View Full Version : get around of that LTV=60% for 2nd housing loan....
ikan bilis
30-06-12, 10:04
when you purchase your 2nd residential property, while still paying some loan for first property....
refinance the 2 residential properties into single housing loan... which means you have only one housing loan for the 2 residential properties... so 80% LTV allowed...
workable ??...
haha... is nice saturday morning and pls don;t flame me... :D
Nice idea, but I think the law will surely pre-empt this.
Is there such a loan as in 1 loan cover 2 properties? Very hard to imagine what happens if financing problems arise.
Nice try.
I like this idea. Can you check with your banker? I called my RM, told her this idea... She hung up the phone.
I wanted to bring down my first housing loan to 60% and then pick the most expensive one as first housing loan....rejected....
but it can be done in HK so long u are staying there.
I wanted to bring down my first housing loan to 60% and then pick the most expensive one as first housing loan....rejected....
but it can be done in HK so long u are staying there.
I believe there is a consolidated loan for House AND Car to reduce the cost of the interest by Citibank. However, when the loan rate goes up, the consolidated one for the car rates rise as well, so you are stuck with double whammy.
TheOnlyGayInTheVillage
30-06-12, 16:26
I like this idea. Can you check with your banker? I called my RM, told her this idea... She hung up the phone.
she hung up coz she quickly go and redo her own ppty loan docs combine into one rite!!!!
TheOnlyGayInTheVillage
30-06-12, 16:29
I wanted to bring down my first housing loan to 60% and then pick the most expensive one as first housing loan....rejected....
but it can be done in HK so long u are staying there.
this iz interesting... u mean do in hk but for sg mortgage? or hk oso have similar first loan x% and second loan x-y% kinda policy...
I wanted to bring down my first housing loan to 60% and then pick the most expensive one as first housing loan....rejected....
but it can be done in HK so long u are staying there.
I had the same in mind... so legally not possible?
when you purchase your 2nd residential property, while still paying some loan for first property....
refinance the 2 residential properties into single housing loan... which means you have only one housing loan for the 2 residential properties... so 80% LTV allowed...
workable ??...
haha... is nice saturday morning and pls don;t flame me... :D
IF both are PC possible when the first PC valuation is more than loan. You don't have to call the banker, the banker will call you. If the banker did not call you, mean you are not in their list. They already start calling in early 2011 and was told it will dry up in 2012.
Good try but cannot be done.
DKSG
Sleepyhead
02-07-12, 07:33
I was told you can designate your first property as second. Assuming your first property had already risen in value enough to meet the 60% LTV criteria....
Then you buy another property with just 80% LTV.
Think this was offered by citi.
As long as u hv already one loan, no 80%.
Lower the LTV limit on housing loans granted by financial institutions regulated by MAS from the current 70% to 60% for residential property purchasers who are individuals with one or more outstanding housing loans at the time of the new housing purchase
The LTV limit is lowered from 70% to 60% with effect from 14 January 20118 for borrowers who are individuals and have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase.
However, borrowers who can show evidence that they have sold their existing properties will not be subject to the lower LTV limit when they buy a new property. Where the existing property is a private property, he can show a signed Sale & Purchase (S&P) agreement with the IRAS certificate showing that stamp duty has been paid on it. Where the existing property is a HDB flat, he can show HDB’s approval letter to sell the flat, that HDB will issue within 2 weeks of the First Appointment. These borrowers will still be able to borrow at an 80% LTV from financial institutions.
Borrowers without any outstanding housing loans continue to have a LTV cap of 80%.
These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).
Loans granted by HDB for HDB flats (including DBSS flats) will still have a LTV cap of 90%. HDB loans are offered to eligible Singapore citizens buying their first homes or right-sizing their flats to meet their housing needs. HDB loan applicants are required to utilise all the balance in their CPF Ordinary Account before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is to ensure that eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.
[quote=may2012]
The LTV limit is lowered from 70% to 60% with effect from 14 January 20118 [quote]
I think still got chance because effect from year 20118. Just teasing.:D
As long as u hv already one loan, no 80%.
Lower the LTV limit on housing loans granted by financial institutions regulated by MAS from the current 70% to 60% for residential property purchasers who are individuals with one or more outstanding housing loans at the time of the new housing purchase
The LTV limit is lowered from 70% to 60% with effect from 14 January 20118 for borrowers who are individuals and have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase.
However, borrowers who can show evidence that they have sold their existing properties will not be subject to the lower LTV limit when they buy a new property. Where the existing property is a private property, he can show a signed Sale & Purchase (S&P) agreement with the IRAS certificate showing that stamp duty has been paid on it. Where the existing property is a HDB flat, he can show HDB’s approval letter to sell the flat, that HDB will issue within 2 weeks of the First Appointment. These borrowers will still be able to borrow at an 80% LTV from financial institutions.
Borrowers without any outstanding housing loans continue to have a LTV cap of 80%.
These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).
Loans granted by HDB for HDB flats (including DBSS flats) will still have a LTV cap of 90%. HDB loans are offered to eligible Singapore citizens buying their first homes or right-sizing their flats to meet their housing needs. HDB loan applicants are required to utilise all the balance in their CPF Ordinary Account before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is to ensure that eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.So if you do a refinancing on 1st property together with new mortgage loan for 2nd property, then you can play around, as long as your 1st property already hit 60% LTV after re-valuation based on latest market trends. Just make 1st property as 2nd? Make sense? Therefore, it is prudent to not take up loan packages with lock in period in order to allow that flexibility to re-enter the market? :rolleyes:
So if you do a refinancing on 1st property together with new mortgage loan for 2nd property, then you can play around, as long as your 1st property already hit 60% LTV after re-valuation based on latest market trends. Just make 1st property as 2nd? Make sense? Therefore, it is prudent to not take up loan packages with lock in period in order to allow that flexibility to re-enter the market? :rolleyes:
Assuming my first one was $1m, I have outstanding loan of $700k. To buy another unit of $1m, I need $400k DP. But if I pay down first loan to $600k, I can buy the 2nd one at $200k DP? Really?
Let that also can, quick before CM6.
Assuming my first one was $1m, I have outstanding loan of $700k. To buy another unit of $1m, I need $400k DP. But if I pay down first loan to $600k, I can buy the 2nd one at $200k DP? Really?Well me no guru here but that was what somebody said earlier in this thread offered by Citi. Can consult your lawyer about it lor!!! ;)
Is it worth the effort? The only people smiling are the bankers, developers, contractors and government at the end of the day.
Alternatively, if that can't be done, you can still play around with refinancing or taking up equity loan, provided your first property is not an HDB and prices have since risen. The bottomline is don't over commit. Once interest rates go up, you can be slaughtered... :scared-3:
Pink Dot is over... the Gay has left for holidays and the Uncle is back!!!
as for the topic....
Can one take equity loan on prop C which has an equity loan on B which is off an equity loan on A? if mkt crash then domino effect leh all 3 gone...
can, at 60% ltv and provided dsr is ok.
Aiyo
follow Ah Tan, join a bank
second housing loan 90% and no limit on DSR
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