The banks themselves do not care who pays the loan. To the bank the loan is structured as two joint owners and if the loan is not paid on time, both are deemed to have defaulted on the loan. (and both will have bad credit rating equally)
The structure of the property ownership is only on the sale proceeds.
Unless its used from CPF
All sales proceeds from CPF OA must return to individual CPF OA in event of sale.
FYI : Assuming a property worth $1million and both owners own this as their first property.
do you know a 1% owner can use all of the CPF OA to pay for the house and the loan? even if it is more than $10,000 (Which is 1%)
eg : A has $100k CPF and B has $100k CPF and they both have $50k in cash together.
House is $1million.
A and B can both use the $100k each to pay the downpayment.
The banks themselves do not care who pays the loan. To the bank the loan is structured as two joint owners and if the loan is not paid on time, both are deemed to have defaulted on the loan. (and both will have bad credit rating equally)
The structure of the property ownership is only on the sale proceeds.
Unless its used from CPF
All sales proceeds from CPF OA must return to individual CPF OA in event of sale.
FYI : Assuming a property worth $1million and both owners own this as their first property.
do you know a 1% owner can use all of the CPF OA to pay for the house and the loan? even if it is more than $10,000 (Which is 1%)
eg : A has $100k CPF and B has $100k CPF and they both have $50k in cash together.
House is $1million.
A and B can both use the $100k each to pay the downpayment.