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 How much can I afford?

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justafriend
post May 28 2009, 05:55 PM

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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. tongue.gif

 

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