Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!
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 May 22 2014, 10:30 AM
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#1
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Junior Member
37 posts Joined: Apr 2011 
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If me and my wife would like to apply another housing loan, would like to find out how much maximum housing loan amount can we get with the below liability? It will be 70% LTV since it is going to be our 3rd housing loan.
I am 39 and my wife in 37 now. joint net income = 13k existing car loan = 1k existing total housing loan installment = 3.1k Can we include rental income 2.9k into net income calculation? Thanks. |
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May 22 2014, 10:59 AM
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#2
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Junior Member
37 posts Joined: Apr 2011
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my gross income ~9k
wife gross income ~9k original car loan amount ~70k outstanding balance of 3 housing loans: 1) ~140k 2) ~140k 3) ~400k i have the stamped tenancy agreements but one of them expired although the tenant is still renting and paying the rent. thanks. |
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May 22 2014, 11:13 AM
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#3
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Junior Member
37 posts Joined: Apr 2011
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QUOTE(wild_card_my @ May 22 2014, 11:04 AM) Noted. Sorry not quite understand the calculation.1. Ive calculated your data. Help yourself  But... ask me for help if you need anything!» Click to show Spoiler - click again to hide... « 2. It's okay about the expired tenancy agreement as long as you have the bank statement (6m) to prove money deposited.  So with all the commitment we have now, we still can apply new housing loan 1.2 mil??? Thanks. |
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May 22 2014, 11:21 AM
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#4
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Junior Member
37 posts Joined: Apr 2011
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i did not know that we can get so high loan amount. Actually we are aiming for a ~750k house.
if we do not include the 2.9k rental income into calculation, what kind of maximum loan amount i can get? thanks. you have been very helpful. This post has been edited by happyhealthy: May 22 2014, 11:22 AM |
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May 22 2014, 11:38 AM
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#5
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Junior Member
37 posts Joined: Apr 2011
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QUOTE(wild_card_my @ May 22 2014, 11:22 AM) This one: Thanks a lot.» Click to show Spoiler - click again to hide... « Thank you very much!  Because I heard we can only get loan amount 1/3 of our net income. With the existing commitment we have, I thought we cannot get much loan if we were to buy another house. We actually aim for a 750k house. |
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May 22 2014, 01:55 PM
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#6
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Junior Member
37 posts Joined: Apr 2011
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QUOTE(wild_card_my @ May 22 2014, 11:40 AM) That is a very simplistic way of calculating your income. The bank's practice is to calculate for your net income (using their own adjustments), and then deduct your current commitments, and then from whatever income is left used to calculate for the highest loan amount the bank could give. is DSR 80% too optimistic?I value the details so I created the calculator to x-ray my clients (and potential clients') finances for their own assessment.  some told me the maximum DSR is only 40%. |
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