AskGuru Q&A Community

Evening,

You can definitely apply for personal loan and utilize it on the necessary expenses that you deem fit. However, all unsecured loan will be subjected to approval. The monthly installment will also contribute to your Monthly Debt Servicing Ratio for your mortgage loan.

Do contact me further should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi,

For the downpayment + stamp duties component, you can't borrow that from the bank. But there are some who took up a personal loan to bridge the 20-30k difference because they needed to purchase a particular unit at a short notice. I will not really advise to do that but it can be done, however it may also affect your 80% loan.

EC upgrading requires a detailed financial plan which I will be glad to illustrate clearly. May I know which EC project are you considering? Btw is there a resale levy for the project you are looking at?

Thanks and hope to understand your plans so to make better recommendations and value-add to your plans. Hope to discuss further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Good morning buyer,

You can choose to take up personal loan for the shortfall in downpayment and stamp duties payment but do bear in mind that it will affect your loan quantum.

Probably you should speak to my banker/s so he/ she can advise you further on this.

By the way, which EC are you looking at? Probably let me draft out a financial plan to advise you further.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More

Hi Sir/Mdm,

You may take a personal loan from the bank for the shortfall amount but the personal loan will affect the amount of loan you are eligible for the EC housing loan due to the Total Debt Servicing Ratio (TDSR).

I would recommend that you either borrow this sum from friends or relative first or you may utilised the fund from the sale of your existing property.

There are some ECs which have just TOPed or are going to TOP soon such as Waterwoods or Ecopolitan. By buying an EC which is already TOP, you will not have to worry about the transition period when you have no place to stay and also the problem of the shortfall in CPF will also be solved.

I have just assisted my client in getting a unit at Waterwoods, please feel free to contact me at 9644 4854  so that I can discuss with you further!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nicktan@propertyavenue.com.sg
(W) www.nick-tan.com / www.propertyavenue.com.sg

Testimonial from Satisfied Clients (2015)

“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.

We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer of HDB)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer of HDB)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”

Mr and Mrs Chan (Sold and Bought through Nick) Read More