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Home Buying

Asked by Chris 21 Aug 2012

Hi gurus,
I have a question on buying 2nd property.
I am currently a sole owner of my 4A HDB flat in TPY area. I became the sole owner of this unit after my Grandma passed away a couple of years ago.
My wife's name is never in it.
Now my question is:
If I want to buy a 2nd property mainly for investment purpose, can I use my wife name to buy it and get a max 80% of home loan since she does not have any outstanding mortgage loan under her name. If we do join name, will I still able to get 80% of loan or just 60% as I am still serving my current HDB loan.

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Wesley Lim K.C · Answer 1 · 2012-08-22T17:06:57+08:00

Wesley Lim K.C

Replied 22 Aug 2012

Hi, Chris

Your wife is eligible to purchase a private residential property such as a Condo or an apartment provided her income and finance status is ok. In this situation, you can keep your HDB flat. She should be able to loan up to 80% bank loan since she does not have any mortgage loan.

If you are purchasing the 2nd house under joint names, then a loan of up to 60% bank loan is allowed due to the fact that you own a 2nd property.

Do speak to a banker first to assess how much loan your wife can have and should you need further assistance, do feel free to contact me.

Regards

Wesley Lim K.C.
Propnex Realty Pte Ltd.
HP : 90227272
CEA Reg No: R011098E Read More

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