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Home Financing

Asked by Anonymous 14 Mar 2013

What are the criteria if we want a longer home loan from bank?eg 40 years?
Longer loan period.more loan amount granted?

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Mike Lim · Answer 1 · 2013-03-15T10:31:35+08:00

Mike Lim

Replied 15 Mar 2013

Morning,

By asking for longer repayment period would mean than you will be getting a lower loan amount. This would then translate to forking out more cash and CPF for the downpayment. Assume that this is your first mortgage and you intend to get 40 years loan, the loan amount disperse to you will only be 60%. Downpayment of 10% cash and 30% can be in CPF or cash.

FYI
Mike Lim
96929209
m52i@yahoo.com
ERA Read More

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Aaron Chong · Answer 2 · 2013-03-15T11:10:42+08:00

Aaron Chong

Replied 15 Mar 2013

Hi

May I suggest that you speak to a banker regarding this issue? They will be able to explain more in detail, and feel free to let me know should you require any contact. Cheers!

Best regards
Aaron
9730 8455
aaronchong2774@yahoo.com.sg Read More

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