I am buying a property from my friend but the property is still under construction. Can I buy and can the bank lend money to me?
RED: If the property is still under construction, you can still buy and sign the Sale and Purchase agreement but the terms have to be different. The completion date will only take effect after the property‘s Certificate of Fitness (CF) has been issued. As for the bank borrowing, some banks will still lend to you but will only disburse the money after the CF is issued. In the meantime, the original purchaser will still have to service the progressive interest. By Michael Yeoh, financing consultant
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