Advise On Adding Spouse Name As A Joint-Tenant For Hdb Resale Flat.

[junky 0]

Hi everyone,

I bought a HDB resale flat 3 years ago as a single with a DBS bank loan. Now that I am married, I intend to add-in my wife's name as a joint-tenant.

Now that my lock-in period is over, this is a good time do so as I intend to reprice/refinance my home loan as well.

However, the process of getting the right information for this process is extremely confusing as I am getting conflicting advise from different quarters.

1) DBS says my spouse only need to purchase 1% share in the property from me.

2) Housingloanssg.com says the minimum amount my wife needs to purchase is 20% share of the property.

3) HDB( from their town council), if I understand the officer correctly, says it does not matter as long as the bank issues a letter of option indicating the percentage. This needs further clarification.

4) I made an enquiry from a local legal firm and they mentioned that my wife needs to buy 50% share of the property!!

So you can imagine the state of confusion I am in.

I am seeking advise from anyone who has gone through this or has some experience in this matter.

I look forward to hearing from you.

[chronograph 0]

It is better that you check with HDB main office, or the officer assigned to manage your account/unit.

3 years ago, my brother-in-law has a similar situation like you. After BIL got married, intend to add wife's name as joint-tenant, HDB told him to do sell/buy that's to sell current unit to himself + wife.

Also must take note of fee and related charges of sell/buy.

Hope the above help.

Hi everyone,

I bought a HDB resale flat 3 years ago as a single with a DBS bank loan. Now that I am married, I intend to add-in my wife's name as a joint-tenant.

Now that my lock-in period is over, this is a good time do so as I intend to reprice/refinance my home loan as well.

However, the process of getting the right information for this process is extremely confusing as I am getting conflicting advise from different quarters.

1) DBS says my spouse only need to purchase 1% share in the property from me.

2) Housingloanssg.com says the minimum amount my wife needs to purchase is 20% share of the property.

3) HDB( from their town council), if I understand the officer correctly, says it does not matter as long as the bank issues a letter of option indicating the percentage. This needs further clarification.

4) I made an enquiry from a local legal firm and they mentioned that my wife needs to buy 50% share of the property!!

So you can imagine the state of confusion I am in.

I am seeking advise from anyone who has gone through this or has some experience in this matter.

I look forward to hearing from you.

[adam72 0]

i also wanted to add in my wife's name as co-tenant when i married, but was told by my HDB area office that the flat has to be revalued and the new valuation is the 'buying' price of my existing flat to include my wife's name.

i find it quite ridiculous: i'll be paying more for the same flat, as the difference when i bought it to the time i want to include my wife as co-tenant is 3 years. the area where my flat is is quite central hence the value went up quite a bit. in the end i didnt do anything and bought a new resale flat in the same area to include my wife as co-tenant. no point paying more for the same flat, might as well get a new flat!

unless you have fully paid up the mortgage loan, regardless HDB or bank, this ruling is very ridiculous. i just want to include my wife's name yet have to revalue my existing flat and get a new mortgage loan!

ps. HDB is very rigid in its policies/rules. it has grown too bureaucratic

Edited May 18, 2011 by adam72

[chronograph 0]

That's the reason why my BIL decided to finance the unit himself only.

i also wanted to add in my wife's name as co-tenant when i married, but was told by my HDB area office that the flat has to be revalued and the new valuation is the 'buying' price of my existing flat to include my wife's name.

i find it quite ridiculous: i'll be paying more for the same flat, as the difference when i bought it to the time i want to include my wife as co-tenant is 3 years. the area where my flat is is quite central hence the value went up quite a bit. in the end i didnt do anything and bought a new resale flat in the same area to include my wife as co-tenant. no point paying more for the same flat, might as well get a new flat!

unless you have fully paid up the mortgage loan, regardless HDB or bank, this ruling is very ridiculous. i just want to include my wife's name yet have to revalue my existing flat and get a new mortgage loan!

ps. HDB is very rigid in its policies/rules. it has grown too bureaucratic

[junky 0]

i also wanted to add in my wife's name as co-tenant when i married, but was told by my HDB area office that the flat has to be revalued and the new valuation is the 'buying' price of my existing flat to include my wife's name.

i find it quite ridiculous: i'll be paying more for the same flat, as the difference when i bought it to the time i want to include my wife as co-tenant is 3 years. the area where my flat is is quite central hence the value went up quite a bit. in the end i didnt do anything and bought a new resale flat in the same area to include my wife as co-tenant. no point paying more for the same flat, might as well get a new flat!

unless you have fully paid up the mortgage loan, regardless HDB or bank, this ruling is very ridiculous. i just want to include my wife's name yet have to revalue my existing flat and get a new mortgage loan!

ps. HDB is very rigid in its policies/rules. it has grown too bureaucratic

Yes, that is one of the silliest rules that I have ever heard and I am going through it right now. If it concerns the bank and you are using their bank loan, woe betide you.

What I do not understand is, the other party is my spouse for goodness sake!! Why does the spouse has to purchase a certain percentage from the other spouse? I believe the bank should follow HDB because if you have a HDB loan, the allocation is so much simpler by way of 'gift' to the spouse. No transaction require.

Anyway, thanks for the response so far.

Anyone has ever gone through this? I would like to hear from them.

[kalimantan 6]

since you already "own" the place 100%, keep it that way.

when a person pass-on, you can "will" it to your spouse + children.

[bepgof 20]

This has to do with "tenancy in common" and "joint tenancy". Go to

http://askhdb.hdb.gov.sg/ifaq.asp

For husband & wife, mostly adopt "joint tenancy", unless they predicted one day that they will get legally seperated...

and key in : tenancy in common and joint tenancy. You will find some "answers" there. Further read on the questions till: All about the eligibility of the proposed "co-owner".

http://askhdb.hdb.gov.sg/Home/hybrid/Themes/HDB/related.asp?mesid=5250102&folderid=0&selected=5&returnurl=%2Fifaq%2Easp%3Ftopfaqs%3D0%26n%3D0%26category%3D60665

All the details are there, happy reading.

Edited May 18, 2011 by bepgof

[junky 0]

This has to do with "tenancy in common" and "joint tenancy". Go to

http://askhdb.hdb.gov.sg/ifaq.asp

For husband & wife, mostly adopt "joint tenancy", unless they predicted one day that they will get legally seperated...

and key in : tenancy in common and joint tenancy. You will find some "answers" there. Further read on the questions till: All about the eligibility of the proposed "co-owner".

http://askhdb.hdb.gov.sg/Home/hybrid/Themes/HDB/related.asp?mesid=5250102&folderid=0&selected=5&returnurl=%2Fifaq%2Easp%3Ftopfaqs%3D0%26n%3D0%26category%3D60665

All the details are there, happy reading.

Hi,

Thanks for your reply.

But the information that you provided above is applicable for those who had taken a HDB loan. That is why it mentions 'without monetary consideration'.

However, in my case, I took a loan with the bank. So there is a monetary consideration involved. But my problem is I am confused how much percentage my wife needs to take as there were conflicting advise.

Please advise.

[bepgof 20]

Logical steps will be:

1. Ascertain spouse's eligibility "co-owner". Read HDB's web.

2. Go to HDB branch to to fill up form to include her as "co-owner" under "joint tenancy" ownership scheme. "Tenancy in common" is more complicated need to declare % of share to be held......need legal advise.

3. Remain present bankloan first, till "co-owner" added. And lock-in expires.

4. Do refinance and add both's names in the loan as u deem fit.

To include another "mortgatee" into an existing loan mortgage package is not as simple as what layman sees. Besides many terms & conditions would be affected, the earning power of the "new mortgagee" and its proof of such (IR8A, pay slip....)are of major issue. To change "term and conditions" of loan package, need to pay legal fee. So, with all these taking into consideration, best to include spouse's name in next "new loan mortgage package".

HDB is the "landlord", "owners of flat" are leasees, irregardless mortgage loan whether from banks or HDB. The "ownership change" has to be done at the HDB and it does have some bearings on existing bank loan, depending on the terms & conditions in the package.

Use singpass, log on to HDB, ask for clarifications (get black & white)

Once "co-owner" is sucessfully included under "Joint Tenancy ownership. Her share of the property would be immediately the same as your, thought she did not pay a cent. The change is called "without monetary consideration" or her share is "as a gift" from you.

Hi,

Thanks for your reply.

But the information that you provided above is applicable for those who had taken a HDB loan. That is why it mentions 'without monetary consideration'.

However, in my case, I took a loan with the bank. So there is a monetary consideration involved. But my problem is I am confused how much percentage my wife needs to take as there were conflicting advise.

Please advise.

[bepgof 20]

I think the pt 3 in yr 1st post makes some sense.

Image the situation whereby the present loan mortgage is serviced by "sole owner"=you only and HDB makes amendment to accept yr spouse as "co-owner", ie "joint tenancy"(50%-50%), and due to some unforseen circumstance you cannot service the loan, what action the bank would take against you & what happen to the flat & your spouse?

Apply court order to declare you as bankruptcy and repossess the flat?, but now spouse got 50% share!

Be reminded that, all "co-owners" are responsible for the loan mortgage whether in joint tenancy or tenancy in common.

This is a ownership change vs mortgage loan, quite complicated. This will bring about property tax and personal income tax issues as well.

Hope u let us know the outcome/steps.

Edited May 19, 2011 by bepgof

[junky 0]

Logical steps will be:

1. Ascertain spouse's eligibility "co-owner". Read HDB's web.

2. Go to HDB branch to to fill up form to include her as "co-owner" under "joint tenancy" ownership scheme. "Tenancy in common" is more complicated need to declare % of share to be held......need legal advise.

3. Remain present bankloan first, till "co-owner" added. And lock-in expires.

4. Do refinance and add both's names in the loan as u deem fit.

Hi bepgof,

Your response has been quite helpful. Thank you and everyone here on their responses.

According to your steps above, I can go to HDB to fill up form to include my wife as a 'co-owner' under 'joint tenancy'. And then go to bank to do the refinance as a joint-tenant when my lock-in expires. My lock-in is expiring in June 2011.

I did an enquiry with the HDB Branch office and this is part of their reply:

'2 To include your wife as Joint Tenant, the both of you must come down to the Bedok Branch Office to apply for transfer of flat ownership. As your flat is purchased through a bank loan, you need to seek approval from your bank and have the valid letter of option ready from the bank when you apply for the transfer at our office.'

So HDB is saying I should seek approval from the bank first. I did an enquiry with the bank and they inform me that my wife would need to purchase a certain percentage from me in order for them to issue the 'approval' to add my wife as a joint owner.

DBS says minimum is 1% to purchase the share from me and I found out only just now that this is deemed 'tenancy-in-common'. Can you imagine the frustration as Ive re-iterate to them clearly before and in the initial meeting I had with the officer that I am seeking a joint tenancy.

Oh God, please give me the strength

[bepgof 20]

This is an issue of ownership transfer(with HDB)with existing bank loan(yr name only). Assume now spouse's eligibility cleared. If I were you, I would write a letter or email to the bank with following main pts:

- Existing loan reference no.

- Intention to include spouse as "co-owner" in "joint Tenancy" ownership scheme, mention eligibility cleared.

- Intention to do re-finance with same bank after lock in, new loan to include spouse's name.

- Ask for bank's "letter of option" with a validity period, to facilitate ownership transfer at HDB.

- After transfer done, sign a new loan(re-finance).....

Look simple, but quite complicated in procedures. After change, HDB will inform SLA, SLA will inform IRAS, IRAS will send letter to you abt the change & property tax issue. These involve lawyer's "brain juice" & U would need to pay $....

Or look for the lawyer firm who handled your bank loan initially. I'll PM you names of 2 lawyer firms who handled my loans, after I get home.

Phillippians 4:13

Hi bepgof,

Your response has been quite helpful. Thank you and everyone here on their responses.

According to your steps above, I can go to HDB to fill up form to include my wife as a 'co-owner' under 'joint tenancy'. And then go to bank to do the refinance as a joint-tenant when my lock-in expires. My lock-in is expiring in June 2011.

I did an enquiry with the HDB Branch office and this is part of their reply:

'2 To include your wife as Joint Tenant, the both of you must come down to the Bedok Branch Office to apply for transfer of flat ownership. As your flat is purchased through a bank loan, you need to seek approval from your bank and have the valid letter of option ready from the bank when you apply for the transfer at our office.'

So HDB is saying I should seek approval from the bank first. I did an enquiry with the bank and they inform me that my wife would need to purchase a certain percentage from me in order for them to issue the 'approval' to add my wife as a joint owner.

DBS says minimum is 1% to purchase the share from me and I found out only just now that this is deemed 'tenancy-in-common'. Can you imagine the frustration as Ive re-iterate to them clearly before and in the initial meeting I had with the officer that I am seeking a joint tenancy.

Oh God, please give me the strength

Edited May 19, 2011 by bepgof

[lkp848 0]

I am also facing the same problem, try to PM TS but guess he left the forum. Has anyone else with the same experience and already had it resolved?

[HappyHouse88 0]

The reason for all these complicated procedures is that HDB is a closed mortgage.

That's we are not allowed to re-mortgage the house like pte property. You need to go through the entire "buy and sell" process to "update the mortage" information. So you are subjected to stamp fee and everything else that come with buy a flat from the mkt.

This is to discourage ppl from loaning against the house or use hdb as a collateral. Make sense, since hdb is a public housing.

That's why businessman usually own pte and not hdb.