Asked by Anonymous
I like to buy a new HDB flat for my 11 year old son under irrevocable trust. I am married and
my income is > $14000/month. I have 2 private properties of which I am living in one while my wife
income is $2200/month and has 1 private property. I understand I will have to pay cash in full at point
of S&P and there is a 65% ABSD which I can request for remission later.
I have the following queries :
1. What are the eligibility criteria for such a purchase for trustee and for beneficiary ?
2. Who can occupy the flat after it is completed ? trustee or beneficiary even though under 21 ? tenant ? or left empty ?
3. Once my son reaches 21, the flat ownership will be transferred to him and he is likely to be single at that time. Will there be a problem ?
4. To get HDB approval, do both parents need to be trustees or 1 parent ?
my income is > $14000/month. I have 2 private properties of which I am living in one while my wife
income is $2200/month and has 1 private property. I understand I will have to pay cash in full at point
of S&P and there is a 65% ABSD which I can request for remission later.
I have the following queries :
1. What are the eligibility criteria for such a purchase for trustee and for beneficiary ?
2. Who can occupy the flat after it is completed ? trustee or beneficiary even though under 21 ? tenant ? or left empty ?
3. Once my son reaches 21, the flat ownership will be transferred to him and he is likely to be single at that time. Will there be a problem ?
4. To get HDB approval, do both parents need to be trustees or 1 parent ?
104 views