I'm planning to buy a 150k house in near future , I asked around and my friend said that with my 1.7k pay it's hard to get a loan for that much.

Btw guys , The minimum downpayment is 10% of the property right ?

Thanks

depends....i got many offer on condos with dp as low as rm 500 but mostly under construction...

try search the one under construction, mostly give u a good deal.

This post has been edited by voltageRegulator: Nov 16 2009, 01:53 AM

I'm buying the ones that are already built and from other owners

can try.. if u can show u have some FDs easier.

it will be easier if you can place some fd in the bank you are going to loan.

u can withdraw your epf account 2 to place for the 10% downpayment,then balance loan from the bank, try extend the loan to the maximum years usually are 30 years,this will reduce the monthly installment committment that you need to pay hence easier for your pocket and the bank to approve your loan. If you have any FD and money in bank just show them,it doesn't matter whether you keep the FD with them or not. THey just want to assess your credit worthiness and scoring points.

Thanks !!

So I just buy a few minimum FD is enough ? If I really can withdraw my epf for the 10% then it's great. But if my epf have around 22k can I withdraw 16k ?

d epf is ur savin when u old wo... u really wan take it out ?

thats the scary part lo, but many ppl took it out, maybe they have a lot inside.

depend how you look at it, is the house you consider an asset or liability?

You can only use up to 30% from your EPF for housing loan purpose, but even then I don't know if you need to have a minimum amount in EPF before you can do this. Go to the EPF office and find out.

My advice is don't buy house now, or even if you want to get, get a cheap one so it won't be a financial burden having to pay the loan every month. After that save and invest as much as you can from your income.

Thanks again . I think I will be buying a low budget house 1st.

I asked again for different opinions and people said that finding a lawyer is better cos they will make it hassle but will charge you .

getting a guarantor will help?

yes, if can get guarantor easier. but he need to have good records and financial ability.

dude, i think ur pay is enuff la for the loan, IF u don't have any loans on hands rite now such as cars, personal loan etc.. no need the hassle of a guarantor or whatsoever..

go n try to apply from Maybank, they will consider 50% from ur paycheck for home loan, CIMB will only consider 40% from ur paycheck.. I've just recently gone through this home loan headache b4... the one i ask from Maybank is 195K loan, 38 yrs tenure, BLR-1.6, RM7++.... with urs only 150k sure can lah!

Alternatively, two person jointly apply for a home loan will definately be easier for your loan to get approve i.e husband n wife.

This post has been edited by Tohsan: Nov 20 2009, 02:28 PM