Question: Can I transfer half of the house to my spouse & get 100% exempted?

Hi, I just bought a property under my name. The loan is under me as well.

My agent tells me I can’t add my girlfriend’s name as we aren’t married, and I applied for the loan on my own.

When we get married, will the MOT transfer half of the house be exempted 100%?

ANSWER:

Hi, thanks for the question.

Indeed, some banks might not prefer to give out loans to boyfriend and girlfriend relationship customer. But, not all. Some are still acceptable.

Furthermore, the bank prefers to give out loans to customers who have a stable relationship like husband and wife, parents, children, and siblings.

For the second question, the answer is Yes. You can do a property transfer to your wife, and if the transfer is by way of love and affection, the property stamp duty is exempted 100%.

However, you must pay for legal fees and other disbursement fees involved in doing this transaction.

And if the property is still under a bank loan, you must do a refinancing as the ownership has changed. There will be another cost like legal fees, disbursement fees, stamp duty and valuation fees to prepare the refinancing loan agreement.

I hope you find some clarity in the answer.

Thanks!

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