Q I’m single and I would like to get a resale flat as I’m ineligible for a new flat. However, I’m unable to afford the cash-over-valuation price that most house sellers are asking for. What other means are there of getting a resale flat without the need to pay this amount? What help can I seek and from whom?
A You can try to negotiate with the seller of the HDB flat to pay the cash-above-valuation by instalments with interest.
In combination with the above, or alternatively, you can also try to get a personal loan or loans from financial institutions.
You may also like to consider buying the flat with one, two or three singles, or divorced related or unrelated persons aged 35 and above, or an orphan or a widow/widower aged 21 and above. They must be Singapore citizens. There is no income ceiling (unless you are applying for a CPF housing grant).
Your joint-owner or joint-owners may be able to pay more cash and take proportional ownership of the flat accordingly, subject to the requirement that all of you buy the flat jointly as co-applicants.
However, you must realise that the above option involves living with, and owning a flat with, another person or persons.
Leong Sze Hian
President
Society of Financial Service Professionals
Advice provided in this column is not meant as a substitute for comprehensive professional advice.
Source : Sunday Times - 14 Dec 2008
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