Me and my fiance is looking for our first property.
With my current financial condition, i should able to get the home loan pass, but after paying monthly installment, i have not much free cash on hand which is quite worrying
So we decided to split the installment in 6:4 ratio.

I am newbie in property, Guru2 said joint housing loan or ownership will make either party lose a title as first home buyer and subsequently lose some of the benifits.
In this case, im thinking is there any black and white i can do which agreed that this property owned by both of us with the mentioned ratio, but not adding my fiance name into the loan / house ownership?

Another noob question from me - how to define first home buyer? a guy without any housing loan or without any name on a property (I assume we can joint name on ownership but not joint loan?) ?

Looking for advices from sifu2 here TQ

This post has been edited by ultimate93: Feb 24 2022, 05:53 PM

Legally, property ownership are as stated in the land registry. It cannot be disputed unless acquired by fraud. Other methods to claim part ownership is through the court if there is a dispute.

First ownership is when your name is registered as a owner without prior ownership record.... purchase, inheritance, transfer from parents or winning a contest.

This post has been edited by mini orchard: Feb 25 2022, 04:47 PM

For the 1st house, just proceed & buy with the joint name & joint loan. It will be sometime down the road before you will be able to initiate your 2nd house purchase. Probably another 6-7 years time. By that time, with your salary brackets, you might not even qualify for the benefits of the 1st house ownerships benefits which will make your current worry irrelevant.

Make sense…. How about the maximum loan amount for 2nd purchase? Will it be lesser?

90%(max) margin financing for 2nd house. For the 2nd unit , you can consider using single name .

3rd unit onwards , it will drop till 70% margin financing (max).

If want 90% for 2nd loan, income must also increase in tandem, otherwise, it will be less.

90 is just a guide. Income and other financial liabilities matters.

Yes, that why I put “max”. If not qualify , the margin % will drop.

thanks for the helpful input, these really cleared my doubt