What is the difference between co-applicant and occupier?
Parents who are divorced or widowed and have children with full legal custody under 21 years old can purchase a flat and the underaged child is the essential occupier. However, if the child is unmarried and above 21 years old, then the child needs to be a co-applicant.
What is the difference between co-applicant and occupier BTO?
Applicant 2 shall therefore contributes to paying to service the loan of the house, i.e. he/she has a share in owning the unit. An occupier co-lives in the unit but does not contribute to the paying of the house, and therefore legally he/she does not have a share owning the unit.
What does occupier mean in HDB?
Occupiers’ ownership of private property. SC households. (a household consisting of at least one SC owner) Proposed occupiers can be the owners of private property, for investment purposes SPR households.
What is the difference between applicant and co-applicant HDB?
– If you’re a young couple, pick one to be the main applicant and one to be the co-applicant, you will be considered joint owners of the flat. The only difference between the two roles is that the main applicant will get all the necessary documents sent to his/her home. The other can just smile, nod and wait patiently.
Who is an occupier?
An occupier is the person who legally lives in the house, apartment, or other dwelling in question. If the census taker comes to your home, she’ll want to know if you are the occupier of the house, how many people live there with you, and so on.
What is the meaning of co-applicant?
A co-applicant is a person who participates in the loan underwriting and approval procedure with you. A co-applicant may be regarded as secondary to a principal applicant in several instances. In terms of the loan’s rights, a co-applicant is different from a co-signer or guarantor.
Can a friend be HDB occupier?
According to HDB, an essential occupier must be a family member, who forms a family nucleus with the owner, to qualify for an HDB purchase. This happens because the family member cannot or may not be listed as a co-owner for any reason.
Can occupier apply BTO?
Who can be considered an essential occupier? According to HDB, an essential occupier is a family member listed in the Application Form to form a family nucleus, allowing you to qualify for an eligibility scheme to purchase a flat. It can be for a new flat, like a BTO, or a resale flat.
Who is the occupier of a property?
An occupier, or occupant, is a person/persons or organisation who lives in or uses property and/or land, either legally as the owner or tenant, or illegally as a squatter. The degree of occupational control over property or land is the most applicable test for who the occupier is.
Who can be an occupier?
The Factories Act stipulates that every factory must have an “Occupier” – defined under its Section 2(n) as the person who has ultimate control over the affairs of the factory. A proviso was inserted in 1987 to the clause (n) that, in the case of a company, any one of the directors shall be deemed to be the Occupier.
Is co-applicant and co-owner same?
Co-applicant is a person who applies for a home loan along with the principal borrower and shares responsibility towards loan repayment. A co-applicant can enjoy tax benefits provided s/he is also a co-owner.