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Hi. I am looking for a first time house. Can my family member with existing house loan (their first home) use their name for the loan and my name as the house owner?
Will it be considered as a first home or second home and how much is the deposit required?
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1 Answer

<en>Kamal Rasyid</en> <en>Bin Samsudin</en>
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Good day, Mdm/Sir.

I am Kamal, Property Negotiator from ESP Properties (phone no : 013 692 4200  ).

Generally speaking, home loan margin for a potential buyer can go up to 90% out of house price. This applies for first property and second property. By the time the same buyer who already has two home loan applied for a third home loan, the maximum margin is only up to 70%.

In your case, assuming everybody's credit score is good and eligible, 90% loan can still be obtained. Regarding whose name in which document, it can be discussed with the bank as long as :
1. Family member as in between parents and children.
2. Family member as in between husband and wife.
Thus, deposit is 10% from house price plus miscellaneous cost (legal fee, valuation fee etc.).

Kindly contact me, Kamal at 013 692 4200  for no obligation further explanation and I will help you throughout your property purchasing journey. Read More
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