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Dear guru,
I am currently an owner of a private condo and I am a single borrower of the mortgage of the condo.

Based on the current property buying rules, I will need to cough up 40% of cash (assume I have no CPF fund available) of down-payment, if I wanted to buy another property without selling the existing.

If my wife becomes the owner of our second property, then I would only need to fund 20% of the second property down-payment. However, in such arrangement, is it possible for us to have a joint borrowing mortgage.
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2 Answers

Catherine PANG
Replied
Ken Tan
Replied
Hi,

I am not exactly sure what you mean by arranging joint Borrowing mortgage for your case, but i assume its because your wife is not working or the financial is not as strong.

If your wife is able to meet the loan criteria, you can co joint as the owner of the property and let your wife be the sole borrower.

However, if its a case where your wife's income is not enough to meet the bank's criteria, there is another way for you to help co finance the property where you can be the guarantor.

The third method would be to get priority banking status with the banks by meeting some of their criteria, open a new account with a certain number of cash and they will upgrade your status, and this will help secure the loan for your wife.

Not all banks do the following.
Hope this answer your question.

Ken Tan
 96461490 
Huttons

more info, go to www.96461490.com Read More
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