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Hi, i currently own a HDB but still under loan. my mother HDB is fully paid for, can i use her name to buy a condo but me & my wife as borrower. Our income is about 70k pa each.
what is the chances of the bank loan?
How much % can we expect?
We have about 120k in hand, what are your option for buying a condo?
thanks
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1 Answer

J.A. Goh 吴永益
Replied
Hi Lawrence,

Even if you use your mother's name to buy a condo, as you are the borrower and still have outstanding loan, the bank will only grant you 60% loan.

You will need 40% upfront, and if your CPF has not enough, calculating backward, with $120K being the 40% downpayment, you can only look for a condo of $300K. It is impossible to get any at this amount.

Please feel free to drop me an email or call me directly for a non-obligation discussion, if you still have further questions.

Thank you & Best Regards
J.A.Goh
HP: 9639 0350 
ERA Senior Marketing Director
CEA Reg No. R025894Z
CEA License No. L3002382K
www.gohjaERA.myweb.sg
Email: gohja@singnet.com.sg Read More
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