Jman888 Moderator August 30, 2018 Share August 30, 2018 put occupier also family mah .. ?? anyway, reason I am asking this is because of an unfortunate incident of my friend. my friend just got his new resale for a couple of years before he passed away due to heart attack. his wife was a foreigner who bore him two kids. but the "good" thing was that the wife inherited the flat from the husband without having to pay the rest of the loan. so I am thinking what was the thing that let his wife inherit the flat without repaying the loan ? still can put your wife name as co-applicant, but your take up 100% of the loan. If you have any winte rmelon tofu, your wife can stay for free ↡ Advertisement Link to post Share on other sites More sharing options...
Ysc3 Twincharged August 30, 2018 Author Share August 30, 2018 this is a 5 room. the layout of a 4 room is almost exactly the same but living/dining area shrink by that 18-20 sqm (90 vs 110). the rooms are all identical for 4 vs 5 room. I would advise to get a 5 room if u can afford it. The extra space makes a difference. My BIL is going to have his 2nd child, they currently waiting for their MOP to finish to change to a 5 room. I WAS considering a 5rm vs a 4 rm ... but diff about 100k ... if 4rm I don't need loan .... but if 5rm, will need to loan 100k ... but I am almost 50 already .... dunno got that type of repayment power or not ... Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 30, 2018 Share August 30, 2018 put occupier also family mah .. ?? anyway, reason I am asking this is because of an unfortunate incident of my friend. my friend just got his new resale for a couple of years before he passed away due to heart attack. his wife was a foreigner who bore him two kids. but the "good" thing was that the wife inherited the flat from the husband without having to pay the rest of the loan. so I am thinking what was the thing that let his wife inherit the flat without repaying the loan ? it's mortgage insurance lah. pay a premium every year via CPF. They will pay off the loan in case of death/TPD to either party of the loan. But u can choose how much to insure. up to 100% of amount (or 50% of amount which is stupid and not recommended). It's part of the DPS scheme which u must take when using CPF to buy HDB flat if i recall. Or something like that. Link to post Share on other sites More sharing options...
Ysc3 Twincharged August 30, 2018 Author Share August 30, 2018 still can put your wife name as co-applicant, but your take up 100% of the loan. If you have any winte rmelon tofu, your wife can stay for free so the "loaner" can be a named person other than then applicant(s) ? I mean if put me and my wife ... and anything happens to me ... won't they automatically go after the next applicant ? or I can just borrow the loan all under my name alone ? Link to post Share on other sites More sharing options...
Kusje Supersonic August 30, 2018 Share August 30, 2018 it's mortgage insurance lah. pay a premium every year via CPF. They will pay off the loan in case of death/TPD to either party of the loan. But u can choose how much to insure. up to 100% of amount (or 50% of amount which is stupid and not recommended). It's part of the DPS scheme which u must take when using CPF to buy HDB flat if i recall. Or something like that. Actually might as well get normal term life insurance if it is cheaper. Link to post Share on other sites More sharing options...
Enye Hypersonic August 30, 2018 Share August 30, 2018 so I am thinking what was the thing that let his wife inherit the flat without repaying the loan ? HPS Link to post Share on other sites More sharing options...
Ysc3 Twincharged August 30, 2018 Author Share August 30, 2018 it's mortgage insurance lah. pay a premium every year via CPF. They will pay off the loan in case of death/TPD to either party of the loan. But u can choose how much to insure. up to 100% of amount (or 50% of amount which is stupid and not recommended). It's part of the DPS scheme which u must take when using CPF to buy HDB flat if i recall. Or something like that. is this "built into" the repayment ? coz I don't remember this .... only remember fire insurance. lets say if cfp deduct from both me and wife a/c, will they go after my wife when I am gone ? or shud I just deduct from my a/c ... so they cannot go after her ? Actually might as well get normal term life insurance if it is cheaper. ... my chronic illnesses raised my term insurance for $250k coverage to a yearly premium of $4k !! ... so not really cheaper for me. Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 30, 2018 Share August 30, 2018 (edited) Actually might as well get normal term life insurance if it is cheaper. i think for HDB, it's very cheap. my loan was about 250k for my BTO. I think it's cheaper than insuring 100k SAF term life insurance (i cant rem the exact numbers). is this "built into" the repayment ? coz I don't remember this .... only remember fire insurance. lets say if cfp deduct from both me and wife a/c, will they go after my wife when I am gone ? or shud I just deduct from my a/c ... so they cannot go after her ? ... my chronic illnesses raised my term insurance for $250k coverage to a yearly premium of $4k !! ... so not really cheaper for me. Best to ask the lawyers or HDB side. HPS yup. Edited August 30, 2018 by Lala81 Link to post Share on other sites More sharing options...
Angcheek Hypersonic August 30, 2018 Share August 30, 2018 Okay. Looks like my MIL can sell her place and buy another one under her name only and still get some $$$ from ah gong.Your MIL must be very young 3 Link to post Share on other sites More sharing options...
Showster Twincharged August 30, 2018 Share August 30, 2018 (edited) hehehe ... I am commoner ... just tried HDB eligibility app ... said I can still buy BTO !! when I bought my resale 3rm, actually no need to take loan but I thought, ä¸åç½ä¸å ... so borrow 20k and then pay over 10 years just to make use of my entitlement. but I did not take the grants ... but now, I have decided that this new BTO will be my final resting place ... so want to squeeze everything I can from the govt. and frankly, even if kenah toto jackpot I also won't buy condo ... personally feel its a waste of good money. One treats housing as housing, the other treats housing as premium housing (the “wasteful” part) plus investment with precision controls (the investment part). Both types of housing cannot be compared side by side. Edited August 30, 2018 by Showster 1 Link to post Share on other sites More sharing options...
Atrecord Supersonic August 30, 2018 Share August 30, 2018 put occupier also family mah .. ?? anyway, reason I am asking this is because of an unfortunate incident of my friend. my friend just got his new resale for a couple of years before he passed away due to heart attack. his wife was a foreigner who bore him two kids. but the "good" thing was that the wife inherited the flat from the husband without having to pay the rest of the loan. so I am thinking what was the thing that let his wife inherit the flat without repaying the loan ? I'm not v v sure, but i think: must have husb-wife names as joint-applicants to apply for new flats from govt. if not husb-wife, then need to have parent-child instead. That's why singles cannot apply new flats. Then in terms of loan repayment, can be just one person paying - which was the case most of the time in the past when our parents' time, where usually the wife is housewife so no $$ to repay anyway... As explained by the rest, if take HDB loan, got a component built-in, which will allow the surviving spouse to stay free if one spouse passes away, no need to pay the remaining loan. 2 Link to post Share on other sites More sharing options...
Showster Twincharged August 30, 2018 Share August 30, 2018 I'm not v v sure, but i think: must have husb-wife names as joint-applicants to apply for new flats from govt. if not husb-wife, then need to have parent-child instead. That's why singles cannot apply new flats. Then in terms of loan repayment, can be just one person paying - which was the case most of the time in the past when our parents' time, where usually the wife is housewife so no $$ to repay anyway... As explained by the rest, if take HDB loan, got a component built-in, which will allow the surviving spouse to stay free if one spouse passes away, no need to pay the remaining loan. BTO needs multiple names free from encumberance. Resales can buy in one name but must have one more or a set of members who can form a nuclear family. I think only. Best to check with HDB 1 Link to post Share on other sites More sharing options...
Kusje Supersonic August 30, 2018 Share August 30, 2018 i think for HDB, it's very cheap. my loan was about 250k for my BTO. I think it's cheaper than insuring 100k SAF term life insurance (i cant rem the exact numbers). How does it work? Is it compulsory? Your MIL must be very young Link to post Share on other sites More sharing options...
Kusje Supersonic August 30, 2018 Share August 30, 2018 BTO needs multiple names free from encumberance. Resales can buy in one name but must have one more or a set of members who can form a nuclear family. I think only. Best to check with HDB There should be a singles scheme bto. Link to post Share on other sites More sharing options...
Showster Twincharged August 30, 2018 Share August 30, 2018 (edited) There should be a singles scheme bto.Singles BTO only 2rm but 2 single siblings can also apply for 3rm or bigger BTO if I read it correctly. Edited August 30, 2018 by Showster Link to post Share on other sites More sharing options...
Kusje Supersonic August 30, 2018 Share August 30, 2018 Singles BTO only 2rm but 2 single siblings can also apply for 3rm or bigger BTO if I read it correctly. cool. is it better to get 1x 2 room each and then combine them? Link to post Share on other sites More sharing options...
Wt_know Hypersonic August 30, 2018 Share August 30, 2018 (edited) any age limit to exercise 1st timer huh? jobless at 60 can apply bto bo? Edited August 30, 2018 by Wt_know Link to post Share on other sites More sharing options...
Showster Twincharged August 30, 2018 Share August 30, 2018 cool. is it better to get 1x 2 room each and then combine them?How is this different from buying a larger HDB to begin with? I doubt authorities will allow two 2rm flats to be combined. How is this different from a 3rm (cheaper) or a 4rm (larger) flat? ↡ Advertisement Link to post Share on other sites More sharing options...
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