Joe asked 4 years ago
Hi KC,
I am wondering if you could help me with my situation right now.
I have 2 housing loan for 2 unit of apartment that I currently rented out. Now I am planning to buy a landed house for own stay but I can only loan 70% for the third housing loan.
I plan to settle one of my apartment loan using cash lump sum and apply 90% loan for the landed unit.
Q1. Is this a good approach or is there other way I can still get 90% loan for my third properties?
Q2. How long does it take after I settle the first loan before I can apply for another loan. as I am buying subsale, time will be important as the seller might not want to wait for my loan.
KCLau Staff answered 4 years ago
Hi Joe,
That’s the only way as you described if you wish to have the 90% LTV loan.
The settlement may take 1-2 months, depending on how fast the bank can work on your case.
If you use the same banker to settle your apartment loan, and get the new loan approved, it might help expedite the matter.
Update us how it goes.
Good luck to you.