As a credit manager of ZZZ bank


As a credit manager of ZZZ bank you receive a credit application for a loan to purchase a motor vehicle from an existing customer who has an existing mortgage loan with your bank. The existing mortgage loan is in the names of the customer and his spouse and has been repaid well to date. He wants the new loan to be in his name only. Your calculations show that the salary of the customer is insufficient to pay the new loan if the full repayment of the mortgage loan is also considered against his salary. You therefore decline the loan application. The customer, however, objects about your decision and indicates that you should only base your repayment ability calculations on fifty per cent (50%) of the existing mortgage bond since he will then qualify for the new loan. He furthermore states that the bank has the required proof that his spouse earns a salary equivalent to his own and therefore it serves as a partial source of repayment for the mortgage loan.


Consider the abovementioned information and provide reasons why the new loan should be approved or not.

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