Getting Personal Loan To Cover Cov + 20% Cash

[sunshine76 0]

hi,

iam planning to takeup Personal loans or line of credit to Pay for COV and 20% cash payment. my question is having this loan will it affect my eligibility to get the housing loan from bank?. please advise

[bepgof 20]

hi,

iam planning to takeup Personal loans or line of credit to Pay for COV and 20% cash payment. my question is having this loan will it affect my eligibility to get the housing loan from bank?. please advise

Absolutely.

Do you undertstand the term calls 'cost of borrowing'? or 'cost of capital'.

Present schs seem encourage schoolers to spend and spend, never teach to identify and differntiate between 'needs' and 'wants' properly, and its consequences.

Children always say I 'want' this, I 'want' that....

What i want to say, the bottom line is, if you don't have the cash saving for the COV and 20% payment, you should not jump into residential property market - big ticket item needs long term financial commitment - are you ready? Unlike buying a car previously, once default the most kena tow back.

Mortgage loan application require one to fill in present financial liabilities and earning capability. Just compare the cash inflow and outflow rates, bank can tell immediately your 'standing'.

In more secured way as what i did in the few past instances, i sticked to UOB, because i have cash in the account 'par par' for them to see. They approved immediately.

[MaryChoo 1]

After I get my HLE from HDB I take up a personal loan of 10K from posb to top up my COV for my resale flat. now still paying .

[9tails 2]

The banks might take into consideration on your other outstanding loans, in order to assess your capability to service the housing loan.

Depends on the ratio, but try not to take too much loan for such purposes.