Property Loan Question

[valkri]

Precisely so there isn't a right of survivorship, meaning the co-owner do not get the portion of the deceased automatically :

http://www.hdb.gov.sg/fi10/fi10326p.nsf/w/ChgOwnerTypesOfTransfers?OpenDocument#JointTenacy

Its gonna be troublesome for the co-owner. Joint-Tenancy is much easier.

Better or not depends on individual needs. In TS case, if it allows him to get loan, why not?

 

[henrylbh]

Whether joint owners or tenants-in-common depends on individual's need. For husband and wife, usually joint tenancy unless one of them has something in mind.

Tenants in common may create problem if the surviving owner may be forced to liquidate the property to pay the beneficiary's share of the deceased's share of assets. Even if the surviving owner is able to pay the beneficiary by buying over the deceased's share of assets, there will be stamp duty involved whereas in joint ownership the survivor take over the flat without need to pay stamp duty.

 

[relpax]

Thank you all for your inputs. The feedback has been valuable.

We have since stopped submission of joint loan application for AIP.

We also have it in writing that CPF will allow me to use my CPF OA funds for housing, as long as I am a legal owner.

After discussion, we have decided that my wife will be putting up her name for loan application instead.

The problem is, from the few banks we approached, the banks disallow us from taking the loan using 1 person's name, if the property is to be jointly-owned.

I will like to check whether the above is true for most banks (or their property loan policy)?

If this is the case, the plan is that my wife will apply the loan under her name first, and during refinancing, we will put our names together. Can this be easily done? Did we leave any stones unturned?

Hope to hear from you guys soon.

 

[valkri]

Whether joint owners or tenants-in-common depends on individual's need. For husband and wife, usually joint tenancy unless one of them has something in mind.

Tenants in common may create problem if the surviving owner may be forced to liquidate the property to pay the beneficiary's share of the deceased's share of assets. Even if the surviving owner is able to pay the beneficiary by buying over the deceased's share of assets, there will be stamp duty involved whereas in joint ownership the survivor take over the flat without need to pay stamp duty.

Since when beneficiary of deceased estate can force the existing owner under Tenancy-in-Common to liquidate a bequeathed property?

 

[henrylbh]

Since when beneficiary of deceased estate can force the existing owner under Tenancy-in-Common to liquidate a bequeathed property?

If I am the estate administrator or beneficiary, either the other party buys over the deceased share of the flat or I will go through legal means to get the share of the estate. It cant be a case where the estate got to wait forever for the other party to decide to sell and enjoy the stay till then.

 

[valkri]

Beneficiary can move in. But cannot force sale.

 

[Skinny Boy]

Try to clear your credit card bills. Try again in 2 months again.

Hi all,

Have some problems while applying for In Principal Approval for Home Loan.

Apparently my Credit Bureau rating is deemed less than satisfactory, hence the bank will reject the loan outright for joint application with my wife.

However, the adviser mentioned that because my wife credit history is clean, she can be the sole borrower for the property loan - and very likely she will be able to get the loan.

My question is this:

I wish to help pay for the loan (via CPF) together with my wife. Can this be done? (i.e. can she be the borrower, while both of us are owners?).

I have twice as much CPF sums than my wife currently.

Thanks for reading.

 

[henrylbh]

Beneficiary can move in. But cannot force sale.

What if beneficiary only infant or 1 year old and need maintenance?

 

[sgproperty-advisor]

Thank you all for your inputs. The feedback has been valuable.

We have since stopped submission of joint loan application for AIP.

We also have it in writing that CPF will allow me to use my CPF OA funds for housing, as long as I am a legal owner.

After discussion, we have decided that my wife will be putting up her name for loan application instead.

The problem is, from the few banks we approached, the banks disallow us from taking the loan using 1 person's name, if the property is to be jointly-owned.

I will like to check whether the above is true for most banks (or their property loan policy)?

If this is the case, the plan is that my wife will apply the loan under her name first, and during refinancing, we will put our names together. Can this be easily done? Did we leave any stones unturned?

Hope to hear from you guys soon.

hi.. i have already informed that bank will NOT allow you to borrow in 1 person name. u cannot simply add name during refinance as the house is still legally under 1 name.. as i have offered, u can approach me and i might know which bank u can try with..

 

[Truuue]

Truuue is a platform that connect buyers and sellers.
Simply tell us your desired location and budget! We reach you when there is a match.

要买新房子? 想搬家? 让我们知道你要找的地点和条件，我们会连接您和屋主/发展商
若有合适你的条件的屋子，我们会联系您。

We are able to assist you with property loan question.

Feel free to contact us and we will be glad to assist you.

 

[koonzlah]

hi.. i have already informed that bank will NOT allow you to borrow in 1 person name. u cannot simply add name during refinance as the house is still legally under 1 name.. as i have offered, u can approach me and i might know which bank u can try with..

Bro pm me I need help too

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