Sage-Tips

Can bankrupts have a bank account Singapore?

Can I open a bank account? Yes. You have to pay your monthly instalments towards your bankruptcy estate using GIRO through that account; and. You must furnish all information required by the Official Assignee in respect of that account.

Can HDB flat be held in trust?

While both HDB and private properties can be trust property, the creation of a trust over a HDB property requires a prior written approval from the Housing Development Board.

Can HDB flat be used as collateral?

You are not allowed to use your HDB flat, which has been fully paid for, as collateral to banks to raise credit facilities for private reasons. This is to avoid exposing flat owners like yourself to the risk of losing your flat should you be unable to repay the bank loan.

Is HDB flat protected from creditors?

As long as at least 1 owner of a Housing and Development Board (HDB) flat is a Singapore Citizen, the flat is protected from creditors by law and cannot be sold or taken over by the Official Assignee (OA). The OA has the right to forcefully seize possession of your HDB flat should you refuse to cooperate.

Can creditor sue me for my HDB flat?

What happens when a house in trust is sold?

The proceeds from the sale of the home are deposited back into the trust account and all checks from the buyers are written to the seller: the trustee of the trust. If the owner of the trust has passed away, the proceeds are then distributed to the beneficiaries pursuant to the terms of the trust.

Can I sell back my flat to HDB?

You can sell part of your flat’s lease to HDB and choose to retain the length of lease based on the age of the youngest owner. The proceeds from selling part of your flat’s lease will be used to top up your CPF Retirement Account (RA).

Can we Mortgage HDB flat?

We provide housing loan to eligible flat buyers. The housing loan amount is subject to credit assessment and the prevailing eligibility conditions. If you wish to take out an HDB housing loan, you need to first apply for and obtain an HDB Loan Eligibility (HLE) letter.

How long can you legally be chased for a debt in Singapore?

6 years
In Singapore, the statute limitation of debt is 6 years. After 6 years of no contact, a debt can no longer be legally collected.

Can my HDB flat be seized if I go bankrupt?

Therefore, even if your HDB flat will not be seized immediately upon you being declared bankrupt (because at least 1 owner of the HDB flat is a Singapore Citizen), the possibility remains open that you could still lose your home if you are unable to repay your mortgage loans.

Can I Sell my HDB flat if I am a Singapore citizen?

As long as any of the owners of your flat is a Singapore Citizen, you will not be required to seek the consent of the OA to sell it. The OA’s consent will only be necessary if none of the existing owners are Singapore Citizens. Can a Bankrupt Hold an HDB Flat on Trust for Someone Else?

Can the Official Assignee (OA) take over my HDB flat?

As long as at least 1 owner of a Housing and Development Board (HDB) flat is a Singapore Citizen, the flat is protected from creditors by law and cannot be sold or taken over by the Official Assignee (OA).

What happens when a tenant dies in an HDB flat?

First, it is important to distinguish whether the HDB flat is under a joint tenant or tenancy-in-common scheme. If the HDB flat is under a joint tenant scheme, the deceased joint tenant’s share or interest in the flat will be transferred to the eligible remaining owners.