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We are planning to buy a house in balestier area but we need to sell our old private house .. We still need to loan , how do i know if we are eligible for loan ? I am 52 and my wife is 43 .
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11 Answers

Hi there,

Thank you for your query.
To be fair and honest , any advise or computation given here would be brief , and not tailored succinctly for your proposed plans. To be able to assist more effective, perhaps you could contact me so that I can address all concerns and run you through the exact financial calculations and financial plan for your purchase to ascertain your feasibility. From there , I can narrow down your options and advise which will value add your portfolio. I have held many such cases in my career and will be glad to offer advise and insights as a form of preliminary discussion to expedite your plan. It will also be useful for me to run through transaction caveats of your property and customise and sales and purchase report for your understanding and perusal.

Please visit my website : www.kumarrai.com for all the up to date awards, testimonials and accolades. Thank you very much!

D Kumar
 +65 96659926 
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Hi,

There are few things needed before can provide a workable advice:
1) Current Commitment:
(a) If your current private house is fully paid, you are entitled to 75% loan.
(b) If you are still servicing current loan, you are only entitled to 45% loan.

2) Household income:
Whether you are entitled to loan dependent on you still have regular income source, be it self-employed or under employment.

3) IWAA: Income Weighted Average Age; this is to determine what is the maximum loan year tenure you could have.
(a) If it is sole ownership, then it would be maximum loan tenure up to age of 65.
(b) If it is joint ownership, then you will need formulae to determine length.
(c) If intend to loan longer, then the loan amount will limit to 55% for 1st property loan.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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Robbie Chen Chee Howe
Hi Sir,

To know if you're eligible for loan, it is best if you could speak to a banker on this matter. Do let me know if you need any recommendations for a good and responsive banker to assist you.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Hi,

To find out the loan amount eligibility, it may be good to get in touch with a banker to get an indicative estimate. Alternatively, with the rough age , income profile and monthly loan installments I can also do a rough estimate for you. It is likely we have to sell and buy and do both concurrently for a smooth transition. Happy to share more on the best approach. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng Realtor ASAP
(ASk Anything Property)
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Dear sir,

To be eligible for loan, first and foremost there must be a recognised income by the banks whom you will be taking up loan with. The bank will determine the amount of loan and tenure of loan the borrower(s) is eligible for based on their income, monthly financial commitments and age.

I have a number of banker contacts working in the different banks whom you maybe interested to speak to in order to determine your financial numbers before you embark on the sales and purchase process such that you can make the most informed decision before moving forward.

Let me know if you need these contacts such that I can send them to you in private. We are not alerted to any responses posted on this thread therefore do get in touch with me through my mobile or email for further discussion.

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Regards,

Geryl LIM
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Global Alliance Property (L3010679B) - Century 21
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Hi Sir,

Based on the age of you and your wife, basically a loan should no be a problem. Of course we will still need to factor in other factors as well. Since you mentioned that you need to sell your private property to buy the Balestier property, then the next important thing will be the financial calculations and also the timeline planning. This will be essential to ensure a smooth transition from your current house to your new house.

From the financial calculations, we will also be able to see what will be your monthly commitments to the new house and if in t event you find that the monthly commitment is slightly too high for your comfort, then we will also need to explore some creative financing strategies to lower our monthly commitment.

What I will suggest is that we can meet up for a chat with my partner and myself and we can take this opportunity to explain things more in depth for you and at the same time do the financial calculations for you. No worries as there are no obligations at all and we can just take it as a chat.

My partner and myself have served many clients over time and we have also helped many others to do their upgrading in their housing as well as other clients who need to do the sale and purchase at the same time. We pride ourselves to be realtors who always placed our clients' interests in the top priority. We have been featured in CEA's newsletter for Good Client Service and we have also been interviewed by PropertyGuru. We believe that we will be able to provide the same level of service to you and hopefully even better.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Senior Associate District Director (Sincerus Division)
NAVIS Living Group - A group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

Founder of Sincerus Division
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Dear Sir,

Both you and your wife will be eligible for loan if you are working. You can loan up to the age of 65 and the max loan amount is dependent on both your combined income. If you are selling your current place and buying another place, it is important to plan your cash flow and transition timeline carefully before proceeding so that you can have a smooth transition.

I have assisted many clients to transit successfully and seamlessly. Please feel free to contact me so that I can understand your situation better and assist you with the loan assessment and draft up a transition plan for you!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.

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“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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Hi Sir

I will be glad to assist
Please contact me at (65) 96608508  or Silviayang8@gmail.com
or click here http://bit.ly/2tzIQ1a for non obligation discussion.

Thank you.

Warmest regards,

Silvia Yang

PropNex Realty Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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Joanne Chia 谢诗琳
Good day sir .

Whether you and your wife qualify for a loan will depend on both your employment status and income .

Your loan qualification will also depend on whether your present old private house is fully paid .

Kindly contact me joanne at my mobile 8333 3327  for a no obligations chat for your property needs.

My charges are 1% commission for exclusive ( sole agent ) selling rights to your property or 2% for open listing ( many agents ) .

NO COMMISSION CHARGEABLE WHEN I SERVE PRIVATE PROPERTY BUYERS for example your preferred balestier condo .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More
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YT Tan (陈永达)
Good evening,

your loan eligibility will depends whether are both of you still drawing income, age and debts (car loan etc).

Max loan tenure is 30 years or till retirement age of 65 years old so your loan tenure will be based on Income Weighted Average Age. If you wish to take a longer period, the max loan of 75% will decrease to 55% which you will have to come out with more downpayment.

On top of that you mentioned that you will require the funds from your sale to finance your purchase, perhaps it will be better to market your unit for sale while house hunting in balestier. We shall only commit to a purchase after a buyer exercises the option to purchase for sale.

What do you think?

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