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Good day to you,

Yes, you can definitely refinance your current housing loan to include your spouse’s income, making it more inclusive. May I ask if your current loan is from HDB or a bank? Besides leveraging your CPF OA contributions for the monthly installments, what other reasons do you have for considering refinancing? Have you thought about the administrative and legal fees that come with refinancing? Also, is the current interest rate comparable to the new loan’s interest rate?

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Hi, appreciate your sharing. Able to do so by heading to branch office after attain PR, best to double check with HDB.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

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Stewart-PropNex (Senior Associate Division Director) Read More

Good afternoon,

Only owners are eligible to use CPF OA funds to finance a loan. Perhaps you can clarify with HDB branch office on how can she be included as an owner and ability to use her CPF OA funds to finance loan.

Hope my sharing aids in your property needs. Do contact me if you need any assistance.

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Your spouse will need to be added as a co-owner of the HDB before you can refinance the loan and include her as a co-borrower.

While I am unsure of the reason behind in doing so, it will be difficult for you to consider purchasing a 2nd property without incurring significant amount of Additional Buyer's Stamp Duty once your spouse's is included as a co-owner for the HDB. If your spouse decides to purchase a private residential property, the existing ABSD applicable is 5% instead of 30%.

Hope this is helpful for your consideration.

——

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Here’s a rephrased summary in point form:

1. Only property owners can utilize CPF Ordinary Account (OA) funds to finance a loan.
2. It may be helpful to consult with the HDB branch office to understand how she can be included as an owner and use her CPF OA funds for loan financing.
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Hi,

As foreigner she cannot be owner of the HDB flat. Once she receives SPR status, she can be added into the ownership of the HDB, and her income can also be recognized for loan application and home refinancing purposes.

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 :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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