Free Advice/Discussion on Bank Mortgage loan

[Fifa2006]

Hi Sg_trader,

Everyone taking a mortgage loan will have to pledge the condo to the bank whether you have income a not.

For 1st property loan those without income will have to match different bank criteria to be granted the loan up to 80% (normally 70%-80%). Below are some banks criteria:

1) 24 * monthly instalment
2) $150,000
3) $200,000

 

[wongkc]

Hi Fifa2006,

Can provide some light to my question below? THanks...

Hi,

I have a question in mind. Currently my name is listed as a joint borrower of my dad's property (coz my dad's old age and my mum is not working, the bank want to bring in another name as a borrower) but i am not the owner of the private property, can i still borrow up to 80% to finance a private condo i am intending to buy?

Thanks.

 

[Fifa2006]

Hi Wongkc,

If you are a borrower of A property, you are only eligible for 60% for B Property. So you cfm u are the borrower, not just the guarantor ?

 

[wongkc]

Hi Wongkc,

If you are a borrower of A property, you are only eligible for 60% for B Property. So you cfm u are the borrower, not just the guarantor ?

Hi,

I have just confirmed with my banker. It is term loan and not a home loan. So that means i am able to borrow up to 80% right?

 

[Fifa2006]

Hi Wongkc,

Be it a home loan or a term loan, if borrowing is under your name, the next property you purchase will be only 60% LTV.

You have to check with your banker , are you the borrower or just the guarantor of the property. alternatively you can just email me your curent term loan Letter of Offer so that i can advice you accordingly

 

[sambuca]

Mortgage Affordability Calculator - Mortgage Loan Calculator, Rate Calculator | DBS Singapore

hi fifa2006, is there a formulae for this mortgage affordability?
how accurate is it?

 

[Fifa2006]

Hi,

Different bank have different formula in calculating the client mortgage affordability. it best you get an AIP ( approval in principle ) from the bank before you make any purchase. Do let me know if you need any assistance

 

[JennfieSmith]

A home buyer can obtain loan through bank,but can it vary with the size of the loan, maturity of the loan,or No the terms of the interest rates?

 

[Fifa2006]

Take for example , current interest rate is 1+ % , bank will normally use a stress test interest rate, taking into consideration on their client income and age to determine their client mortgage affordability .This will actually ensure that customer will have the ability to pay the mthly instalment even if the interest hike and reduce the default rate.

 

[wongkc]

Any comments of ANZ COMBO rates? They avg out the SIBOR and SOR rates + 0.75%... I think they are the only bank doing this combo... the rest are either SIBOR or SOR or Board rates only?

meaning is SIBOR is 0.4 and SOR is 0.5, the rate will be 0.45 + 0.75...

 

[Fifa2006]

Just met up with my ANZ banker today to sign a loan on SOR package and talk to her on their combo package.
Pros and cons on combo package
Pros - It average up the volatility of SOR and SIBOR
Cons - it's normally higher than SOR

Although SIBOR is less volatile but if you were to look at the historical chart, you will find that SIBOR rate will also go up when SOR hike.

It's really depends on yourself coz for those client who want SIBOR rates is becoz it's not that volatile and it's lower than fixed package . Those client who want to take SOR, they want get the lowest rate in the market and they are willing to take the risk of interest rate going up and down.

So the question is what do you want? What are you expecting to gain from combo package?

 

[wongkc]

Just met up with my ANZ banker today to sign a loan on SOR package and talk to her on their combo package.
Pros and cons on combo package
Pros - It average up the volatility of SOR and SIBOR
Cons - it's normally higher than SOR

Although SIBOR is less volatile but if you were to look at the historical chart, you will find that SIBOR rate will also go up when SOR hike.

It's really depends on yourself coz for those client who want SIBOR rates is becoz it's not that volatile and it's lower than fixed package . Those client who want to take SOR, they want get the lowest rate in the market and they are willing to take the risk of interest rate going up and down.

So the question is what do you want? What are you expecting to gain from combo package?

So actually it is the comfort of both rates since they average out the rates... the non-volatile of SIBOR and the low rate of SOR? Plus they have no lock in period and the interest rate of Combo + 0.75% is constant throughout the tenure... I wonder what is the catch?

 

[Fifa2006]

No lock in doesn't mean that you do not have to pay a legal clawback if you were to switch a bank within 3 years

Since you want combo becoz it's an average combination of SOR low rates and SIBOR non volatile, will you still take combo if SOR is 0.5% and SIBOR is 0.39%. If you are with combo package, will you do a switch if you are still within the clawback period?

 

[weng0202]

Hi, like to ask a few questions.

Me and my wife is thinking of selling out EC and then each of us will purchase a small condo each under our name. Is it possible for each of us to do that?

 

[Fifa2006]

As mention, it will be best to do an Approval in Principle(AIP) before you proceed to find any apartment/small condo.

Bank will do a rough indication on how much they are willing to lend you based on your income and whether are you a good paymaster a not.

Do let me know if you need any assistance.

 

[marineboy3300]

Hi Weng0202,

Yes, it can be done. My project IC and his wife each bought a condo under their name.

If you need more info, please PM me.

 

[Missumuch]

Just call up one of my banker and he mention their promo rate(Do note that bank have the right to cease the promo package as and when they need to )

500k loan onwards

2 years lock in
1st year: sibor +0.55%
Thereafter: 3mth sibor +. 0.65%

which bank is tat?

 

[marineboy3300]

It will depend on your income level, other financial commitment and your payment history.

PM me your details if you are interested and I will recommend some bankers to talk to you.

 

[Fifa2006]

Hi Missumuch,
Promotion have ended for that package

which bank is tat?

 

[Fifa2006]

Hi marineboy3300,

Thanks for your offer to those who are reading the forum. As a mortgage broker , rates are already consolidated throughout major banks and financial institute for our client. It's always a hassle to talk to few bankers than a brokers who does them all

It will depend on your income level, other financial commitment and your payment history.

PM me your details if you are interested and I will recommend some bankers to talk to you.