We are basically quite screwed by this flat predicament. I got my name as a co-owner of the flat I am staying at now, and me & KL are likely to get a BTO unit which we are invited to select this coming September.
HDB's rule: One cannot concurrently own more than 1 HDB flat, regardless new, resale or even rented. I have one now, so I need to dispose it or remove myself from the ownership before I buy a new flat. This equates to the BIGGEST question of all, "HOW??". Then the next question would be "What's going to happen to my mom?"
Honestly, we don't have an answer to any of the questions. I have done the least I could by going to the HDB branch office to consult the officers on the options we have, and also to ask if my mom can get another loan from HDB.
Laying out the options here:
Keep the current flat and my mom own the flat herself - My mom needs to go back to work, full time mode, in order to get a higher loan from HDB. The outstanding amount which can't be borrowed from HDB/bank, will have to be paid in cash (est. $40-$50k)
Sell the current flat - 1) My mom downgrade to a resale 3 room flat, 2) My mom buys a studio apartment (BTO/Sale of Balance Flat)
Status quo - Keep my name in this flat, and make this my matrimonial flat with my mom (only) as occupier
I am not for option 3, as I am quite sure my mom will spoil my newly marriage with her constant nagging n hollering at Rianne & me even! Seems like option 2's the best now, but it kinda look like I'm forcing my mom to sell the flat for my own interest. Really?? Yes, but I ain't got a choice do I?!
With time pressing us (our flat selection is in Sept!), I have to call for a family meeting and hopefully my siblings can tell me what best we can do for my mom. It's OUR mom afterall, and I hate to initiate something that feels like abandonment.. :(
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