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Home Financing

Asked by Concept 29 Jan 2012

Conceptual problem: 1st mortgage loan

monthly salary : 4000
loan amount: 80% or 800k = 640k
interest 1.5%
loan tenure 30 years

monthly payment : 2.2k

HOWEVER, 2.2k is 55% of salary, allowable?

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Mike Lim · Answer 1 · 2012-01-30T10:43:29+08:00

Mike Lim

Replied 30 Jan 2012

Morning,

Is these conceptual propblem being verified? Was the loan figure given to you by the bank? Are you paying the monthly installment via cash or combination of cash and CPF?
As what I know, it's unlikely that bank will dish out $640k loan, based on monthly income of $4k, unless you have other collateral with the bank.

FYI
Mike Lim
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ERA Read More

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AH

Concept

Replied 30 Jan 2012

so the answer is not allowed? if the property is under 1 name, can another family member help paying using his/her cpf? then the combined income is counted as the only owner of the property or owner+his family?

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