We are looking to buy a bigger house and found some subsale which is around 750k.
Prepared 130k for downpayment.

Husband, 42

Income 6k - 9k depends on sales target, commission bank in by monthly directly to bank

Commitment:

Housing Loan: Cleared
Car Loan： Cleared
PTPTN: NO
Credit Card Debt: NO

Wife, 36

Income: 6.7k

Commitment:

Housing loan: 1.2k monthly (277k loan amount)
Car loan: 690 (60k)
PTPTN: No
Credit Card Debt: No

Is that possible we could get the loan approve for at least 30 years by joint borrower?

This post has been edited by Sylph818: Jan 12 2022, 10:26 AM

why become bank slave? "owning" a house really that important?

current 1 too small
7xx sft to stay 2 adult 2 kids?

nett or gross?

Can..as long as got bank savings + EPF or other funds, but best to just put down higher downpayment and take 20 years la if you don't intend to sell your property

gross salary

nobody say u cannot rent a bigger house

20 years monthly installment is too high for us, we are M40 only

rent and buy are paying almost same installment
why not i pay to own it?
i dont think u will like to keep moving the house, bringing ur 2 children just bcz of house owner wanna sell of their house or other reasons
well, this is out of topic, i dont think we should continue

may i know how old are your children?

anyway i also took a 30yrs loan for a 750k properties like 3-4 years ago, it is a flexi loan so i just pay more every month and the loan period reduced for 2-3 years, i expect to finish it maybe in next 15 years or so

This post has been edited by pufferfish: Jan 12 2022, 10:38 AM

i strongly doubt your statement here, but i wish u all the best.

by looking at those figure..
it seems very tight since u have 2 kids...
7.5k = u will be taking ~6k home (your avg salary)
6.7k = 5.5k
= 11.5k each month - current commitment = 8k
liabilities? credit card?

650k loan payment around 3k monthly

8k-3k = 5k left...u sure it's enuf?

actually the 2nd 1 is still in planning
we only have 1 kid now
just in case .... so i put 2 kids
if really cannot tahan, we can sell off husband house

No credit card debt, every month clear
we have extra income like share market, rental....
so it should not be an issue, i just wanna know if bank can approve or not in this case

anyway, 5k is enough for many families
even my fren earning 7k only, wife not working, can survive with a twins babies

This post has been edited by Sylph818: Jan 12 2022, 10:45 AM

i guess...shld be ok..since your wife is still young.
just apply the loan...if cant then change plans...lol
anyway...good luck and all the best

You didnt mention monthly rental income.

Assuming is 1k, then balance to top up is 1.9k ....assuming there is minimum void period.

Havent taken into consideration your current place rental after moving out.



You should be ok with 24 years loan. Worst case, if things go south, sell away the rental properties.

This post has been edited by mini orchard: Jan 12 2022, 11:35 AM

10 more years u gonna pre retire , if you not intend to retire, your company maybe will retire you.

Your salary based on commission, highly doubt can stay this amount forever. Two risk you need to assessment, income and your age, not everyone will living smooth all the way until die.

This post has been edited by wong_86: Jan 12 2022, 10:57 AM

Why not just ask the bank directly?

we wanna know how much we can loan before we move on
we have not decide on any property yet

Max 28 years tenure if joint loan, income should be able to get margin as requested

SHort answer YES. I think I took a loan around that age, 30-35 yrs, no issue at all