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Hi

If you have utilize cpf for the property, the remaining owner either your dad or sis has to refund the cpf you have utilized plus accrued interest, on top of taking over the bank loan. So the problem is you and family need to prepare a substantial amount of funds for this, unless your sister's income go up significantly to be able to take a loan that can cover the total amount.

Good thing is there is still a few years to plan since bto is still under construction.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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Hi, in order for your sister to take over the loan as well as your share of the house, she will also need to cover the CPF + interest accrued on the CPF amount you used for the flat.

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

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Hi Do contact me at 97970200  to discuss more on your plans and options.

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At the end of the day, it will likely boil down to how much CPF you have utilised in this flat as well as how much your sister is able to loan together with your dad to takeover the outstanding loan, if your sister can takeover your shares. She will have to refund you the CPF monies you have utilised for this flat plus the accrued interest.

Without being able to work out the full set of numbers, we are unable to provide any sound opinion for what could be the best option. Is downsizing to a smaller unit a good idea to reduce the loan amount and financial stress for your sister since she will be the main contributor to the HDB once you have gotten your own unit? On top of that, is it easier to manage with a smaller unit?

——

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Good day to you,

It is prudent that you talk with your sister and understand her plans and intentions. She might also have a partner and plans to get married and move out soon.
You will also need to understand how much CPF OA you have utilized, along with accrued interest. During part sales to your sister, she will need funds to cover that, on top of the current outstanding loan.
If the above consideration does not work, rightsizing will be your next possible approach.

Let's meet up for a detailed discussion so that you and your loved ones can move ahead with peace of mind.

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1. The decision will depend on how much CPF you've used for the flat and what your sister and dad can afford in terms of loan repayment.
2. If your sister wants to take over your share, she must refund the CPF amount you've withdrawn, along with any accrued interest.
3. Ensure clear communication with your sister and dad to understand the financial obligations before moving forward.

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