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Education Loan with Collateral

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Old 14-09-2019, 05:04 PM   #1
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Education Loan with Collateral

Hello, does anyone know if it’s possible to loan with collateral instead of using guarantors (unsecured loan)?
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Old 14-09-2019, 09:25 PM   #2
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Hello, does anyone know if itís possible to loan with collateral instead of using guarantors (unsecured loan)?
What do you plan to use as collateral?
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Old 15-09-2019, 01:58 AM   #3
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HDB flat 10 char

What do you plan to use as collateral?
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Old 15-09-2019, 02:17 AM   #4
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HDB flat 10 char
From HDB website:

Q:
My housing loan with HDB is fully paid up. Can I use my flat as collateral to obtain a bank loan for personal purposes?
A:
HDB flats can only be mortgaged to banks or financial institutions to finance the purchase of the flat itself.

You are not allowed to use your HDB flat, which has been fully paid for, as collateral to banks to raise credit facilities for private reasons. This is to avoid exposing flat owners like yourself to the risk of losing your flat should you be unable to repay the bank loan.


http://askhdb.hdb.gov.sg/Themes/HDB/...%20bank%20loan.
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Old 15-09-2019, 02:19 AM   #5
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Thanks for the clarification

From HDB website:

Q:
My housing loan with HDB is fully paid up. Can I use my flat as collateral to obtain a bank loan for personal purposes?
A:
HDB flats can only be mortgaged to banks or financial institutions to finance the purchase of the flat itself.

You are not allowed to use your HDB flat, which has been fully paid for, as collateral to banks to raise credit facilities for private reasons. This is to avoid exposing flat owners like yourself to the risk of losing your flat should you be unable to repay the bank loan.


http://askhdb.hdb.gov.sg/Themes/HDB/...%20bank%20loan.
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Old 15-09-2019, 09:08 AM   #6
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HDB flat 10 char
HDB cannot be used.
Perhaps personal loan, of 3 or 4 times salary is possible.
No need guarantors, but the interest will be slightly higher.

Avoid those credit company though. The interest are very though.
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Old 16-09-2019, 07:18 AM   #7
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Hello, does anyone know if itís possible to loan with collateral instead of using guarantors (unsecured loan)?
Just did a quick Google. CIMB does offer, but still a gaurantor and EIR is 6%(2 years or more) to 9% (1year). U less you can find a unique way to get financing, even a policy loan (if you have) might be a better choice as current rates are 5.75 to 6% EIR.

I also did some simple comparison and personal loans EIR is 7%
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Old 16-09-2019, 07:34 AM   #8
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Depending on the size of the HDB unit, it may be possible to rent out a spare room, generate more income, and pay for education that way.

TCC Credit Co-operative is currently offering 2.2% p.a. education loans with no points.
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