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Married couple divorced to buy another HDB flat as single

ChaosMyth

By ChaosMyth,
in Property Buzz

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ChaosMyth

ChaosMyth

5th Gear
(edited)

https://mothership.sg/2018/05/married-couple-divorced-buy-hdb-flat-as-single/?nlarticleid=11561273

 

Husband and wife agree to a divorce of convenience

 

A husband and wife in Singapore had apparently agreed to divorce — just so that they can each own a HDB flat.

 

This was after they figured marriage is just a status, and by divorcing, they can unlock their Central Provident Fund monies in a different way.
 

Wife bought another flat under singles scheme

 

The couple originally bought a HDB flat together when they got married. It was paid for using the husband’s CPF.

 

The husband is now a cab driver. He is likely to be 54 this year, or somewhere in his mid-fifties.

 

He claims he cannot withdraw his CPF money by next year because it does not meet the Minimum Sum, or Retirement Sum, which is the minimum amount of money needed in your CPF account when you turn 55 before withdrawals can be made.

 

The wife too will not be able to withdraw any CPF money in a few years’ time, since she also does not meet the minimum sum.

 

The plan

 

Husband and wife then divorced. On paper.

 

But they are obviously still very much together.

 

This frees up the wife to buy a HDB flat of her own as a single under the Single Singapore Citizen (SSC) scheme.

 

She is able to get a housing grant for the flat as a second-timer single Singapore citizen applicant.

 

She can pay for it with her CPF — which otherwise would be locked in once she turns 55.

The man now owns the first flat as a single.

 

Rental income

 

Since he has lived in the house for longer than the five-year Minimum Occupation Period, he is able to rent it out.

 

The husband then proceeds to live with his now ex-wife in the new flat, while both enjoy the passive income from the rental of the first matrimonial flat — said to be about $2,500 monthly.

 

Edited by ChaosMyth
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ChaosMyth

ChaosMyth

5th Gear
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If this is indeed true I don't know what measures the government will take to prevent more couples from following this path.

 

But can the government even intervene us from playing with this loop hole in the system?

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Staff69

Staff69

Hypersonic
(edited)

no real names

 

90% fake news.

 

good story from writer

 

if you can only afford a 1 mil loan as a couple even if you divorce

 

as a single person you can only afford half of 1 mil which is 50%

 

 

if you think that by divorce you can get 1 mil loan each

 

then it's time for you to go back primary school and learn maths

Edited by Staff69
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Jman888

Jman888

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the story could be true and it is possible, common in HK and China, nothing can stop a 抢钱夫妻  [sweatdrop]

 

the question is how old is she and i believe single can only buy resale flat. How much loan can she take at age 50?

 

then why the wife so stupid and let the man keep the original flat? why not she keep it and let him buy another flat loan under his name?  can she guarantee the husband won't find another woman after he collect his cpf at 55   [laugh]  [laugh]

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SuPerBoRed

SuPerBoRed

Twincharged

the story could be true and it is possible, common in HK and China, nothing can stop a 抢钱夫妻  [sweatdrop]

 

the question is how old is she and i believe single can only buy resale flat. How much loan can she take at age 50?

 

then why the wife so stupid and let the man keep the original flat? why not she keep it and let him buy another flat loan under his name?  can she guarantee the husband won't find another woman after he collect his cpf at 55   [laugh]  [laugh]

 

the hint is in the story already isnt it... the wife's CPF was not utilised in paying for the 1st flat... ie... her CPF is sufficient to buy from HDB with no actual loan...  

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Jman888

Jman888

Moderator

the hint is in the story already isnt it... the wife's CPF was not utilised in paying for the 1st flat... ie... her CPF is sufficient to buy from HDB with no actual loan...  

 

 

The wife too will not be able to withdraw any CPF money in a few years’ time, since she also does not meet the minimum sum.

 

if she cannot meet the minimum sum of say $200K, how to buy a flat with $200K? not to mentioned only the OA portion.

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SuPerBoRed

SuPerBoRed

Twincharged
(edited)

The wife too will not be able to withdraw any CPF money in a few years’ time, since she also does not meet the minimum sum.

 

if she cannot meet the minimum sum of say $200K, how to buy a flat with $200K? not to mentioned only the OA portion.

HDB got 1 n 2 bedder in less connected areas... are v cheap ... 

 

**sale of balance flats**  i think....  

Edited by SuPerBoRed
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Enye

Enye

Hypersonic

wah how come people all so smart, know how to find loophole to earn money?

 

i peasant very stupid, only know how to sit in storeroom surf mcf

 

[blush]

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Icedbs

Icedbs

Turbocharged

Even divorced also need 3 years separation first right?

 

So if the man is already 54, and needed his CPF to "buy over" his wife share of the house upon divorce, then this method will not fly since by the time he finally divorce he is already way pass 55.

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SuPerBoRed

SuPerBoRed

Twincharged

Even divorced also need 3 years separation first right?

 

So if the man is already 54, and needed his CPF to "buy over" his wife share of the house upon divorce, then this method will not fly since by the time he finally divorce he is already way pass 55.

A typical Singapore divorce, if it is mutual, amicable and uncontested, takes approximately 4 months. The hearing will be conducted within the Family Justice Courts' Simplified Uncontested Divorce Process.

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Little_prince

Little_prince

Supersonic

Fictional story

 

But still, sad case if it were to b true

no leh. 

 

me and the missus were seriously considering this before the article came out.

 

a marriage cert is just a piece of paper isn't it? 

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RadX

RadX

Moderator

no leh.

 

me and the missus were seriously considering this before the article came out.

 

a marriage cert is just a piece of paper isn't it?

In context of sgp, I agree wholeheartedly
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Staff69

Staff69

Hypersonic
(edited)

A typical Singapore divorce, if it is mutual, amicable and uncontested, takes approximately 4 months. The hearing will be conducted within the Family Justice Courts' Simplified Uncontested Divorce Process.

https://singaporelegaladvice.com/law-articles/divorce-procedure-part-1-dissolution-of-marriage/

 

 

read point 4

Edited by Staff69
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