Anonymous
Asked on 06 May 2020
Was thinking of putting my name down in the loan to help support it, but not sure if that will negatively affect my potential of getting a home loan for a HDB I'd like to get with my gf/fiance.
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Jacob Chong, Executive Financial Advisor at PIAS
Answered on 21 May 2020
Anon,
Is your parent home a HDB or Private?
If it's private, you can ask for Repricing (within the same bank) usually easier. For Refinancing (out of the current bank) there may be some checks which would render the application null (unsucessful). Age, income, TDSR / MSR (HDB/EC) would be taken into consideration. If all else fail there is a debt reduction program where one can paydown 3% of the outstanding loan to get a approval.
If you intend to get a HBD on your own don't put your name (agree with Hariz, you can't anyway). It will hinder your applicaiton for a new flat. (A family nucleus can only own one HDB, so you need to bear that in mind.)
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Question Poster
07 May 2020
Thank You!!
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