Winnie Yang 0 Report post Posted March 16, 2011 Hello, My current BF is co-owning a 4rm HDB with one of his parent. This HDB is bought by his parent 10 yrs back and he put his name in last year as his parents are unable to service the loan. Now, we are going to get married and will want to buy our own HDB. If after my BF sell his HDB, both him and his parent bought their own separate flats, will each of them need to use 50% of the cash profit to pay for their new flats? for example, if profit is 200k, do the govenment see it as a equal spilt between the two co-owners? Will me and my BF considered as a 1st time when applying for flat from HDB? The current flat my bf co-own is bought by his parents 10 yrs ago fr HDB. IF we are looking to buy a new EC, do we need to sell the flat 1st before we are allowed to even bid for the EC? Thanks in advance for answering these complicated qns. Share this post Link to post Share on other sites
Jgal 0 Report post Posted March 16, 2011 1. Did he use his cpf to service the loan? if yes, amt used as well as interest will be put back into this cpf acct. Same if his parents has use cpf to service the loan. 2. Excess after returning to hdb and cpf , will not be divided for you. You have to agree on who take how much. Also note that his parents may not qualify for a loan since they are older now. So they may need all the profit for their next house. So i guess, you need find out more and discuss with them. 3. Did the current house bought directly from hdb or given grant during the purchase ? if yes, then your bf do not qualify as 1st timer for another" subsidy" else you shld be able to get grant etc... 4. If you going for EC, then you cant take HDB loan.. the 50% return policy does not apply to you. Share this post Link to post Share on other sites
latitude 0 Report post Posted March 16, 2011 (edited) it's indeed a teething situation. from my experience (quite similar to yrs), if new EC co-applicant is also a co-owner of a HDB flat, he can keep the flat for now but must dispose off the flat within 6 months upon TOP of the new EC. so yes, you can submit yr application for a new EC as 2nd timer now. yr fiance can sell his share of the HDB flat to his parents. at what % I am not too sure. but I guess it might depend on the manner of holding. Edited March 16, 2011 by latitude Share this post Link to post Share on other sites
