Dear MB,MB wrote:Hi Dennis,
I became a SPR early this year so obviously, I am just starting to fund my CPF account. I want to purchase a resale private condo with a value of say 400k. If you take in banks' policy of loaning 90% of current home value, then I might get a$360k loan, and 10% from my pockets.
Now my question: I have 5% on hand, but not the remaining 5%, because I do not have enough on my CPF. I am thinking of appying for a personal loan for example GE's James and I can loan as much as 6x my pay at 36 months to pay.
But my agent said if I apply for a personal loan, banks may not want to lend me the housing loan as they will perceive that I am credit risk, because I have an outstanding personal loan of 20k from a finance institution in Singapore.
So does this mean that I have to wait until my CPF can afford to pay the 5% or are there any other loan/finance options for me?
Thanks,
MB
what your agent said might not be true. It goes to show that when it comes to "questions on financing", property agents are not the experts. You have come to the right place. What I would suggest is for us to help you get Bank loan approval even before you sign any Option to Purchase and pay your 1% option money. By doing so, you eliminate any chance of losing the option money should you be unable to get a loan approved.
If you like us to help you apply for FREE prior loan approval, you can call us at 6737 8801 or 6339 9255 or email to us at info@HousingLoanSG.com
P.S. since we don't charge a fee as we're paid by banks separately. You have everything to gain and nothing to lose to engage our service.