Hi all, I would like to seek advice whether to take or not to take up home loan now. Months back, I have sold off my condo and gained some profit out of it. At the moment, I do not have any property.

A few days back, I have just brought a $500K private property. I thought of taking loan as I treated this property as my investment (Rental) unit. In view of the weak property market, I have planned to buy another condo for my own stay within this few months. I was told that banks have tightened their loan criteria will not grant loan like before due to the recent economic downturn. For sure the bank will grant loan for my 1st property and I am uncertain whether the banks will grant me for a 2nd property loan.

My wife and I is enjoying a stable income and were not affected by the economic crisis. Pl advice and I am confused to take or not to take up loan.