Anonymous
My boyfriend bought a house at 35 under single scheme before we got together. Now we are looking at buying house but we are feeling loss due to the grants available? Any suggestions?
As my boyfriend bought a 3 room resale flat under single scheme before we got together. We understand that if he sells the house he will need to pay back the grant he received previously. But we are not sure is it more wiser for us to buy another flat or my name to be added in - the house is built in 1981. If I put my name in will I subject to the cash portion as the flat is much older than me. I won’t be able to live till 95
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Duane Cheng
17 Aug 2020
Financial Consultant at Prudential Assurance Company Singapore
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Hi there,
The payback you are referring to, will be into his own CPF-OA account, not to the government. If you are going to get married, then you can add your name into flat, provided you want to continue staying at the present location. Upon sale, it will return to his OA, and you can use it to purchase another house.
If not, BTO-ing for a new flat, and selling nearer to completion could be an option for yourselves as well. Your boyfriend will not be eligible for some grants, however you should be able to receive some grants still.
Hope i was able to address your queries!