University student says his parents want to refinance their property and transfer the loan to him; he worries about not being able to get his own place

SINGAPORE: A university student took to social media asking for advice because his parents were considering refinancing their property and transferring the loan to his name.

In an anonymous post to confessions page NUSWhispers, the man wrote: “My parents are considering refinancing their rental property and transferring the loan responsibilities to me”. He explained that because the property was being rented out, it generated income, and he would only need to contribute around $1000 monthly towards the loan. “However, in the event that the investment property is sold, any profits would be retained by them. (Perhaps they might provide me with a nominal amount.)”, the man wrote.

He shared his reluctance to get on board with this arrangement as it would hinder his plans of acquiring a property with his significant other. “Nonetheless, I am also aware that this could alleviate some of the financial burden on my parents”, the man wrote.

Earlier this month, another man took to social media for advice after his father’s tenants stopped paying rent diligently for years.

In an anonymous post to popular confessions page SGWhispers, the man explained that his father owned an old shophouse, which he had been renting out to his friend for over a decade. “My father passed away from cancer around a decade ago, I was still very young and my mother single handly (sic) has been raising my family and the one collecting rental from my father’s friend. My mother (age 50’s at that time now 60’s) has been a housewife ever since she was married to my father and is not very educated”, he wrote.

He said that now that he is older, he realised that the tenants have been paying rent very late, where it “gets worse every month, some months they give half the rental, some months give nothing and this has been going on for 6 to 7 years which leads the accumulated tens thousands. I know covid happened and businesses are affected but this has been happening even before covid”. He said this has been going on despite the rent remaining unchanged since they took up the unit.

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Man says his longtime tenants give half the rental some months and nothing on others, this has been going on for 7 years