Implementation Of A Maximum LTV of 70%, for 3rd properties and beyond only...
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 Nov 4 2010, 02:12 PM
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#1
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Senior Member
854 posts Joined: Oct 2009 
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yes... give opportunity to the poor who are genuinely ready to grab the advantage.
else, if we give it to the poor and they cannot even afford the dp, there is no point also |
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Nov 5 2010, 12:08 PM
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#2
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Senior Member
854 posts Joined: Oct 2009
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as an update,
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, 12:25 PM
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#3
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Senior Member
854 posts Joined: Oct 2009
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that is right!!!
as long as u have no more than 2 loans in possession at the same time |
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Nov 8 2010, 03:19 PM
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#4
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Senior Member
854 posts Joined: Oct 2009
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erm... I am an OCBC mortgage consultant.
the 70% cap is only applicable on loans not property ownership. for anyone who is applying for a 3rd loan with 2 existing housing loans currently, regardless of single or joint applicant, is considered to fall into the 70% max loan group. meaning to say, a first time applicant + a 3rd time applicant = 3rd applicant overall. max loan ratio is 70% to valuation price or buying price, whichever lower. |
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Nov 8 2010, 04:25 PM
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#5
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Senior Member
854 posts Joined: Oct 2009
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QUOTE(tinkerbel @ Nov 8 2010, 04:20 PM) @cherroy, it should not affect you if we interpret the rules correctly.Lol.. looks like U been doing all the reading. So, assuming I've a total of 3 properties but 0 loans, it means this new ruling shouldn't affect me? And it will only affect me after my 3rd loan with the bank?  |
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Nov 8 2010, 04:54 PM
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#6
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Senior Member
854 posts Joined: Oct 2009
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QUOTE(cherroy @ Nov 8 2010, 04:52 PM) I don't think they will so strict on this. yes, you are right.. co-existing loan cannot be >=3 at the point of application, else will kena 70 LTV restrictionThey welcomed any buyer that able to pay off the properties. If you pay off the loan, mean in the banking system, your name "under loan" is not there anymore. It is troublesome for banks to check this properties is the No. how many you have as banks do not have data on those paid off one or those you bought with cash one. Anyway, this is more a temporary measure, so whether affect the paid off or not, doesn't cause major concern. As most housing loan is long tenure one, so the new measure has little impact on those issue. |
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Nov 8 2010, 05:03 PM
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#7
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Senior Member
854 posts Joined: Oct 2009
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QUOTE(tinkerbel @ Nov 8 2010, 05:01 PM) @kok_pun, qualify....Lol but what if U have had taken 3 loans except they've all been cleared; hence no current outstanding. In that case, qualify or not? I have clarify this personally with my loan department |
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Nov 8 2010, 05:16 PM
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#8
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Senior Member
854 posts Joined: Oct 2009
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haha... there is always a law, some fine prints and some interpreters....
based on interpretations, you are legally right to do so. |
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Nov 8 2010, 05:31 PM
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#9
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Senior Member
854 posts Joined: Oct 2009
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with all the developer's DIBS thing around us, there are ways to curb the 70% issue
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Nov 8 2010, 06:00 PM
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#10
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Senior Member
854 posts Joined: Oct 2009
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correction, should be 2 loans
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Nov 12 2010, 02:12 PM
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#11
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Senior Member
854 posts Joined: Oct 2009
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QUOTE(airline @ Nov 12 2010, 10:08 AM) heard from a friend that if cant get 90% loan, OCBC give 10% home loan Xtra... cheaper than personal loansome banks give a personal loan instead for shortfall bank is RHB bank. gave 10% personal loan other banks doing the same? |
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