How to get higher housing loan from banks? - Seedly
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Anonymous

Asked 3w ago

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!

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J

J

Level 3. Wonderkid

Updated 2w ago

  1. No you can’t get 2 bank loan for 1 BTO

  2. You can’t get 1 parent to do this because you are applying under Fiancé/Fiancée scheme.

  3. 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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Question Poster

2w ago

As in, if let's say everything goes smooth, we obtain the HLE letter etc. but loan amount is about 200k for now, will they be reassessing our income at/before key collection stage and allow us to get more loan for our BTO flat?
J

2w ago

For the HLE letter, you should have applied for it by now. HLE letter is only for HDB loan. Approval in principle is the promise from bank to loan you money. I assume that you are talking about the approval in principal now. For this you should be only getting 200k loan and not be able to change the loan amount. For this, make sure to check with your bank prior to the booking of your flat
Thank You!
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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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Caleb Seah Hua Xiang
Caleb Seah Hua Xiang

2w ago

Feankly speaking, I not sure.
Question Poster

2w ago

Thanks for your reply and help, greatly appreciated!
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
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