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Financial Can I afford a house?

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Pai
post May 14 2009, 10:44 AM

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From: 1Malaysia
QUOTE(myvi5949 @ May 14 2009, 12:59 AM)
I am 26 years old. Single. Wanting to purchase my first home.
My salary is just RM2300..
Only commitment is car loan at RM550 monthly (3 years loan left).

I am looking for fixed rate loan with NZEC.
I have RM13K from my savings+epf acc 2.. hopefully its enough for 10% down+ legal fees etc etc

Can I afford a RM80K apartment? Would the banks approve my loan?
Any suggestions are welcomed. Thanks.  smile.gif
*
myvi, 2 question for you :

1. The house is purchased for own use OR for rental purposes?

2. What is the actual value of the prop?

hehehhe, everyone is right here.....using 13k savings is not enuff to purchase a 80k apartment just yet.....but I purchased my 1st investment (150k condo) using only 2k of my own cash, and borrowed the rest. Admittedly its was very risky thing to do, but I was "lucky" tongue.gif
Pai
post May 15 2009, 11:57 AM

~ Billionaire in training ~
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Senior Member
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Joined: Dec 2004
From: 1Malaysia
QUOTE(myvi5949 @ May 14 2009, 08:48 PM)
Its developer price is 80K.. would the bank value be different from what advertised by the developer?

I am happy staying at home with my parents.  But i would like to purchase a house as soon as possible..
I might rent it out to provide some passive income.  I think its easy to find tenant with the location being good.
Once i get married i would probably have to move in. Though in the long run i imagine the apartment being an investment vehicle only.. I might purchase a bigger house once my income increases.

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How much can you rent it? Whats the rental price like for similar properties in the same area?

Added on May 15, 2009, 12:03 pm
QUOTE(Phoeni_142 @ May 14 2009, 12:16 PM)
Pai,

Don't be so humble lah smile.gif

I don't believe in luck.  But, the harder you work, the "luckier" you get.

I believe the TS implied it was for own stay.
*
Not humble, am just thankful tongue.gif

This post has been edited by Pai: May 15 2009, 12:03 PM
Pai
post May 15 2009, 04:43 PM

~ Billionaire in training ~
*******
Senior Member
3,318 posts

Joined: Dec 2004
From: 1Malaysia
myvi, if u r very confident that it could be rented at rm600 per month, think this deal is a no brainer. Btw, does the developer requires you to pay 10% dp? There r plenty of development nowadays requires less than 10% dp.
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