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Applying loan for two different houses
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TSrockstar_
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 May 25 2019, 02:29 AM, updated 7y ago
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Hi, i am first time house buyer. Right now im interested with two different houses, one is more expensive about 100k but near to city centre. So i put booking fee for both houses and submit loan for both. Eventually i will only pick one, haven’t decided which one.
Will this affect my loan approval because i’m submitting for both houses? I dont want to wait because HOC is ending june. Hence why submit both. Should i withdraw either one to increase my chances? I can only afford one house as of now.
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TSrockstar_
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May 25 2019, 02:46 PM
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QUOTE(Bjorn1688 @ May 25 2019, 01:14 PM) That's how they do loan compression  what is loan compression? nub here |
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TSrockstar_
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May 26 2019, 01:32 AM
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QUOTE(Jay_AX @ May 26 2019, 12:56 AM) Loan compression is when you are only eligible for a single 500k property (500k for example) but u submitted two or three or even 10 property. 10 property means 500k x 10 = 5M loan compressed using your 500k eligibility. A safe loan compression is when you can afford to pay, let say you are eligible for a 500k property but you buy a 300k property with a 200k property. Actually this one is not really compressed lah, we call it multi submission, we do this to avoid 70% margin for the 3rd property, or for your case want to take advantage as a first home buyer - can waive stamp duty or take Skim Rumah Pertamaku got 100% margin. A risky one is when you buy beyond your affordability. Get ready kena lelong. actually for my case here, i just want to buy one house. its just that i have two options. preferably i want to take the more expensive one but afraid got rejected. so i have two options and submit both. given good rate, might take the more expensive one. might fail both also  |
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