Implementation Of A Maximum LTV of 70%, for 3rd properties and beyond only...
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 Nov 3 2010, 09:18 PM
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#1
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QUOTE(noproblem @ Nov 3 2010, 08:43 PM) which will be applicable to the third house financing facility taken out by a borrower. does that mean if one has 10 properties paid by cash, then 11 property still 90% loan ?Yes.  |
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Nov 3 2010, 10:58 PM
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#2
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QUOTE(cutealex @ Nov 3 2010, 09:55 PM) i am wonder... how about i submit loan on yesterday.. pending approval.. still 70% ? on my godd... how come (this is 3rd property).. pity The govt has already given sufficient warning during past 1 to 2 months. So no surprise here.  Only today it is confirmed. They should have confirmed during budget day.  Wait for another surprise ie. increase in RPGT. |
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Nov 3 2010, 11:24 PM
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#3
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QUOTE(Iceman74 @ Nov 3 2010, 11:04 PM) actually the RPGT are in place, just timing not right now I mean RPGT of up to 30% for first year instead of 5%.with GST also in the pipeline, dun play play  Govt also talking about this during past 1 to 2 months. |
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Nov 4 2010, 12:51 PM
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#4
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my real estate agent told me today a lot of pending cases (paid 2% deposit but s and p not sign yet) are stuck bcos of this 70% loan announcement today.
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Nov 4 2010, 01:28 PM
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#5
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QUOTE(madmoz @ Nov 4 2010, 01:13 PM) what if I've already signed the letter of offer from the bank but loan agreement not signed yet? s&p all done. you're lucky. as long as loan approved before announcement, then ok.need to find more money? your third house, is it ? |
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Nov 4 2010, 02:38 PM
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#6
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QUOTE(saab900 @ Nov 4 2010, 01:45 PM) Why care even it's 50% LTV for 3rd house?? to be effective, impose RPGT 25-30% for first year and slowly reduce it for next 4 year then only u will see the impact. For instance, myself and wife needs only 1 house to stay. with this, we can get 4 houses without triggering this requirement! idiot! totally ineffective in curbing speculation!! learn from singapore, impose 70% on second house and cahrge higher stamp duty and tax. There is talk about RPGT of 30% during last 1 to 2 months. Maybe announce later. |
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Nov 4 2010, 09:11 PM
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#7
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QUOTE(midnightraven @ Nov 4 2010, 08:00 PM) RPGT should have been an easier solution.  They are also contemplating RPGT increase to 30% when the right time comes. Look back at previous newspaper reports. This post has been edited by jalsrix: Nov 4 2010, 09:12 PM |
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Nov 5 2010, 08:59 AM
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#8
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A lot of people think that is 70% of sales price. No ! It is 70% of bank evaluation which is usually 10% below market value.
So in actual fact, the margin of finance is 60%. |
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Nov 5 2010, 10:41 AM
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#9
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QUOTE(hakon @ Nov 5 2010, 09:15 AM) err... don't agree with you... that sometimes happen... but most of the time, the bank evaluation will be around the same as the sales price... that is, if the price is not goreng wan... most of the time lower than sales price if buy from subsales. i have seen many cases where it is lower by 10 to 20 percent. |
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Nov 5 2010, 12:14 PM
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#10
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QUOTE(kok_pun @ Nov 5 2010, 12:08 PM) as an update, that means if you have two property paid fully, then 3rd property can get 90 %?the 70% thingy goes by the loan... not the ownership of the property if let's say you join 2 names in the loan for 2 properties, it's counted as 2 properties each. then the next one acquired by either of the owners is considered the 3rd properties in hand... for 1 buying as 3rd house and 1 buying as 1st house, my loan department is unable to answer me as there is no firm instruction from the govt yet |
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Nov 5 2010, 12:33 PM
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#11
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QUOTE(kok_pun @ Nov 5 2010, 12:25 PM) that is right!!! then it is not worth it to buy property with small loan ie. low cost flats. might as well get large loan for one propertyas long as u have no more than 2 loans in possession at the same time |
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Nov 5 2010, 03:26 PM
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#12
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QUOTE(epalbee3 @ Nov 5 2010, 01:09 PM) I think it is good to have this policy of 70% LTV. What about exactly 220K, does it fall under poor or medium ?Poor: get 0 entry to the property market < 220k Medium: get 10% entry to property market > 220k - 500k Rich: get conned and have to pay 30% to enter the investor market.. Is it 220K and below or below 220 K ie. 219.99 ? |
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Nov 6 2010, 10:00 PM
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#13
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QUOTE(altis2881 @ Nov 6 2010, 09:23 PM) would like to ask, if 1st is taking 90% loan, but for 2nd hse is sharing with my mom under S&P but the loan is under my mom names alone only, can i buy 3rd hse in 90% loan? Yes, the loan system show you only borrowed one loan.if you pay off cash, then considered can get another loan. |
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