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Going to take a bank loan for one executive condo, about 750k, remaining 250k can take outside loan or ?

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tantan999
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Going to take a bank loan for one executive condo, about 750k, remaining 250k can take outside loan or ?

Post by tantan999 » Sun, 20 Mar 2022 11:43 pm

i am going to buy executive condo, will take bank loan 750k, need downpayment for 250k, 250k can outside money lender borrow 250k or ? or i can get bank loan + bank personal + outside money lender loan to get 250k loan so i don't have to pay anything ?



Any good advice ?



Thanks bros

smoulder
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Re: Going to take a bank loan for one executive condo, about 750k, remaining 250k can take outside loan or ?

Post by smoulder » Mon, 21 Mar 2022 9:50 am

tantan999 wrote:
Sun, 20 Mar 2022 11:43 pm
i am going to buy executive condo, will take bank loan 750k, need downpayment for 250k, 250k can outside money lender borrow 250k or ? or i can get bank loan + bank personal + outside money lender loan to get 250k loan so i don't have to pay anything ?



Any good advice ?



Thanks bros
Except that you are going to pay something. The installments on your home loan of 750k AND installments on what should be a high interest rate unsecured loan. It doesn't sound like the best idea to me.

Also, just looking through your previous posts, you might want to pay heed to what folks have suggested with regard to getting MOM's permission to marry your gf. Over stretching to buy an EC instead of an HDB and hoping that your LTVP chances will improve seems like a recipe for disaster.

viewtopic.php?f=78&t=147124&p=863767#p863767

bro75
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Re: Going to take a bank loan for one executive condo, about 750k, remaining 250k can take outside loan or ?

Post by bro75 » Mon, 21 Mar 2022 11:26 am

You can borrow from legal financial companies such as banks and legal moneylenders as long as your total loan payments are below your TDSR (Total Debt Servicing Ratio) and your property loan payments are below your MSR (Mortgage Servicing Ratio).
See link
https://www.mas.gov.sg/regulation/expla ... tdsr-rules

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abbby
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Re: Going to take a bank loan for one executive condo, about 750k, remaining 250k can take outside loan or ?

Post by abbby » Mon, 21 Mar 2022 12:23 pm

You'll need to furnish the bank 12 months of pay slip to take a loan and the loan % also depends on your LTV, TDSR and credit scoring. You will also need to make monthly repayment on the loan that you take on plus interest.
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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KateshiBlack
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Re: Going to take a bank loan for one executive condo, about 750k, remaining 250k can take outside loan or ?

Post by KateshiBlack » Tue, 27 Sep 2022 1:22 am

I don’t want to disappoint you. However, I might. Your plan doesn’t sound like a good idea. It may look perfect in your head. However, it can turn out not that well in reality, and you’ll have to pay huge money. Make sure you’ve got a stable income that can provide you with successful repayment of the loan in the short term.

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