How much equity do I need ?Breakdown
Equity funds refer to the amount remaining after deduction of liabilities from the applicant's assets. This means that applicants with current liabilities, such as exercised overdraft facilities or other current liabilities, need to hold equity in excess of 5 % of those liabilities
- Student loans: are not considered debt in this context
- Car loans: the value of an automobile is part of equity, the remaining car loan comes as a deduction.
If equity exceeds 6.5%, then the equity in excess of 6.5% of the maximum possible participating loan will be deducted. If the applicant holds more than 15% equity then the applicant is more likely to be able to purchase an apartment with out equity loan