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I am 67 years old and therefore would not be eligible for a "proper" bank loan. I am contemplating obtaining an overdraft from my bank and use the funds to pay for the purchase of a condo. Would it be possible to claim the interest payable to the bank as a deductible from any rental income for the property concerned?
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Dear sir,

I would advise against that unless you have other sources of income to support. Perhaps the best person you should speak to is a banker on giving your solutions. If you do have some spare cash on hand for investment, why not consider foreign properties with relative lower quantum and downpayment? Some projects will also gurantee you rental returns for the next couple of years. My team at Masters of Real Estate will be holding our inaugural international property show this weekend, featuring 7 foreign projects from US, France, Melbourne, Philippines to KL, Malacca and Iskandar. Quantums start as low as $70k range. Event is at Hilton hotel and we are expecting a huge turnout for this event. If you are keen to explore, please let me know such that I can get you a ticket.

Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
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  • HA
    Thank you very much for your kind response, Mr Lim. I will consider very carefully your comments. Best regards, H T Au.

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