Quote:
Originally Posted by poorpixie
Morning everyone!
I am a 42 years old housewife and wants to end a marriage in peace....
I have zero savings because my freelance work barely covers my expenses and both my elderly parents who are not working too.
I want to get a hdb flat so that i dont have to pay for unnecessary rent for the rest of my life.
What happens to the cpf Ive contributed for the matrimonial home?
And if we end the marriage in papers, what are the next thing to expect and forsee for me?
Can i get an hdb flat since im already 42 years old?
But i am penniless. So how does it work?
Thanks in advance. Much appreciated.
Please help.. Im lost.
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Quote:
Originally Posted by poorpixie
Thank you all for the kind advises .
It is a hdb turned private property.
I will not want the matrimonial home to be sold. Because i want my daughter to live in the house she grows up in.
Therfore if he continues to stau with my daughter in that house and we are divorced
What is the next step when we sign the papers?
Lets say im not asking for any maintenance or alimony.
All i want is a peaceful divorce ending. I dont wish to create any scene as i dont wish ajy of our fault to affect my daughter's life in any way.
I just want to get a flat of my own.
So do i need to fork out the cpf in cash after i sign the papers?
Please note that i am penniless and no more cpf as all wiped out for first home.
I am doing freelance work now and everything is used to pay for rent and family expenses.
Am i able to immediately get a hdb flat after signing papers? Without forking any money with hdb loan?
Thank you everyone.
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Since you mentioned you do not wish for your matrimonial home to be sold, you have the following options:
1) You can discuss with your husband to see if he is willing to buy over your share of that Condo. He can pay you what you withdrew from your CPF OA + accrued interest or if your husband is generous, he can pay you your share of the property at market value.
Then you may deposit the money back to your CPF account.
2) If your husband don't wish to buy over your share, then you can own part of the house, since it has privatized.
Then the next important question, can you get an HDB flat? NO. If the situation is #2. Although they say you can appeal, the chances are slim.
Now assuming you decided to go with situation #1, get your husband to buy over your share of your matrimonial home. Then can you get a HDB flat? Maybe, maybe not. This is because with no employment (hence no regular income), you are not likely to qualify for HDB loan.
At age 42,
with regular employment, your loan tenure is likely to be 20 years (with appeal maybe 25 years) the cut off age is usually our official retirement age.
Bottom line if you are not employed, then you don't qualify for the loan.
Then how can you get an HDB flat? Well if you bought your condo then at $900,000, with you coming $100,000 and your husband coming out $200,000 from both your CPF, then you both took up a loan for the balanced.
Say now your condo is worth say 1.5 million and your husband is willing to give you say 30% then you have $500,000. Out of this, you will need deposit back to your CPF OA $100,000+accured interest, and the balance you keep as cash.
So now you may use whatever you put back into your CPF + the cash you have to buy your flat.