Asked by Anonymous

Need help and advice on how to pay back $20,000++ default on BTO downpayment?

I have been with my boyfriend/fiance for 5 years. We have a BTO and have already paid the option fee of $2000 and the initial $18,201 5% downpayment after signing the agreement for lease. Supposed to be collecting our keys in one year, but due to circumstances, we are calling off the marriage. Now we have to pay back a big sum of $20,000 ++ altogether including some money spent on wedding preparation when we are both not earning much. If any similar experiences and resolving methods please share...

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    • Jacob Seet
      Jacob Seet
      2 Answers, 4 Upvotes
      Answered on 05 Jul 2018

      Your initial 5% payment will be forfeited. If you have accepted the grant from HDB you will need to pay that back as well. I presume the 18k that you mentioned above is from grant that you have to return to the government? Basically you will forfeit everything you have paid HDB thus far. So the only thing left for you to do is to pay the grant money back.

      If you really want, you can write in to HDB to explain your situation and appeal your case. They might help you out. All the best and hope this information helps.

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    • Isabella Jo
      Isabella Jo
      48 Answers, 72 Upvotes
      Answered on 21 Jul 2018

      Split 50/50 with your ex boyfriend Use your savings Borrow from family or friends Take personal or credit card loan (I highly don't recommend this, due to the high interest rate).

      All the best!

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    Gabriel Tham
    Gabriel Tham

    Top Contributor (Jan)

    421 Answers, 749 Upvotes
    06 Jul 2018

    No Choice, this have to be settled between the 2 of you. Ideal is to split 50/50 between the 2 of you.

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