look who's talking ....u urself got into such big project in other thread....
okla, stop here. it's like spamming oready...

@yewkhuay,
The difference is I don't have to share with a friend to come up with the $ to pay for the monthly installments!!! *doh*

it depends on the bank too.
if the relationship is tied by blood, there's a higher chance of getting it approved.
the bank wouldn't wanna have bad debts after all.

Thanks for suggestion and advice guys. We all agree making a legal agreement(or something like that) to avoid future disruption. With the money keeping flow for renting a house, why not just buying our own condominium apart from investment since we are afford now.

We also think about old apartment or low cost-flat before, however it just not so worth compare to a new condo and we don't like the environment there.

I'm just wonder is the any 'special kind' of housing loan, such like counting the percentage of the properties ownership by each of us. Let say 1 of us become jobless and can't afford continue for the payment and the other 2 will continue for the payment. So the properties ownership will divided by percentage of loan payment we had paid.

And can the bank directly cutting our(3 person) bank saving for parts of the housing loan?

Is the housing loan for 'used' house is higher than new house? Just like the loan for vehicle.

@phonar,
I don't believe the banks will issue individual loans to you and your friends based on X% of ownership to the house. As long as you have your name on the papers, you're entitled a share to the house and primarily that share's equal - i haven't heard of :-

Name 1 : 50% share
Name 2 : 25% share
Name 3 : 25% share

These little details are usually resolved amongst yourself and not the bank.

for the purchase agreement (bank loan agreement) with the bank, only 1 person name will be stated, that is the borrower. for the other 2 persons, they can act as a guarantor. so, no matter how thick the blood is btw u n ur friends, procedure is still procedure.

when u did not pay the loan for 3 months, the bank will come to u first, the borrower name.

thirdly, for ownership s&p (property ownership)in the solicitor firm, u can put all ur friends name into it, as the prove of the ownership btw u guys. besides that, u can also put ur auntie and uncle name into it.

so ,as a conclusion, u will sign 2 different agreement at 2 different office, first in the bank, second in the solicitor firm with more than 80 sheets of a4 papers.

lastly, share a property among friends, no matter how close you are, i suggest you just pu this kinda ideal into the rubbish bin,wrap it and seal it then throw it far away from u. the conclusion is, ridiculous.....

if u r less that 26, i will say, think twice kid....if u r over 26, i will say, i am speechless.

This post has been edited by a6meister: Jun 26 2007, 10:08 AM

bro, what legal documents are you going to make?...
let me tell you some of the complication that's going to arise in the end but not now.

okie, who decides when to dispose of the property?
at what price do you think you guys want to sell the property?
if one decide to leave and buy an own apartment or to get married; can he make the decision to sell of the property that you guys bought together?

oh yeah...another complication from the start.....have you guys decided who's name to put as main borrower from the banks?!

than again, if each one of you earned 5K per month; I don't understand why you guys cannot afford to buy your own property?!

TS, you should buy on your own. Never, I repeat NEVER buy/share the purchase with another person (which is not your immediate family member).

Unless, the 2 of you can take out enough money to buy the property by cash, then it's a different story.

When a 3rd party (in ur case financial institution) is involve, the matter would be very much complicated.

Believe me, when it comes to money. Nothing is forever. Not even diamonds.

yeaps..everybody is correct here. Dun share to buy a property with any friends even if its your bestfren!! Many complications one ler.....i nearly did it once, lucky for me i didnt.

DUN DO IT. Just get own property la....

Btw...how come last time my bank officer told me if lets say if i get bankloan from bank, SNP can only have my name? I cannot put another name in the SNP if the other person is not taking the bankloan with me. Someone please enlighten me here.

It should be the other way round..
i.e. names that doesn't appear in S&P can hardly apply as a co-borrower.

ask ur parent share wif u lah..

ok guys, I'm appreciate it and now i'm would not considering this idea anymore. Quite risky as well.

......

If your friend pass away, you shouldn't be worrying what....
assuming he has Mortgage Reducing Term Assurance (MRTA) for that house. jk jk..