My brother and me is going to buy a house at Johor the value of the house estimated rm 200k

The problem is my brother work like a sub contractor which weekly payment rm 1500, monthly is rm 6000
He dont have EPF and settle all the car loan ,no utang bank ,he is just 25 years old this year .

I wil be his guarantor which estimate monthly rm 10k-rm 15k above my salary ,the problem is me also dont have EPF and my company is under my friend we are partner ,i dont want to involve my company name ,im 23 years old .

we want to borrow rm 150k and may be settle in 5 years- 10 years down payment we paid rm 50k.my family dont take loan all this while ,even we buy car for cash ,but this is the 1st time ,how to applied the loan and will they approve if we dont have such a statement or paid slip .moreover we dont paid TAX.

This post has been edited by jd low: Mar 6 2010, 12:07 PM

Hmmm...I've no idea about this matter because I m foreigner here. Buyt if not mistaken, bank institutions are offering a lot programme regarding home loans/financing. Even though u dont have EPF, they still can help u. One of programme offer by Maybank is MaxiHome-i.

http://www.maybank2u.com.my/mbb_info/m2u/p...sonal/LOA-Loans

Hope it can help

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Added on March 6, 2010, 2:14 pmAnyway,its too bad coz u still need to pay TAX for that....

This post has been edited by reshila: Mar 6 2010, 02:14 PM

Maybe you can look for a proxy, ie a friend with a stable job and not black listed by the bank. After that you bank in money to his account for loan installment. When the loan settles, get him to transfer the property from his name to yours.

go to any bank..they will advise you definitely

It would be more effective if you call to bank to ask. They sure have contact that handling loans in their website.

I saw there is big problem in ur case which that u bought car with cash and u didnt declare ur income tax. If LHDN noticed that u bought car with cash and did not even declare ur income tax, they will started to investigate on u. U better start to declare ur income tax and get some advise if u don't know where to start. Do filing on ur income statement for the last 7 years is the wise move.

Good luck.

alamat feel like big problem....how much tax should i paid

Go to LHDN and negotiate a settlement, or get yourself an accountant.

I wont be that much. The tax rate is not fixed depends on your income. In brother case:

The first RM 5000 is taxable for RM 25
The next RM 1000 x 7% = RM 70

So total tax per month that ur bro need to pay is RM 95. I m not sure whether they calculate for monthly basis or yearly basis. But in calculating it, there are some expenditure and rebate which can be deducted from total salary to get chargeable income.

Basically, they will calculate for u. No worries. Thats just rough calculation.

http://fortunesense.blogspot.com/2009/01/m...x-rate-for.html

most of the advices given here are rojak and some were not accurate,..

The bank when considering loans are quite transparent. You'll just need to prove your income as that is the main "ability" to pay back the loan you "loaned". So without valid proof, who are you so the bank "trust" you and lend to you. So unless you sorted out your "proofs" on income, it's not a very good case for the mortgage sales.
Anyway, without EPFs are they valid salary slips?

Also, in your 2nd part; there's really no such thing as guarantor in mortgage loan. You either "join name" with your brother as co-borrower or he borrow by himself.

what document should i giv the bank beside my account book transaction if me do personal trading business ,how to prove to the bank ????

Do you consider the fact that IRD will forward a copy of letter asking you how you purchase a property??? (if you purchase the house)