Hi, may i asked?
how much is my salary in order to afford 300k house and 550k house with 15yrs term loan?


3k salary for 300k house? 10k salary for 550k house?

can anyone teach me how to calculate? thanks

For 300k loan with 15 yrs tenure, every month repayment around 2k++
Bank will calculate 33.33% of your nett salary for the monthy repayment.
If can meet, then only the loan approve.

how much do you intend to pay the down payment?

standard rare loh ..10% ^^

my question is---> to owned a 300k and 550k house.. what is the min monthly salary i need to have in order to survive if my monthly expenses is around 2k(+ other car loan+ GF expenses)?

http://www.money3.com.my/ to determine your monthly installment

General guideline: housing loan + car loan + misc loan <= 40% of your salary..

No comment on GF expenses.. some need to pay a fortune to buy LV for them, some even GF pay for the guy (untung lo)

---

Added on May 16, 2009, 12:16 amif only taking 15yrs loan,
3k salary for 300k house? <- No way
10k salary for 550k house? <- should be ok

This post has been edited by eugene jk: May 16 2009, 12:16 AM

uh, yes then u need 3k-4k alary to support your instalment, unless your gf is willing to pay together until both of u get married. becoz 10% down payment for a 300k - 550k house is too low. i'm not sure how much are u willing to pay every month but u might end up taking loan for 30 years..... if you're 30 years old now... you'll be 60 by the time you finish your instalment, don't forget you might need money or epf to pay for your children's education & retirement. so please plan properly.

thanks a lot..

just wanna asked... how much salary do i need to pay RM300k house for 15yrs loan with 10% down payment.
if my monthly expenses is about 2k.

wah! RM300k house with 15yrs loan only!! only 10% down payment somemore.....!!

my friend bought RM80k house with 30yrs loan & her pay is below 2k so u can imagine how high your salary should be...

i think u need 5k salary.... below is a link from maybank Loan Calculator:
http://www.maybank2u.com.my/homeLoan.html
u can calculate from there

This post has been edited by ah liew: May 17 2009, 01:17 PM

thx liew liew

hope to repay asap ma..don't wanna pay so much interest

hi, assuming 300k with 10% downpayment,

Loan amount = 270k
Tenure = 15 years
Interest = 5% (i just assume a bit higher in case you wanna take a fixed rate loan)

monthly repayment is = rm 2,135

so according to normal practice by bankers (30% rule), you would need a salary of 6k and above. also, you must work out if you have any other loan liabilities such as car, education loan etc. Then you would need a higher income for repayment capability (at least in the eyes of the bank la)

I hope the answer is helpful.

Here's the exact link. I found it very useful (also made me realize I need to make more money )

Money3 Affordability Calculator

If I can't meet the 33.33 % but I have a guarantor, so how? Am I qualified to apply for housing loan?

wah! this one better then the maybank calculator

lcl832002,

If you cannot meet the 33% rule, that means you CANNOT AFFORD the house. So, how does dragging a guarantor into this mess helps you??

If you buy something that you cannot afford, that mean you are most likely to lose it. Why do that??

Dreamer

33 % is just a standard used by certain banks. Some banks use other standards like 40 %, 50 %, 70 % and so on.

I can't meet 33 % but I can meet 50 %, let say. So, do you think I can't afford the house?

but u have other current commitment yet such as car loan or personal loan?
for banker they will do calculation from our salary together with personal monthly expenses, monthly loans, etc...
from there they will justify you are afford to own a house or not...

I don't have car and personal loan except for PTPTN loan. I am not planning to buy a car in near future...

if save more the better...if not can get loan if guarentee by dato or multi milionaire...which i did....

lcl832002,

<<I can't meet 33 % but I can meet 50 %, let say. So, do you think I can't afford the house?>>

Let's be very precise here. The 33% is applied to gross pay. And, the 33% is from extensive study and common sense that you will be most likely to be bankrupted when you went above that threshold.

This rule was repealed in USA. Right after that, bankruptcies went up.

Let's take 50%. Your tax and EPF will take another 20 to 25%. That means you live on 20% to 25%. Hence, you have NO SAVINGS. Now, if you have NO SAVINGS, you have NO EMERGENCY FUND. That means if you have any kind of financial emergency, you will be wiped out.

Why are you buying something that you cannot afford and just to lose it later??

The 33% rule include all loans. That means PTPTN loan too.

Dreamer

P.S.: Please note that bank is NOT your friend. They could make MORE MONEY if you cannot pay the loan and they take your house away. And, loan officer make money from selling you the loan. Look at mess that USA is in now.

This post has been edited by dreamer101: Jun 9 2009, 04:28 AM

You are right, but not totally. Whether I have savings or not, you will never know. Only I myself, banks and Lembaga Hasil Dalam Negeri will know...