Possible Reasons for Rejection:
Bank's Risk Assessment: Citibank might have specific criteria for property size due to risk assessment or portfolio management strategies.
Valuation Issues: The property's valuation might have been lower than expected, affecting the loan-to-value ratio.
Other Factors: There could be other reasons not related to property size, such as your credit score or income level.
Next Steps:
Explore Other Banks: Contact other banks to inquire about financing options for your shoebox unit.
Understand the Reason: Request a detailed explanation from Citibank about the rejection to clarify the reasons.
Consider Alternative Financing: If banks are reluctant, explore other financing options like housing loans from other financial institutions or private lenders.
Important Note:
While banks have the right to set their own lending criteria, it's crucial to explore all available options before making a final decision.
Would you like to explore other potential financing options or discuss strategies for increasing your chances of securing a loan for your shoebox unit?
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
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