Advise for a Bankrupt buying a HDB Flat

• uhbaden

  14 Oct 05, 14:58

  Need advise on how a Bankrupt in Singapore can get a bank or financial institution to finance a HDB resale Flat?
• Xcert

  14 Oct 05, 15:17

  I think only can rent.not too sure.
  I dont think banks will lend U that kind of money.
  
  www.hdb.gov.sg
• Wanda

  14 Oct 05, 16:10

  No go. One has to be discharged from bankruptcy first before banks will consider making the loan. They will also consider if the borrower has a regular source of income or other assets.
• augleo

  14 Oct 05, 16:59

  i know a Bankrupt person just buy a 4 room flat. (can't purchase more than 4 room flat).
  dun think he take loan from bank. has equal share of the other flat owner.
  empty the cpf ordinary a/c and only the other flat owner paying from CPF a/c.
• uhbaden

  14 Oct 05, 17:11

  Originally posted by augleo:

  i know a Bankrupt person just buy a 4 room flat. (can't purchase more than 4 room flat).
  dun think he take loan from bank. has equal share of the other flat owner.
  empty the cpf ordinary a/c and only the other flat owner paying from CPF a/c.

  The other flat owner as in Joint-Owner (or spouse?)?
• augleo

  14 Oct 05, 17:14

  spouse...
  
  
• uhbaden

  14 Oct 05, 17:26

  Anyone knows any special case where the Bankrupt is allowed to finance as well? I heard of it but wonder under what circumstances.
• Xcert

  14 Oct 05, 17:44

  Originally posted by uhbaden:

  Anyone knows any special case where the Bankrupt is allowed to finance as well? I heard of it but wonder under what circumstances.

  why dont U talk to ur OA...if U are the bankrupt in question?
• Kennerve

  15 Oct 05, 00:13

  Originally posted by uhbaden:

  Need advise on how a Bankrupt in Singapore can get a bank or financial institution to finance a HDB resale Flat?

  A bankrupt is defined as a person or a firm that has been declared insolvent throught court proceedings and is relieved of all debts after surrendering ALL assets to the court appointed person..
  
  The court will "track" your financial movements. Should they "find" out that you have cash or any assets that belong to you, they can use that assets to pay back what ever you are owing. That means as long as you are still owing, when you get your money.. you will need to pay..
  
  Bank and/or financial companies will look into databases to see if you are a bankrupt or if your spouse were to apply for financial assistance, they will check on his/her background. Your spouse is legally able to loan or get finance help.. But it will be lesser than what she expects. Why? Cause they will give the statement that his/her husband/wife is a bankrupt.
  
  Even should the money been financed, they will let the borrower sign something which has something to do with bankruptcy.. <-- Not applicable to all financial institutions.
  
  Hope it helps a bit ya.
• fitycentz_

  15 Oct 05, 00:15

  MOD [Excessive photo spam edited.]
• sexieststudinworld

  15 Oct 05, 01:16