Advice needed for home loans

[danchia]

I am at a dilemma and am hoping someone could help me out with this.

I own a property with 80% financing while my dad wants to get a property for family stay.

Can he loan 80% since it is his only property but use my name as 'guarantor' to pay for 40 years?

I am looking to sell my property in the next five years, can I still get 80% loan quantum while being 'guarantor'?

What other advice is recommended to maximise the utility of the loans? 1 thing for sure, I am confident my dad will not sell the next property he buys.

Thanks in advanced!

 

[T6]

Re: Advice needed for home loans

You are better off just asking a loans broker or a loans officer from a bank.

 

[Baby1M]

Re: Advice needed for home loans

Hi let me try to input whatever info I can accordingly to your questions:

Can he loan 80% since it is his only property but use my name as 'guarantor' to pay for 40 years?
- The bank's assessment will still based on his application and his preceived ability to pay e.g. bank account, any other assets, income, etc. U as guarantor will only serve to increase his odds to get a loan. However, these r case to case basis as the bank's credit officer may assess u as e next primary source... in this scenario, your income, assets, liabilities, credit rating, etc will come into the equation.

I am looking to sell my property in the next five years, can I still get 80% loan quantum while being 'guarantor'?
- The bank does not take this into account during their assessment thus the 80% loan quantum does not apply as a guarantor because the applicant is your dad. However, they will take into consideration with you as the guarantor, the value of your current property (valuation minus approximate amount owning), plus income, credit rating, etc... this is for the purpose when the borrower defaults the loan while the guarantor has to pay.

What other advice is recommended to maximise the utility of the loans? 1 thing for sure, I am confident my dad will not sell the next property he buys.
- The bank does not care whether the borrower sell or do not sell the property he/she buys because whether sell or not because legally the bank has to be paid the monthly instalments (no sell) or the amount owning in full (after selling).

 

[Jimmy1978]

Re: Advice needed for home loans

You probably should speak to a loan officer from one of the local banks here. They would be able to assess both your father and your financial portfolio and advise you accordingly. I went onto the POSB site and did a quick scan on their property loan page but couldn't find anything relating to your questions. You might want to check it out further.

 

[quickshot]

Re: Advice needed for home loans

I am at a dilemma and am hoping someone could help me out with this.

I own a property with 80% financing while my dad wants to get a property for family stay.

Can he loan 80% since it is his only property but use my name as 'guarantor' to pay for 40 years?

I am looking to sell my property in the next five years, can I still get 80% loan quantum while being 'guarantor'?

What other advice is recommended to maximise the utility of the loans? 1 thing for sure, I am confident my dad will not sell the next property he buys.

Thanks in advanced!

Ok, if u own a property, u cannot get 80% loan unless u fully paid current property.

if your dad wanna use u as guarantor, only can get 60% loan as guarantor owns property, if your dad wans to loan 80% loan under his name and he dont have any other properties, i got a way outta this, pls pm me.

if u sell your property within 5 yrs, and u are a guarantor, u still got 60% loan.

if you sell withing 5 yrs, not a guarantor, no other properties, up to 80% loan.

anything else pls pm or text me @ 96450087 thx

 

[Sexytoy]

Re: Advice needed for home loans

Ok, if u own a property, u cannot get 80% loan unless u fully paid current property.

if your dad wanna use u as guarantor, only can get 60% loan as guarantor owns property, if your dad wans to loan 80% loan under his name and he dont have any other properties, i got a way outta this, pls pm me.

if u sell your property within 5 yrs, and u are a guarantor, u still got 60% loan.

if you sell withing 5 yrs, not a guarantor, no other properties, up to 80% loan.

anything else pls pm or text me @ 96450087 thx

How many percent can a PR loan? 70%?

 

[quickshot]

Re: Advice needed for home loans

Got property 60% no property 80%

 

[wt_know]

Re: Advice needed for home loans

if your existing property is fully paid ... you can get 80% loan ie: 20% downpayment
if your existing property is not fully paid ... you can only get 60% loan ie: 40% downpayment

Got property 60% no property 80%

 

[Big_Andy]

Re: Advice needed for home loans

Which bank are you thinking of going with? My cousin managed to negotiate his DBS mortgage loan so maybe you should speak to a loan officer for home advice?