Recently I'm applying for a housing loan. This is my planning of 3rd house solely for investment. But loan application of $100K , with re-payment period of 30 years was rejected by the bank.
Why is this happen at first place ?? I know my income is good enough for a such loan, but after discussion with the bank officer , she tells me ...my monthly commitments is more than 60%, which banks treat as above loan limit. I feel sad ... but this makes me think ... there is no point of investing if your monthly loan commitment more than the limit ..... now , where should I focus ?? Keep on investing or reduce all my bad debt and than think of investing ?
Now have to plan how to reduce my monthly loan commitment, and than later plan on investment.
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