Asked by Earnest
Dear Guru,
The latest Goverment cooling measure include a reduced loans-to-value (LTV) ratio of 60% for buyers with an existing housing loan. As such, a home buyer now has to come up with an upfront figure of 40% as down payment.
If my 1st home is fully paid but I am still servicing an existing commercial property mortgage, does this rule still apply to me? If I need to buy a second home, does this rule applies to me since my 1st home is fully purchased on a cash basis, though my commercial property loan is still being serviced?
Thanks
The latest Goverment cooling measure include a reduced loans-to-value (LTV) ratio of 60% for buyers with an existing housing loan. As such, a home buyer now has to come up with an upfront figure of 40% as down payment.
If my 1st home is fully paid but I am still servicing an existing commercial property mortgage, does this rule still apply to me? If I need to buy a second home, does this rule applies to me since my 1st home is fully purchased on a cash basis, though my commercial property loan is still being serviced?
Thanks
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