shocrates
Junior Member
- Joined
- Dec 25, 2010
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I heard from a friend that he converted his property loan for his condo to a "term loan".
Details:
He signed up for a new launch condo sometime in 2010 and got the keys early this year.
His property loan was initially at 80% LTV. He said that after he got the keys, the value of his unit had gone up and based on that, he was able to get a bigger loan. He used the extra money to do up his unit.
What is a term loan? What are the requirements to convert property loan to term loan?
I Googled and found nothing on it. Will TDSR affect conversion to term loan?
Details:
He signed up for a new launch condo sometime in 2010 and got the keys early this year.
His property loan was initially at 80% LTV. He said that after he got the keys, the value of his unit had gone up and based on that, he was able to get a bigger loan. He used the extra money to do up his unit.
What is a term loan? What are the requirements to convert property loan to term loan?
I Googled and found nothing on it. Will TDSR affect conversion to term loan?
