What kind of circumtances can we take up two loans?

[roly8]

let say
scenario is:
loan #1 -$300k for HDB
loan #2 - $800k for a private condo

does the bank still able to let you take loan #2?

[Arcachon]

let say
scenario is:
loan #1 -$300k for HDB
loan #2 - $800k for a private condo

does the bank still able to let you take loan #2?

Pay 40% of PC no question ask. MAS say one.

[radha08]

but if u havent stay in hdb for 5 years u cannot buy condo rite...:o

[roly8]

but if u havent stay in hdb for 5 years u cannot buy condo rite...:o

if it is a resale flat that you buy leh?

[TKT]

let say
scenario is:
loan #1 -$300k for HDB
loan #2 - $800k for a private condo

does the bank still able to let you take loan #2?


Think you cannot because you need to sell off the HDB within 6 months when you buy private - sort of mutually exclusive relationship.

[jonathann80]

Think you cannot because you need to sell off the HDB within 6 months when you buy private - sort of mutually exclusive relationship.

wouldnt it be the other way round?

[Arcachon]

Think you cannot because you need to sell off the HDB within 6 months when you buy private - sort of mutually exclusive relationship.

You can own private property (unless you are applying for a CPF Housing Grant and/or an HDB loan).

However, you, your spouse and any occupiers listed in the resale application must dispose of any interest in any private residential property within 6 months from the completion of the purchase of the resale flat.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatPublicScheme?OpenDocument

[Arcachon]

if it is a resale flat that you buy leh?

6. All buyers of HDB flats now have to meet 5 year minimum occupation period (MOP) before reselling the flat or before they can invest in private property.

http://singaporewatch.org/?p=1380

[Arcachon]

Resale Flat bought in the open market (without CPF Housing Grant Scheme)

The minimum occupation period you need to meet depends on when we receive your resale application:

Resale Application Received Date
MOP applicable

Before 5 March 2010
(includes owners owning their resale flat as at this date)
2½ years from effective date of resale if the owner takes a loan from HDB
1 year from the effective date of resale if:
i. the owner has not taken a loan from HDB; or
ii. he has taken a loan from the bank/financial institution to finance the purchase

5 March 2010 - 29 August 2010
3 years from effective date of resale, regardless of the type of loan taken by the owners or loan status

On or after 30 August 2010
5 years from effective date of resale, regardless of the type of loan taken by the owners or loan status

http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/SellFlatMinimumOccupationPerid?OpenDocument#RSflat

I was once told by PS(defense) policy cannot change, but the policy change like changing underwear nowadays.

[roly8]

On or after 30 August 2010
5 years from effective date of resale, regardless of the type of loan taken by the owners or loan status

http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/SellFlatMinimumOccupationPerid?OpenDocument#RSflat

ahh!! :o:o:o

[Arcachon]

ahh!! :o:o:o

In the SAF, there is a saying "You can do anything, so long you are not caught"

[TKT]

You can own private property (unless you are applying for a CPF Housing Grant and/or an HDB loan).

However, you, your spouse and any occupiers listed in the resale application must dispose of any interest in any private residential property within 6 months from the completion of the purchase of the resale flat.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatPublicScheme?OpenDocument


Thanks for the clarification, not abreast with the recent changes, anyway won't relook at HDB unless they change the rules again.

All these twists and turns...makes you wonder why people say Malaysia's rules keep changing...actually, sama sama la.



:47:

[ysyap]

let say
scenario is:
loan #1 -$300k for HDB
loan #2 - $800k for a private condo

does the bank still able to let you take loan #2?Resale flat or non resale flat, bank has no problem lending you the money lah, for 1 or 2 houses. If haven't met MOP, bank can still lend you for 2nd unit but that unit cannot be yours lah... you can still be the borrower like you want to get a unit for your aging parent who cannot afford a new place but the new place must be under your parent's name lah. :spliff:

Or you can write in to HDB to request to buy a PC if your MOP is about up but not yet... I did that last time and it was actually approved but that was before all the recent negative news about HDB flats being rented out and people are making an online business of it... :tsk-tsk:

[yowetan]

Resale flat or non resale flat, bank has no problem lending you the money lah, for 1 or 2 houses. If haven't met MOP, bank can still lend you for 2nd unit but that unit cannot be yours lah... you can still be the borrower like you want to get a unit for your aging parent who cannot afford a new place but the new place must be under your parent's name lah. :spliff:

Or you can write in to HDB to request to buy a PC if your MOP is about up but not yet... I did that last time and it was actually approved but that was before all the recent negative news about HDB flats being rented out and people are making an online business of it... :tsk-tsk:

Would the loan stands to 80% LTV or 60% LTV if the place is under parent's name instead the borrower?

[ysyap]

Would the loan stands to 80% LTV or 60% LTV if the place is under parent's name instead the borrower?I suspect its 60% coz the bank needs some form of protection from the borrower who might be servicing another mortgage loan! Need to check with bank again on this...

[yowetan]

I suspect its 60% coz the bank needs some form of protection from the borrower who might be servicing another mortgage loan! Need to check with bank again on this...

Please keep me posted on this query. TIA.

[ysyap]

Please keep me posted on this query. TIA.I try to ask but I don't have banker friend... anyone else knows the answer? I also suspect different banks have different policy on this matter! Hmmm... :rolleyes:

[Arcachon]

I try to ask but I don't have banker friend... anyone else knows the answer? I also suspect different banks have different policy on this matter! Hmmm... :rolleyes:

Your can give him email. He is quite helpful. Just tell him you get his mail from a guy who brought Terrasse.

Damian Tan

[email protected]

[price]

Would the loan stands to 80% LTV or 60% LTV if the place is under parent's name instead the borrower?

It will be a 60% LTV if this is the parent's 2nd house. otherwise 80% from what i was told by a banker. Also, your parents must not have outstanding loans.

[marktkt22]

Read some. Of your postings...U are v keen to get another pte after u get hdb..and sold the last pte u got ....ha ha ha
If u parent name under the pte, it not a questioof 60 or 80 % loan. The loam depend what your parents income. If u add yourself as guarntor , then due to ur hdb loan, it 60%.
Garmen know the loopholes.....no way to get 80% ltv if u have existing loans.



Please keep me posted on this query. TIA.

[hopeful]

let say
scenario is:
loan #1 -$300k for HDB
loan #2 - $800k for a private condo

does the bank still able to let you take loan #2?
easy answer, if you have enough money.
if enough money, not only loan#2, loan#3,4,5 and so on also can.

sorry this is GIGO.