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Property Financing Quiz
1. Please complete all 10 questions in the quiz.
2. Only one attempt is allowed for each question.
3. The system will tell you whether your answer is correct/incorrect.
4. Your results will be shown at the end of the quiz.
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Thank you for taking the Property Financing Quiz.
Score 0 to 3
You definitely need a crash course on property financing! But you are not alone. A local bank study shows that 1 in 3 home buyers are unaware of how TDSR rules work. Hope you can brush up your knowledge about housing loans before buying your next private property.
Score 4 to 7
Property financing is not new to you. But you can definitely do better by updating yourself with what’s new in the housing loan market. As what the saying goes: the more you know, the more you find that you don’t know.
Score 8 to 10
Wow! That’s impressive! Which questions did you miss? Make sure you get the answers and make it 10 out of 10 next time! Go talk to mortgage experts, get constant updates and sharpen your negotiation skills before you apply for a new loan or refinance your properties with the bank again.
Wait, there are actually five more open questions in this quiz. See whether you know the answers.
1. What can a borrower do to improve his credit before applying for a property loan?
2. Does the mortgage department of banks has an internal set of criteria or a point system to approve housing loans?
3. Should a borrower declare a property for “self-occupation” or “for investment” in the application form? What are the implications?
4. What can the self-employed or commissioned employees do to improve their chances of getting their housing loan approved?
5. What are factors to take into consideration when a borrower decides whether he should refinance/reprice his property loan?
The answers and explanations of all the questions in this quiz will be covered at the Understanding Property Financing & TDSR Framework Education Seminar at National Library Building on September 21 (this Sunday) afternoon.
Register for the event now!
Question 1 of 10
What are the documents to submit together with the housing loan application form? (select all that apply)Correct
Question 2 of 10
Which of the following(s) is/are negotiable with the bank? (select all that apply)Correct
Question 3 of 10
What are the characteristics of Tenancy-in-Common? (select all that apply)Correct
Question 4 of 10
If a borrower’s monthly household income is $10K, with no debt or asset, what is the maximum amount of housing loan he can borrow based on 80% loan-to-value and a loan tenure of 30 years?Correct
Question 5 of 10
If a borrower’s monthly household income is $10K, with an existing home loan, what is the maximum amount of housing loan he can borrow for his 2nd property based on a loan tenure of 30 years?Correct
Question 6 of 10
Which of the following will affect the calculation of your TDSR? (select all that apply)Correct
Question 7 of 10
Banks are NOT required to compute the TDSR of a borrower for:Correct
Question 8 of 10
What privileges the bank’s priority customers may enjoy when applying for a housing loan? (select all that apply)Correct
Question 9 of 10
If a borrower chooses to pay off his housing loan early, either in a lump sum or in full amount, is he liable to any “prepayment penalty” by the bank?Correct
Question 10 of 10
Under what circumstances will the bank have the right to repossess the borrower’s property?Correct