Out of the blue, a friend of mine ask this question. He wants to start being a property investor so I guess, he is now asking the necessary questions before he gets involved with it....
Anyhoos....the question is very simple. How much loan can I take?
From my personal opinion, with regards to housing loans for investment purposes, take as much as you can and as maximum as you can.
However, please bear in mind,although you may take as maximum loans as possible but please ensure that you are able to pay back those loans comfortably.
Do banks have a guideline in approving our application?
Of course they do. They have the right to look at our financial status and if they feel that we have too many 'commitments' based on our CCRIS records, they will reject our application straight away. We can always re-apply but maybe the end result will be the same.
If I'm not mistaken, the banks have a general guideline where our home loans shouldn't be more then 33% of our monthly income. So if it's more then 33%, it will be difficult to get a loan unless the bank decided to relax its guideline a bit.
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