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The first step in my opinion is to apply for in principle approval to purchase a landed unit if you wife has to be included as a co-owner of this purchase. There is no longer guarantor system in place for home loan, so if her income is required to ensure that you are able to get the necessary home loan for this purchase, she will need to be a co-owner and thus, require the approval from SLA to own a landed property. In terms of loan amount, it is best for you to speak to a banker directly since you are looking to leverage on asset based lending facility for your loan.

Are both of you self employed?

In case you are unaware, SPH is organising The Home Expo 2024 this coming September and OrangeTee is proud to be the presenter for this event where we have lined up a total of 16 speakers who will be sharing on the different market segments and topics during the 3 days event. Do register for the event if you are looking out for more insights of the real estate market at http://bit.ly/THE2024Geryl. Looking forward to see you at the event.

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I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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Hi, appreciate your sharing. Able to check with law firm before applying it. Plan to use your wife name only ?
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

Hi,
It is almost impossible for PRs to get approval to buy a landed property now. Some of my clients faced this problem too. So, they have decided to buy cluster landed instead. So, you may have to consider other options.

I can assist you to find the best way forward to get the best deal also.

Please contact me so that I can be of further assistance.
Cheers!

Elan Govan
MABA (Lancaster)
 90170747 
jayelan@gmail.com
www.goodpropertiesguide.com Read More

Hi,

SPR cannot own landed property unless with special LDAU approval, which is pretty hard to obtained. Only owner can be guarantor of bank loan for the property, so she cannot be guarantor since she can't be owner, and her income will not be recognized for the loan.

The most straightforward process is you buying under your SC name. Based on your income alone, assuming no other loans like car loans, you can borrow up to $1.574mil. To borrow 75% of 5m, it will be $3.75mil, the shortfall of borrowing is approx $2.18mil.

To bump up the loan by $2.18mil, you need approx show funds of $3.7mil. Or if you don't mind to pledge as fixed deposit and lock for 4 years, pledge approx $1.107mil as fixed deposit for 4 years in the lending bank. But this will be taking away from your downpayment needs, so I am not sure if its feasible.

Do note above all based on limited info shared over this text, so its very rough approximation only. If you have other loan like car loan, it will affect as well. Credit score is also another factor.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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I suggest you apply for in-principle 1st. Read More

1. **Apply for In-Principle Approval**: If your wife needs to be a co-owner of the landed property, start by applying for in-principle approval.
2. **No Guarantor System**: Since there's no guarantor system for home loans, her income will be necessary to secure the loan.
3. **Co-Ownership Approval**: She will need approval from the Singapore Land Authority (SLA) to be a co-owner of the landed property.
4. **Consult a Banker**: For the loan amount and leveraging asset-based lending, it's best to speak directly with a banker.
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