How to avoid forking 40% for 2nd properties onwards? Not that we can't afford, just want to spread out the money.
Does anyone know what are the pros and cons of buying residential properties using company?
How to avoid forking 40% for 2nd properties onwards? Not that we can't afford, just want to spread out the money.
Does anyone know what are the pros and cons of buying residential properties using company?
buying residential properties under company name, u need to pay 10% stamp duty moreOriginally Posted by mygeemeel
join YW's company. they offer 90% loan for 2nd ppty.Originally Posted by mygeemeel
I tot company even worst? All non human entity ie company after CM need to pay 50% downpayment?Originally Posted by mygeemeel
Sorry to ask, what is YW's company.Originally Posted by Vincegoh
u can PM yowetan...Originally Posted by Arcachon
please refer to the thread on Flamingo Valley, and you will find the answer
2 options:
1. you designate your first property as second (assuming value has gone up, or you have paid down since you purchased, so you now have 60% LTV), then buy your second property, call it the first, so only need 80% LTV.
or
2. you can take out the equity from your first property back up to 80% LTV, use the freed up cash to finance the 60% LTV on the second property.
ooh wow, didn't know that is possible! do we just tell the bank that?Originally Posted by Sleepyhead
I just asked the banks a fortnight ago. Gearing up is now limited at 60% of market price, so you aren't going to get much money out of that first property.Originally Posted by primeesense
Second option is not allowed by MAS. Equity loan cannot be used to purchase residential prop in SG.Originally Posted by Sleepyhead
if want to avoid paying 40% on third property, just pass on the borrower status for second property to another person (spouse) n you will be entitled to 80% loan. Banks look at the number of mortgages you hold, not how many properties you own.
Loan borrowers and owners can be different? Any idea which bank is acceptable of this?Originally Posted by Regulators
Ok..now we know you are afford itOriginally Posted by mygeemeel
yes, i did gear up and was upto 60% max only.Originally Posted by lkwangli
You can't escape...so long you still have outstanding loan on hand, the bank will only allow 60% for your next property ?Originally Posted by Sleepyhead
PM me if want to know more. I will share one of my most valuable insight.
Thanks everyone for the support! Find A Home Loan is Standard Chartered #1 broker in 2013.
you can try uob
Originally Posted by Allthepies
If can then can siam ABSD liao !Originally Posted by Regulators
Thanks!Originally Posted by Regulators
Thanks to bros who contribute good info. The cock-a-nathan who send crap reply, go f spider.
Absd cannot siam coz that one tied to ownershipOriginally Posted by CondoWE
I do not think so. My dad bought a property n I am the borrower. But when I check his status if he can buy a 2nd property under 80% LTV, UOB still gives him 60% only.Originally Posted by Regulators
U might want to check again.Originally Posted by Adva181
Could be due to other reasons.
From what I know, equity term loan is up to 60% of the market value, less than the loan u have taken and amount need to pay back to CPF with accrued interest.
One word of cautious, the equity term loan cannot be used to buy property, if it is being found out, the options are :
1. payback the equity term loan or
2. prove that the loan is not used to buy property
for only property loan, term loan LTV can be up to 80%. Find out more on the LTV banks are offering.Originally Posted by Laguna
there is no technical term to state can or cannot. however my advise to clients is the same as yours.
Thanks everyone for the support! Find A Home Loan is Standard Chartered #1 broker in 2013.
You are right. I did that when I bought my property. Lawyer told me useless... as long as you are shown as a mortgagor, your property belongs to the bank. So in a way, you are like a borrower because the bank will just take back your property.Originally Posted by Adva181
Depends whether your father's first property is fully paid. If it is not, your loan will still remain as 60%.
Originally Posted by Adva181
To illustrate further, if wife is buying second property together with husband in joint name and wife already has existing loan but not husband, then husband can still apply for 80% loan for second property. Again this is subjected to bank's approval.
How about purchase under brother/parent name but I'm the borrower? Can Siam Bo?Originally Posted by Regulators