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Situation:
My wife and me own a HDB BTO, currently in 1st year of MOP, still servicing HDB loan, about 170K. My brother and his wife own a HDB BTO, getting keys in 2016. Both brothers inherit a 4 room HDB flat recently. What could be the best option in current times?

1. Sell off inherited flat, use proceeds to buy my own ec after paying off HDB loan in future?

2. Sell off inherited flat, use proceeds to buy my own ec after fulfilling MOP of my current flat?

3. Sell off inherited flat, combine resources with brother to buy a resale ec or condo then rent out to earn extra income(share 50-50)?
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1 Answer

Mike Lim
Replied
Afternoon,

Under the current HDB ruling, each of you are only entitled to own one HDB unit. As for your case, you will have to sell off the unit as your current unit have not fulfilled the MOP. For your brother, he can choose to buy over your share and keep the inherited unit and give up on his BTO unit.
To answer your question, I would say that your option one and two are actually the same thing. For HDB owners, you must fulfill the MOP before you're eligible to sell the unit away or buy your second property. As for option three, it would depend on how good is the current relationship with your brother. Nobody can also anticipate the property price in 2021, after your brother's unit have fulfilled MOP.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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