Loans with a Gift Letter

2010 March 17
by iggy

Owning a home of your own, and having a roof over one’s head is everyone’s lifelong dream. Each person would definitely like to have a place that they do not have to pay rentals on, with the property listed in their names, a place called home.  However, with the prices of homes continually on the rise, it is becoming harder and harder, especially for the low income earners, or those who are newly employed to make a deposit to even qualify for a home loan. This is because of the fact that deposits normally require 20% of the property value, and this is no small amount.
In some cases, parents or relatives are willing to provide you with a non-refundable cash gift so that you will have sufficient funds to complete your purchase for a home loan which in turn is used as the deposit to purchase a home. Banks and lenders are somewhat wary of these types of loans where the deposit comes in the form of a gift from another person, especially if the recipient of the gift has no capability to make the home loan repayments in the first place. These lending institutions would likewise want to ensure that the individual giving the gift has the financial capacity to provide the gift to ensure that they are not being defrauded.  In order to ensure that the gift is valid, these lending institutions will ask for a gift letter from the donor which states that the gift is non-refundable.

For more information on the contents of the gift letter, and when a gift letter is advisable, it would be best to consult the experts on home loans.  They can advise you on the details of your gift letter, and how to further ensure home loan approval by making use of it.

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