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Asked by mELVIN lEE 29 Sept 2011

Can a Term loan taken out & pegged on a property be used to renovate a property, to pay stamp duty/legal fees incurred on property purchase? what other prupose can the loan be used for?

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Mike Lim · Answer 1 · 2011-09-30T09:15:45+08:00

Mike Lim

Replied 30 Sept 2011

Morning Melvin,

Under current ruling, you can only pegged your property to mortgage loan, not any other personal loans. Hence it can only be used for paying off the outstanding for the property that you have purchased.
As for other components like Cash Over Value, Stamp and Legal Fee, Renovation, etc, you will need to pay it using cash. Such are personal loan, renovation loan, etc.

FYI
Mike Lim
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