AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
A buyer,45yrs old, has a HDB paid off and no other debt. wants to buy a private, annual income 12,000+ how much he can loan from bank?
80% of valuation or 50% (the HDB will be kept after purchase private)
mortgage 60% of monthly income or 35%?

a bit confuse by many of measures.
0 •
1262 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Mike Lim
Replied
Afternoon Vincent,

The current issue is not purely about how much you earn. It's more on how creditable you are. Loan amount eligible to you is based on your credit status. If you do not have good and clean credit record or have alot of outstanding loan, you will only be getting loan amount proportionate to 30% of your monthly income - current outstanding monthly installment payable.

Assuming that your record is good, you should be able to get 80% loan. And being SC, you will be eligible to keep your HDB after purchase of private property.

DO feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
0
Upvote Upvoted
Peng Robert
Replied
Hi Mr Vincent,

for Your case,
1) you can loan up to 80% up to 20 years.

2) if you do not have other personal loans like car loan, base on your income of 12000, you can loan up to 1.25m.

Feel free to contact me for any other questions. I am from Huttons, professional for condo transactions.

Best Regards,
Robert Peng
HP: 98001968 
Email: Robertpeng001@gmail.com
CEA: R042525J
Huttons Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions