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Thread: Home loan queries

  1. #1
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    Default Home loan queries

    Hi,

    Will like to seek the help of experts here for 2 questions:

    (1) When applying for a home loan for a private condo, do banks consider both me and my girlfriend's [B][U]combined[/U][/B] earning power or only mine? (we are only planning to get married/ROM only 2 years later, so at the time of applying for the loan, our status will still be single)

    (2) I calculated roughly a $700k loan for a condo will mean around loan payment of $2,800/mth. Can my girlfriend's and my [B][U]CPF[/U][/B] be utilised to pay this monthly loan amount or we can only use cash to pay the bank? If can use cpf, how much is the max we can use per month?

    Advance thanks for your kind advices!

    Alan

  2. #2
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    1. Need not bother with marital status. Up to 3 co-owner could take up the share of the condo either joint tenancy or in common. NOTE: No doubt both of your earning income could be taken into consideration BUT it vice versa, if your girlfriend have a credit card debt of 100K, it will be taken as liability as well, regardless if she make 20,000 per month. [B]Combine Income = Combine Liability[/B]. Above mentioned is not applicable for CPF related or company purchase.

    2. Yes. Non-related singles could jointly use their CPF to service their jointly purchase private property provided they are not using CPF for any other property. The max you & your girlfriend could use is up to the max of your OA contribution amount per month. Less when your RA kick in.

    Hi Alan, why dont you get married now? It will save some trouble for non-related single to jointly purchase property.



    Quote Originally Posted by linchong84
    Hi,

    Will like to seek the help of experts here for 2 questions:

    (1) When applying for a home loan for a private condo, do banks consider both me and my girlfriend's [B][U]combined[/U][/B] earning power or only mine? (we are only planning to get married/ROM only 2 years later, so at the time of applying for the loan, our status will still be single)


    (2) I calculated roughly a $700k loan for a condo will mean around loan payment of $2,800/mth. Can my girlfriend's and my [B][U]CPF[/U][/B] be utilised to pay this monthly loan amount or we can only use cash to pay the bank? If can use cpf, how much is the max we can use per month?

    Advance thanks for your kind advices!

    Alan

  3. #3
    Junior

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    Quote Originally Posted by linchong84
    Hi,

    Will like to seek the help of experts here for 2 questions:

    (1) When applying for a home loan for a private condo, do banks consider both me and my girlfriend's [B][U]combined[/U][/B] earning power or only mine? (we are only planning to get married/ROM only 2 years later, so at the time of applying for the loan, our status will still be single)

    (2) I calculated roughly a $700k loan for a condo will mean around loan payment of $2,800/mth. Can my girlfriend's and my [B][U]CPF[/U][/B] be utilised to pay this monthly loan amount or we can only use cash to pay the bank? If can use cpf, how much is the max we can use per month?

    Advance thanks for your kind advices!

    Alan

    quick reply..

    1) yes, combine or single applicant is up to both of u.. of cos if combine the pty will be joint name right?

    2) iirc can wipe out everything in the cpf sans medisave portion .. but best dbl check with others or cpf

  4. #4
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    Quote Originally Posted by august
    quick reply..

    1) yes, combine or single applicant is up to both of u.. of cos if combine the pty will be joint name right?

    2) iirc can wipe out everything in the cpf sans medisave portion .. but best dbl check with others or cpf
    I believe SA cannot be used for housing, correct?

  5. #5
    Junior

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    I think he needs to talk to a banker. He sounds too young to borrow 700k and the assumption that interest rate stays at 2% over 30 years is too risky. Forgive me if this is not the case.

  6. #6
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    Quote Originally Posted by jitkiat
    I think he needs to talk to a banker. He sounds too young to borrow 700k and the assumption that interest rate stays at 2% over 30 years is too risky. Forgive me if this is not the case.
    Thats not his question though.

    But what a nice samaritan you are.

  7. #7
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    Quote Originally Posted by jonleelk
    I believe SA cannot be used for housing, correct?
    SA cannot use for housing loan

  8. #8
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    Quote Originally Posted by jitkiat
    I think he needs to talk to a banker. He sounds too young to borrow 700k and the assumption that interest rate stays at 2% over 30 years is too risky. Forgive me if this is not the case.

    Definitely will talk to a banker eventually. Just getting some rough sensing and basic calculation first. Thanks.

  9. #9
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    What difference, married or unmarried? If he is taking his time to sort out his relationship proper rather than purchase a property in those hollywood style marriages.
    Anyway it's combined income.

  10. #10
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    i thought the use of CPF for purchase of housing can only be granted if there is some relationship? i.e. spouse, siblings, parents/sons, etc?

    i did ask this question before and the banker told me cannot when i wanted to share a unit with my cousin. if i had wanted to, got to get my parents and her parents and then show that both parents are related by using birth certs. i.e. nucleus.

    i could be wrong cos in my context it would be my second property.

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