Thank you for your further queries Ms. JJ Teh,
The maximum loan amount depends on several factors:
1. the market value or price of the property whichever lower, maximum is 80% of the value if no other outstanding property loan
2. income weighted average age and loan tenure
3. TDSR for private property
To continue on from the illustration earlier, if all the buyers are same age below 35 with combine earning more than $4,200, the max LTV is still 80% of $700K or capped at $560K.
If older than 35 with combined salary lesser than $4,200 then lesser loan amount will be approved as more monthly repayment is required for the shorter tenure.
If the combined salary is lesser than $4,200, then lesser loan amount overall.
If there is other outstanding debt such as car, credit card, student loan etc and the combined salary is lesser than $4,200 after all the debt deductions then lesser loan amount will be approved by bankers.
Hope the above clarifies. Kindly email or contact me should you have further queries as we do not get prompted when you respond here. Thank you.
Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 822 50 212
Email: karrien.realty@yahoo.com
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