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April 15, 2013 By admin

Property age loan restriction for leasehold property

Question:
I’m looking at a leasehold property which is now 30 yrs old. I’d like to find out at what property age does loan restrictions kick in in purchasing old leasehold properties such as this?

Answer:
For leasehold property, usually the bank will factor a remaining tenure of 30 years (different bank have different credit guideline. But we can take 30 years as a benchmark).

Example:
If the remaining leasehold of a property is 50 years, maximum loan tenure is capped at 20 years (50-30).

Filed Under: Private Property

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