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 90% Loan quota, Still eligible for the loan?

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mini orchard
post Aug 10 2021, 06:34 PM

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QUOTE(leonchin @ Aug 10 2021, 06:18 PM)
Hi everyone I'm seeking for your thoughts on this situation.

So basically I've just bought a light industrial shop lot last year mainly for investment purpose as the rental income is good. However I'm quite concerned of whether am I still eligible for the 90% Loan for 1st and 2nd property. This is because this shop lot is my first property and I am told the 90% loan is eligible for 1st and 2nd property only. However, the loan I took was only 80% as the banker told that I'm too young to own a shop lot as my 1st property despite my DSR shows otherwise. The banker who handled my loan told me that I would be eligible for the 90% loan in the future if I were to purchase my 1st and 2nd house because the shop lot that I purchased is not for residential purpose. So I'm not quite sure whether is it true and I'm wondering if someone could help me to figure this issue out?
Can someone confirm on whether my quota for 90% loan has been used up for the 1st property or I am still be able to use it on house purchases in the future?
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Borrower cannot be confused between quota and DSR. Both have different tnc.

If you have no existing loan, then is straight forward.

Any existing monthly repayment, irrespective of property loan, credit card, hire purchase and personal loan will first affect eligibility amount irrespective of quota eligibility.

Bank is more concern whether borrower can repay the loan. Quota is just the formality.

Put it simply ....one cannot ask for 90% loan eligibilty for a 1mil house if his monthly income is only 5k.

Since your rental income is good and have been declaring taxes yearly, you can inform the bank to take that into consideration. However, some banks may include 100% while others only 50% or reject.

The best aporoach is to apply few banks and see the offer.

This post has been edited by mini orchard: Aug 10 2021, 09:03 PM

 

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