I am thinking of financing my second property in Malaysia with a housing loan from a local bank. My first property is an Executive Condominium in Singapore. Can I take a housing loan for my second property overseas and do the same terms/rules apply for overseas and local properties?
Submitted by: Ying Ying
We suggest that you seek clarification directly with the bank you are taking the loan from. MAS 632 applies to all residential property loans taken from financial institutions under the supervision of the MAS. It does not specifically exclude foreign properties. As such, it would depend on how the bank interprets.
However, do note that the terms and conditions of loans taken to finance foreign properties are different from loans to finance local properties. Hence, there could be additional charges and other fees that you have to be mindful of.