facebookIs it possible to pay the downpayment for a bank housing loan in monthly instalments instead? - Seedly

Anonymous

26 Feb 2020

Property

Is it possible to pay the downpayment for a bank housing loan in monthly instalments instead?

Understand that bank loans for housing requires a 5% down payment portion to be cash only. Has anyone been offered by the bank to convert this into monthly instalments instead? If have appreciate that you could share the name of the bank. Thanks!

Discussion (5)

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Pang Zhe Liang

25 Feb 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

No, this is not possible due to regulations set by MAS.

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Jason Sing

25 Feb 2020

School Of Hard Knocks And Life at School Of Hard Knocks And Life

No, the 5% downpayment is strictly by cash only.

Jacob Chong CFP

25 Feb 2020

Associate Director at PFP FA

No You cannot convert the 5% into monthly installment. The only possible route is via cashline offer...

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