henrylbh
Arch-Supremacy Member
- Joined
- Mar 9, 2004
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Based on what u explained above, u are exploring a "possible hack" so u can indirectly withdraw your CPF OA prior to 55.
For u to confirm if this hack works entirely and properly, it is best to meet HDB to discuss the conditions and requirements u need to meet before this transfer can be executed as u planned (without telling them the last bit where your mum will give u money)
Since u want to get the cash out ultimately, u would be exploring a resale transaction (not just add u as additional owner or transfer ownership), read some info here https://www.hdb.gov.sg/cs/infoweb/r...changing-owners-occupiers/change-in-ownership
Per the hdb website which talks about part sale, it can be done between family members at a mutually agreed price. What about full sale?
You will have to pay your mum at least the cpf monies and accrued interest to be returned back to her CPF. If she is eligible to withdraw cos she is above 55, she can withdraw after that.
As to the $350k resale price, u have to check/confirm how much u are eligible to withdraw from your CPF for housing. Confirm with HDB whether independent valuation is required to withdraw that amt from CPF. If everything is ok, u can use your CPF of $350k to pay your mum, part CPF in cash and part into her CPF.
There u are your hack! Trust u will take good care of your mum
(i have no experience, just logical thinking based on what I read at HDB website)
I doubt anyone has ever do what we did with our HDB flat.
My non-working mum bought a HDB flat jointly with me. She paid the downpayment and the remaining balance was paid by my CPF monthly.
Not long after, my mum passed away. I can't remember how my father became the joint owner with me. Then I got married and later got my own flat and had to relinguish my ownership.
We had a family meeting and a big quarrel. I wanted to pass ownership to C. A insisted that she take over as the eldest. B is married and has her own flat while others did not have enough CPF to take over. My father was undecided and caught in the cross fire. Finally, I put my feet down and the ownership went to C at original price. My CPF was returned without accrued interest (at the time).
Then C ran out of CPF and had to give up ownership cause she can't afford to pay cash. A seized the opportunity to gain co-ownership at HDB's 'posted' price, whatever it meant.
Years later, A decided to sell the flat at market price and bought a new BTO flat with my father, as single she was not eligible. The old flat was passed back to C but C alone was not eligible, as single. Against the rule, HDB allowed B's name to be joint owner although B is married and had a private condo
My father remained in the old flat together with C and E while A lives in her own and told others that the old flat is a family flat. In addition, A made clear to C to repay the 10% premium that was paid on the new flat, if the old flat is sold in future.
Then B moved back to HDB flat and had to relinguish her ownership with C. By then C is eligible to own the flat singly.
Finally C had enough and decided to lived alone and opted for a new BTO flat of her own. Others still think the old flat was a family flat and that C should not take the whole sale proceeds
I had no say as the last transaction was done at market price.By then, luckily or unlucky, I have a joint venture flat with E and both E and my father moved in and there went our rental income from the JV
If you follow what I said earlier, I bought a resale flat in my father's sole name cause I think that relationship with E would be fragile and I told my father so but he refused to accept or believe. I went through so much with unexpected problems with HDB as my father already had his name with A
Story not the end ......
Dork is above crazy? Want more?
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