Divorce and HDB matters

[dna9179]

Hi everyone, thanks for reading this thread.
I try to keep the long story short.

Currently we are filling for divorce and trying to come to terms with the agreement for the HDB which we have to surrender to HDB as it's below MOP.

We took bank loan and i paid 30% and he's 70%.
He suggest us to divorce once the HDB meet the 5years MOP which is another 2 years with the condition the sale proceed will be divided 50% equally.
We bought the flat at $320000 3 years ago.

Suppose i file for divorce 2 year later and have lawyer draft an deed of agreement now, with the condition that the sale proceed of the flat 2 year later to be divided equally among us, how can i calculate the cash amount i will be getting if the flat is sold at market value of $400000 2 years later?

Suppose if i file for divorce now and surrender the flat to HDB at a loss of 95% to HDB/ 90% market rate, which is $304000 ($16000 loss), how do i calculate the 50% he's giving me now?

I did some math but have trouble figuring out am i correct or not.

Bought @ $320000
Me 30% = $96000 As of today, CPF already deducted my upfront payment and installment of $35000
He 70% = $224000

Divorce 2 year later and assume sell at market price of $400000
Bought @ $320000
Sold @ $400000
Profit @ $80000

Agreement to divide 50%50%

How do i calculate the amount i'm getting back in cash?

Suppose if i file for divorce now and surrender the flat back to HDB at 5% loss
Bought @ $320000
Surrender to HDB @ $304000

How do i calculate the amount 50% 50% amount i will be getting cash from here after clearing CPF side?
In this case there's no profit from the surrender of HDB flat, so if he going to take out cash to make up the 50% to me or?

I'm grateful for anyone who can advise me on this. thank you so much!

 

[ing1]

Did u pay the bank loan in cash or using cpf?

 

[ing1]

Your calculations did not include the loan interest paid. So your assumption of profit /loss is not accurate.

 

[dna9179]

Did u pay the bank loan in cash or using cpf?

Hi, Pay bank loan using CPF

 

[dna9179]

Your calculations did not include the loan interest paid. So your assumption of profit /loss is not accurate.

Yup i understand there will be interest but it is diffcult to determine how much that will be at this moment. Anyway you can do a rough calculation based on the above factoring interest if you may.

Greatly appreciated

 

[Dan B]

Hi everyone, thanks for reading this thread.
I try to keep the long story short.

Currently we are filling for divorce and trying to come to terms with the agreement for the HDB which we have to surrender to HDB as it's below MOP.

We took bank loan and i paid 30% and he's 70%.
He suggest us to divorce once the HDB meet the 5years MOP which is another 2 years with the condition the sale proceed will be divided 50% equally.
We bought the flat at $320000 3 years ago.

Suppose i file for divorce 2 year later and have lawyer draft an deed of agreement now, with the condition that the sale proceed of the flat 2 year later to be divided equally among us, how can i calculate the cash amount i will be getting if the flat is sold at market value of $400000 2 years later?

Suppose if i file for divorce now and surrender the flat to HDB at a loss of 95% to HDB/ 90% market rate, which is $304000 ($16000 loss), how do i calculate the 50% he's giving me now?

I did some math but have trouble figuring out am i correct or not.

Bought @ $320000
Me 30% = $96000 As of today, CPF already deducted my upfront payment and installment of $35000
He 70% = $224000

Divorce 2 year later and assume sell at market price of $400000
Bought @ $320000
Sold @ $400000
Profit @ $80000

Agreement to divide 50%50%

How do i calculate the amount i'm getting back in cash?

Suppose if i file for divorce now and surrender the flat back to HDB at 5% loss
Bought @ $320000
Surrender to HDB @ $304000

How do i calculate the amount 50% 50% amount i will be getting cash from here after clearing CPF side?
In this case there's no profit from the surrender of HDB flat, so if he going to take out cash to make up the 50% to me or?

I'm grateful for anyone who can advise me on this. thank you so much!

Way too much math. Did the CPF and HDB guys not offer to help you out with this?

 

[triple]

You can div now and transfer the flat to either party as long as either party is eligible to own the flat solely. No need wait for MOP.

MOP simply does not allow u to sell off to third party.

Loan interest and the accrued cpf interest hv to be factored in.

 

[Infernolord]

why make it so complicated.
CPF will do the calculation and divide accordingly. For the rest of the "profits" just spit 50-50.
I actually respect you that u only want to take a fair share of yours. I hope that your ex will gladly give it to you.
In sg, there are gers just wan to abuse the system and get the most out of it.

 

[megalife]

Have you tried calling HDB to seek advice? If not you may want to get in touch with them.

Sales/ Resale Customer Service Line: 1800-866-3066 (weekdays: 8:00am to 5:00pm, off-peak period: Tuesdays to Fridays, 8:00am to 10:00am)
Email:

For sales related matters: [email protected]
For resale related matters: [email protected]

Visit us in person:
Before you visit us at HDB Hub, use our e-Appointment service to make an appointment, at least 2 days in advance. You can also use the service to view your appointment details, change your appointment details, or cancel the appointment.
HDB Hub
480 Lorong 6 Toa Payoh
Atrium 1st Storey
Singapore 310480
Our opening hours are:
Weekdays: 8:00am to 5:00pm
Saturdays: 8:00am to 1:00pm
Off-peak period: Tuesdays to Fridays, 8:00am to 12:00pm

 

[Serene Lum]

Hi, anyone can help me?

I have been reading through the website for answers and questions about the matrimonial flat & retention of an HDB unit in the event of a divorce. But I could not find any relevant answers to my case. I have spoken to a few lawyers but they are not able to help too. Please help me.. please.

I am 38 years old, working mother, current going through a divorce, 2nd divorce. Both me & partner decided to go for an uncontested divorce in Oct 2018. However, we owned 2 HDB units at the moment. One we are trying to sell for at least the past 24 months with no OTP or offers from buyers, and the new unit, we collected the keys in Dec 2016. I have stayed in the new unit since Sep 2018.

HDB flat purchased during this 2nd marriage-

1. HDB Unit A: Blk 337D Tah Ching Road #02-19 / Joint-tenancy since 2009 / Spouse has outstanding as he has no cpf for the repayment deduction
2. HDB Unit B: Blk 812C Choa Chu Kang Ave 7 #16-631 / Joint-tenancy since 2016 / Spouse has outstanding as he has no cpf for the repayment deduction

I will like to check:

1. Which is the matrimonial unit for this marriage?
2. I have a son, 14-year-old (Sec 3 this year) from 1st marriage. HDB Unit B has not reached MOP, but spouse has agreed for me to retain the unit as my son is studying in the nearby vicinity. Am I able to retain the unit?
3. If I am able to retain Unit B, but Unit A still not sold? What can I do as my repayment interest for Unit B is not the subsidised 2.6%
4. If I am able to retain Unit B, with Unit A sold at the resale market, am I able to use the CPF monies to pay for spouse CPF which he had contributed?
5. If Unit A not able to sell in the resale market, what are my other options?
6. If Unit A not able to sell, and Unit B I am not able to retain, can I apply for a new unit under Single Scheme or Family scheme with my son in occupancy?

Please help me. I would like to know what is there for me before my divorce procedure so that I can secure my future with my son. Thank you for the time to help me & appreciate if you can reach out back to me.

 

[newproject]

this is a super complicated case I can barely understand your situation think you need a lawyer or ask HDB direct