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Question

Home Financing

Asked by Muz 15 May 2011

My credit rating is not fantastic. I owe some banks a total of 20k. (hope to clear it from the proceeds of the sale of my home) Late payments often. I earn 5k a mth. My wife and I have a combined income of 6.5k a mth. What are the chances of banks loaning us money?

Upon the sale of our current home we will have CPF combined of $160k. We will get about 280k cash. If we intend to purchase a property that cost 800k, down 300k (160k CPF +140K cash), will the banks loan us 500k?

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3 Answers

Previously Asked Questions

Kelvin Ng · Answer 1 · 2011-05-15T17:52:49+08:00

Kelvin Ng

Replied 15 May 2011

Hi Muz,

With regards to your question, could you contact me at 9386-0900 ?

There are some questions i might need to ask so i can undersand and help better.

Thanks!

Kelvin Ng
Orangetee.
9386-900 Read More

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Mike Lim · Answer 2 · 2011-05-15T21:05:28+08:00

Mike Lim

Replied 15 May 2011

Evening Muz,

Bank will loan "to-be" home owners will credit rating of B and above.
Hence if you have bad credit rating, unless with the collateral, it's quite unlikely to get approval of further loan.
We can however do things progressively, to make things better.
Do contact me if you require further assistant.

Mike Lim
96929209
ERA Read More