propnex.com
Associate Group Director
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Are you referring to an agent CONTACT NUMBER for REAL ESTATE SERVICES ? >> IF SO >> CALL ME , MAYBE,... ?" : )
WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
(1) "If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 9856*9255 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(2) (***) ✅✅ You can READ my REVIEWS here:
✅✅ https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

(3) ✅✅ For PRIVATE Home Buyers, I offer solutions for sourcing resale and new PRIVATE homes at ✅✅ ZERO charge (Because Most PRIVATE seller Agent are willing to share commission with Buyer Agent)

*** You can reach me at my Singapore mobile: (65) 9856 9255  or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT : )
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
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Hi, did you apply for an IPA during HFE as well? The bare minimum required might be to cover the CPF + accrued interest used by your dad in financing the flat.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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