Can borrow money using property as collateral?

[taquito]

Asking a finance question but end up getting invaded by a bunch of toxic trolls like qhong61 and sohquanh with their useless spam.

 

[reddevil0728]

I need to borrow around $700k to pay for a condo. Condo is completing soon and I had paid installments (no loan) till left 700k remaining. I am currently unemployed. If my parents are willing, can they use their property as collateral and also their rental/pension to prove that they can pay back the monthly loans? But the money goes into paying for my condo (under my name)? Thanks!

their property is HDB or private property?

Fully paid up?

Rental sure can cause they get it in cash and is their choice.

Pension cannot

i don't think you can borrow any money if you have no income cause of TDSR

 

[DevilPlate]

I need to borrow around $700k to pay for a condo. Condo is completing soon and I had paid installments (no loan) till left 700k remaining. I am currently unemployed. If my parents are willing, can they use their property as collateral and also their rental/pension to prove that they can pay back the monthly loans? But the money goes into paying for my condo (under my name)? Thanks!

Omg why never secure a loan when u are employed.

talk to bankers directly asap better

 

[reddevil0728]

Char siew

typo?

 

[BBCWatcher]

Elaborating a bit, if your parents were to get a home equity loan they’ll need a private (non-HDB) home that has substantial equity. They’ll need to pass Total Debt Servicing Ratio (TDSR) rules based on their rental income, although the lender might also take certain financial assets into account.

Of course another option is to sell your equity interest in your home and try again later. Given the currently fairly heated housing market that might work rather well.

 

[qhong61]

typo?

U don't know the meaning?

 

[reddevil0728]

U don't know the meaning?

Will be helpful if you explain

 

[qhong61]

Will be helpful if you explain

Don't touch parents property or money.

 

[reddevil0728]

Don't touch parents property or money.

Oh why?

 

[qhong61]

Oh why?

Why get parents involved?
Own problem ownself solve.

 

[reddevil0728]

Why get parents involved?
Own problem ownself solve.

anyway not relevant what.

if parents want to help. ok what

 

[qhong61]

anyway not relevant what.

if parents want to help. ok what

Can parents say no?
May spoil relationship.

 

[reddevil0728]

Can parents say no?
May spoil relationship.

a lot of assumptions there

 

[qhong61]

If

a lot of assumptions there

If ts continue to be unemployed, who is going to repay the instalment?

 

[reddevil0728]

If
If ts continue to be unemployed, who is going to repay the instalment?

if for TS to resolve.

 

[qhong61]

if for TS to resolve.

Ok.

 

[sohguanh]

If
If ts continue to be unemployed, who is going to repay the instalment?

Careful when engage with this reader he not happy will report you want hor. Just ignore will do save you headache

 

[reddevil0728]

Careful when engage with this reader he not happy will report you want hor. Just ignore will do save you headache

I think rational and logical people will understand that what gets people into trouble is the breaking of rules. Not simply the mood swings of selected individuals.

 

[henrylbh]

I need to borrow around $700k to pay for a condo. Condo is completing soon and I had paid installments (no loan) till left 700k remaining. I am currently unemployed. If my parents are willing, can they use their property as collateral and also their rental/pension to prove that they can pay back the monthly loans? But the money goes into paying for my condo (under my name)? Thanks!

Don't dream unless your parents are rich and their property is fully paid and worth a lot. My friend's old mother took an equity loan of $2m without monthly repayments Of course the loan snowballed over the years and at the end she paid $5m and sold part of her garden

 

[limster]

Don't dream unless your parents are rich and their property is fully paid and worth a lot. My friend's old mother took an equity loan of $2m without monthly repayments Of course the loan snowballed over the years and at the end she paid $5m and sold part of her garden

If the parents are rich, they can buy over the condo from the son and take over the loan, become landlord and rent it out for passive income.

Since the condo is not yet TOP, I presume the son is staying in HDB, in which case, just continue staying in HDB since unemployed. Maybe one day he can inherit the condo.