How to get higher housing loan from banks?

I just applied a 5 Room Flat for Nov BTO 2020 under Fiancé/Fiancée scheme. Due to low household income now, we're unlikely to get $400k loan (deducted 25% downpayment) from bank.

Here are some questions:

Can we get 2 bank loans for 1 BTO?
Or can we get 1 parent to apply the bank loan together so that we can get $400k loan?
Is it possible to pay HDB higher downpayment instead of 25% if we can't get 400k loan?

Please advice, thank you!

Discussion (15)

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22 Nov 2020

No you can’t get 2 bank loan for 1 BTO
You can’t get 1 parent to do this because you are applying under Fiancé/Fiancée scheme.
Are you unable to get a hdb loan? Hdb loan will definitely be the best choice for you due to their flexibility. However, your monthly mortgage cannot be more than 30% of your household income and monthly debt repayment cannot be more than 60% of your household income. If you meet these conditions, you’ll be eligible for a hdb loan. And if you take a hdb loan, it is possible to use your existing cash to shorten your payment period. Additionally, you can change from a hdb loan to bank loan anytime after getting your keys.

If you really want to get a bank loan and want to put in a higher downpayment, you can consider getting the 26-30 year loan tenure that allows you to get 55% of the value from the bank and the rest to be paid in cash assuming you have enough cash on hand. This will greatly reduce your monthly mortgage and your bank loan will more probably be able to secure the bank loan.

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Caleb Seah Hua Xiang

21 Nov 2020

75% is the max loan.

If the bank only can give you 60% based on your income, the rest will need to be covered by CPF or Cash.

You can't get 2 bank loans for 1 house.

If applying under finance scheme, you can't put your parent in to get the loan as the parent got to be an owner for him to use his income to get the "higher loan amount."

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