Asked by
Hi, my mother does not have a job but she gets $3000/mth rental income from a condo that is fully paid up. She does not have any other home / car / credit card loans. Will she be eligible for a home loan from the bank if she wants to buy another property? I understand that she will need to pay ABSD.
0
668 views
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

3 Answers

Hi,

If she's not working at the moment, banks are unlikely to offer a mortgage loan. Rental income will be recognized but discounted. Since the condo is fully paid, there are other ways we can explore. May I understand your plans & requirements better so to value-add to your plans? Thanks and hope to discuss further.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More
0
Morning,

Rental income is not considered an stable stream of revenue hence the assessment for mortgage will be worked differently. However, with a fully paid private property, collateral can be placed for the upcoming mortgage, based on the value of the existing unit.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
0
GAN ENG JOO ONASSIS
Hi,

Re: Our Preferred Experienced SG Realtor

We have a pool of experienced bankers to assist you.

Will not be a issue, as long as your mum credit rating is good with a good saving amount in past years till now that able to shown that she will have no issues services the loan. The bankers will be able to grant the loan accordingly

Call us now, we can explore further in detail.

We are contactable at 92222389  or onassis@sgrealtor.com.

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | CES Certified SG Realtor l SGRealtor.com
EXPERIENCED. PROACTIVE. SINCERITY. FEEDBACK
ACTA (Full); PDCE (Singapore); MSc BIT(Middlesex); BBA (South Australia)

Featured Realtor Services recognition by SGReview.com and SGBride.com

Singapore Line : (+65) 92222389 
Malaysia Line: (+60) 111-0788889
Email: onassis@sgrealtor.com
Skype: incomecare

Our Clients' Success Is Our Success
“Clients’ always at ease putting their properties with us”

Our SG Realtor Services Youtube
Residential- https://www.youtube.com/watch?v=3kI2tBtopuM
Commercial- https://www.youtube.com/watch?v=ELAXddJ6nEk

Daring to invest on SG branding portals give us an edge advantages in reaching out to consumers'.

Upcoming 2016, we are in the progress to create property portals to serve our SG clients better.

www.Listing.sg – SG Properties Listings
www.CommercialSingapore.com – Commercial Listings
www.SGHouses.com – Residential Listings
www.Showsuite.com – SG Developer Projects Listings

SG Commercial Websites
www.SGCBD.com
www.CBDSingapore.com
www.SingaporeCBD.com
www.SgOfficeRental.com
www.SgShophouse.com

SG Landed Houses Websites – www.LandedGroup.com
www.SGGCB.com
www.SGBungalow.com
www.SGDetached.com
www.SGSemiD.com
www.SGTerrace.com
www.SGCluster.com

SG Districts Websites
www.BukitTimah.com.sg
www.Holland.com.sg
www.MarineParade.com.sg
www.sentosaisland.com.sg

Overseas Website
www.NewLaunch.my - Malaysia
www.PropertyPh.com - Philippines
www.VNProperty.com - Vietnam Read More
0

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Previously Asked Questions