KiasuParents - Parenting in Singapore

hi i wanna ask. so let me tell u my story. ive used to take up renovation loan for my current house. as per normal i make sure i pay in time before the cut of date, but at one point ive lapse one month payment n i totally forgotten about it and usually the bank will call we if we dun make payment on that month right so i presume ive make e installment as per normal every month. after 6 month ive received a lawyer letter from e bank to settle e full payment + intrest. So during point of time i was pregnant i cant make e full payment n the bank officer offer me to refinance so i can payment lower installment and lower intrest. so i take up his offer after he only explain so long i pay installment nothing will happen. so recently i want to sell my current house to downgrade to 4 room flat. agent request to take up mortgage loan from bank and we proceed. we receive a call and was shock to know dat bank loan was rejected due to my renovation loan was convert to restructed loan and my name was already blacklisted. my loan left abt $3700. My question is if i made e full settlement with the current bank, and i will receive e letter from the bank law firm, if i apply for a bank loan will it be approve? and for now im not working anymore since i gave birth to my 2nd child. not werkin due to my parents are both working and my mil is too old to take care of my hyper kids. n currently my husband was given an option to upgrade his studies so he can earn more than currently he earning now. ive to rent one of my common room to help my hubby in his financial since im not werkin anymore. we've neither have car nor credit card. kindly read and give me opinion

mummyhelp wrote:hi i wanna ask. so let me tell u my story. ive used to take up renovation loan for my current house. as per normal i make sure i pay in time before the cut of date, but at one point ive lapse one month payment n i totally forgotten about it and usually the bank will call we if we dun make payment on that month right so i presume ive make e installment as per normal every month. after 6 month ive received a lawyer letter from e bank to settle e full payment + intrest. So during point of time i was pregnant i cant make e full payment n the bank officer offer me to refinance so i can payment lower installment and lower intrest. so i take up his offer after he only explain so long i pay installment nothing will happen. so recently i want to sell my current house to downgrade to 4 room flat. agent request to take up mortgage loan from bank and we proceed. we receive a call and was shock to know dat bank loan was rejected due to my renovation loan was convert to restructed loan and my name was already blacklisted. my loan left abt $3700. My question is if i made e full settlement with the current bank, and i will receive e letter from the bank law firm, if i apply for a bank loan will it be approve? and for now im not working anymore since i gave birth to my 2nd child. not werkin due to my parents are both working and my mil is too old to take care of my hyper kids. n currently my husband was given an option to upgrade his studies so he can earn more than currently he earning now. ive to rent one of my common room to help my hubby in his financial since im not werkin anymore. we've neither have car nor credit card. kindly read and give me opinion

I hope the following helps.

1) Contact Credit Bureau Singapore to find out about your personal credit report. I believe when you mention about "blacklist", it is due to this report.

2) Describe your situation to the bank you have applied for the mortgage loan and ask them if your remaining $3,700 loan is repaid in full, will it result in your mortgage loan approval?

3) If your personal credit report from Step 1 does not indicate anything other than the outstanding $3,700 loan, try approaching a third bank for the mortgage loan.

hi Coast

hi thanks ill try to contact e cb monday. cos it seem i kena sabo by banks since me n hubby never loan from bank accept this renovation loan. even wen i explain to my house agent she say maybe we kena sabo too. aiyo headache becos of this cannot sell house n cannot loan from bank

Loan from another bank?

@ elderflowertea

if i gonna loan i dun know weather other loan able to loan me.. i dun mind paying e balance in full but the question is if i pay in full, will my name still in cb record n will other bank able to loan me???

Try other banks that are more less strict eg the foreign banks.. anyway this is for a flat ( much secured) and not unsecured debts.. the banks approval dept must be pretty brainless to reject your biz lor.

even if TS approach another bank for loan, it won't be approved due to the bad credit report. Firstly you got to pay off the 'bad' debt, then appeal to the credit bureau to restore your credit rating, then approach the bank to negotiate a mortgage loan If possible they will even allow a guarantor..

my friend had similar situation, but its not forget to pay but the family was going through a bad patch so no monies..anyway they wanted to refinance their home loan with dbs home refinance. Spoke to their officer and tried explaining..but bank say it's policy..can't do anything about it. I guess the banks have to protect themselves and their investors.