Singapore Expats

Bank Loan

Discuss the different banking options, rates, offers and perks.
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quidsin
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Joined: Fri, 29 Feb 2008 1:17 pm
Location: singapore

Bank Loan

Post by quidsin » Tue, 05 Jan 2010 10:54 pm

Hi

I am looking to buy a place here in Singapore and have just had a loan approved by the bank. All good but one problem, I need 20% deposit upfront but only have 10% in cash at the moment. I therefore need to find another 10%, any idea where I can get a decent loan at a good rate for the additional 10% ($100k)?

FYI - Banks only seem to do loans for homes and cars , unless anyone can advise me any differently?

Thx

revhappy
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Joined: Wed, 10 Jun 2009 9:16 pm

Post by revhappy » Wed, 06 Jan 2010 10:41 am

Hi,

The govt wants to cool off the property prices and hence they are making 20% downpayment mandatory. If you dont have 20% cash, you are over leveraging and that is niether good for you nor the property market.

I would suggest look for a property of half the price. Alternatively, you could liquidate any of your existing assets.

I dont think you can get a personal loan for 100k unless your salary is atleast 25k per month.

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