Dear Friends,
I would like to refinance my landed house which i bought 4 years ago, when I purchased price will be 430K and now market price will be around 600k. Any suggestion or advice? how to go about it.

Refinancing step is simple, need to make sure the value is at 600k,

Next would be, what's the purpose you want to refinance ?

How much cash out would you be looking at ?

Are you eligible to loan that much ?

Feel free to provide me these info

Age
Gross pay
Nett pay
Rental income
ASB
Bonus 2 years total

Commitment
House
Car
Credit Card outstanding
Personal Loan
PTPTN

Any late payment in the past 12 months for all ur bank facilities ?

Thanks for the advice, will send PM u the details u requested

Btw, are interest rates different between "refinancing/mortgage existing home VS loan for new property"? (assuming both market value of property are the same)

Yes it's the same. But sometimes banks would favour new application and give lower interest if your profile is good.

hi guru,

which bank offered best rate for buy commercial propoerty under company (sme loan)? heard from a few bank, they are not keen to offer commercial prop loan under comoany. thanks.

Commercial property loan purchased under company can still do, the amount you can purchase will depend on your company turnover as well.

Rates will depend on how much you're taking a loan.

For refinancing, can we transfer or top up the previous MRTA paid to the new refinancing loan?

Cannot, have to re-purchase, based on ur current age, will be more expensive than previously you bought. Unless it's MLTA then you can carry forward / top up.

Oo..i thought i heard somewhere where we can claim back or get refund from the MRTA not utilised..a portion of it.

So for refinancing, can choose either MRTA / MLTA?

This post has been edited by gogocan: Jul 26 2016, 10:25 AM

You can claim back the MRTA premium for the unused portion upon the bank receiving the full payment of your loan or once the other bank have conducted the 1st drawdown and pay off your current bank with MRTA, then only you can redeem the MRTA policy.

Yes, upon refinancing can choose MRTA / MLTA

I got a complicated situation here,

I work in singapore,

And now new job just started like 3 weeks ago, the thing borthering me is,

1) i am employed permanent position by company A, but due to Client B request, i was directly engaged by B on a 6 months Contract. B will pay my basic salary, while other things like my CPF (EPF of singapore) and other benefits will be by A

2) so basically i got 2 Offer Letter with me now, one is permanant offer, one is 6 montshs Contract

3) Company A will take over my payment after my Contract with B end after 6 months later, this act as a safe guard to me coz my request is a permanent position not Contract based. And this is stated inside my offer letter by company A.

Anyone face this kind of case before ? I check with my banker, he also never do this, dont know whether i am consider as Permanent or Contract staff......will it be difficult for me to borrow loan ?

Most likely will need to apply ur loan based on your current 6 months contractual job. Since your payroll is coming from this company B.

but i also got a permanent position aldy with same salary amount and benefits etc, clearly staed they will take over my payment responsibility after 6months

If bank oni take Contract basic for reference, i will be in a disadvantages position , no ? Quite hard to get loan with short Contract .....

No choice as this is what you're paid currently. Bank are not fortune teller. They can't predict later down the road you'll not get back ur job. Even so, they will see your current payslip is paid based on ur contract job. So unless you can wait to go back to company A and use that salary base.

if that the case, do they consider giving out loan for this 6 months Contract, or i should stop wasting time within this 6 months

You can try, hopefully they don't flag as high risk due to unsteady employment.

Can semi-flexi loan be converted to full-flexi loan after signing letter of offer?

No.

Hi sifus,

would like to ask a question. how do i calculate the (max) loan amount i am qualified to?

i am about to buy my first property, buy i wish to know my limits before deciding to choose the unit i prefer.