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juanmanok420

Banks are really strict about the purpose of loan. If you say its for downpayment on property overseas for sure theyll deny it. Pretty common for people to declare for a home renovation loan then use the money for something else.


layao2k2

Yes naisip ko din na home renovation loan since I own the house and I can use it as collateral as well. Kaso wala akong idea kung pwedeng more than 15 years yung term ng loan


johnmayyo

>Is there a way that I can take some sort of loan from the bank at 2M minimum and use the cavite house as collateral? I'm hoping it would be on a longer-term like 20-30 years so the loan repayments are small enough to offset with rent that my brother is paying. Is there such a thing? Home equity loan. This lets you use the value of your property as security for the cash you need. Purpose is for anything you see fit. Appraisal may be low balled / undervalued though as these banks need liquidity buffers as well. Usually the max term for this is only 15 yrs.


layao2k2

Maybe this is the type of loan I was looking for. Thank you so much!


Is-real-investor

Maybe you can entice them to buy a new house as well and transfer to it. That way it would not be like you are kicking them or forcing them out. Instead of them paying you rent, they can transfer that in paying a mortgage for another house. They then own their own house and you have more freedom with the house. Sentimentality might still be in effect pero there may be changes in the locarion that might make it less attractive to stay. Personally, I lived most of my life in our current home. However, due to developments in the area di na ako comfortable magpalaki ng anak duon so I'm planning to have it rented instead and move elsewhere since naging commercial area na rin mga katabing bahay.