No. There will be no "additional money". If you qualified for $125,000 - that doesn't mean they will give you that amount on any house you buy. Just means you can buy a house for up to $125,000. If you buy a house for less than that - that's the amount that will be loaned. A mortgage is for what is paid for the house. The lender is not going to give you an additional $50,000 if the house is only worth $79,000. If they have to foreclose in the future - they would not be able to get their money back out of it.
Wait a second, that depends on your credit there are some banks or financial institution that allows you to borrow up to 5,000 more so that you can get initial furniture. Check with them..
If you are getting your loan from bank then they will not give you any additional amount. But if you are getting loan from private lender then they will not impose such restrictions on you. I will suggest you to go for secondary research and search for more options http://www.r2dcredit.com.sg/ rather then relying only on banks.
No. The bank will only lend you the purchase price, less your deposit.
If I qualified for a home loan of 125,000 but the house is only 79,000. Can the additional money be used for repairs on the home?
