Thanks for your advice/opinion bro.....Well to be honest, I'm having a tough time finding for an decent property within the price range of RM300k-RM350k. If at all its availablem they are all quite far away from the reaches of my daily route to work. I have been travelling approx 100KM on a daily basis to get to & back from work. At such, I'm looking at options that could reduce my travelling time & expenses vastly. These properties where I have identified as an potential buy are basically very near in terms of distance which is why I'm favouring them.

About your comments on losing/instability of my new job. Well, I'm an high-risk taker bro. Life s all about confidence, without it you'll end up in dire straits. I say it with confidence that I'm capable of sustaining the new career that I'm about to embark on....similiar to my selection of properties. Confidence on what you have chose, YES it may be dire to say that the monthly commitments would be straining nut if makes you happy with the purchase you've made - don't you think it'll drive you even more to reach greater heights in terms of earning power?

if you have 20% downpayment and a good record

My 2 cents from my house purchase.

Even dumping a 50k down payment, the monthly repayment really take a toll on you. Some of the finer things in life you enjoy before paying for the house loan, you may need to sacrifice a bit. If your partner is earning another 4K, I guess it will be fine..

But in the future you need to take into consideration of children (if you plan to have one). Children will cost a lot (diapers, milk, check up etc...)

how about cars? do you need to upgrade your car in the future?

unless you own a side business that give you side income, you'll be fine i guess...


just to share my experience purchasing a 344k house with 4.5k salary.

cheers

i would also suggest a smaller house. maybe an apartment or condo around the range of 200k to 300k, that would work well for you as, even when u upgrade to another house, when u letgo your property, u can get a much higher price, and a higher chance of selling the property as well.
Even if u dont feel like letting go. you can later give it out for rental, and your rental would be able to cover your monthly on the unit.
if you buy a landed property now. it wont appreciate as much as a condo or an apartment ( assuming that the condo is in the right location).

plus. the bank wont consider your 4k salary as yet. u need to be able to show at least 3 months pay slip with 4k. if not they would only look at u as earning 2.5k.

im sure many here agree that you should not take on such a property with your salary.
feel free to pm if u want to discuss further about it.

i 2nd that. its quite risky to take a property within that price tag, for your level of salary. you mention you got 50k to downpayment, but 10% of deposit is already 45k - 65k (let say the house is 450k - 650k), i don't think another 5k is enough to cover all other expenses like legal fee, notis taksiran, renovations, etc.

brand new units, so money to be considered for renovations may easily goes 20k - 30k at least.

additional costs: even when I got ZEC loan, i still have to fork at least 3% for other fees. nowadays don't have ZEC. 8% maybe?

my experience of buying house with lower price tag, and income higher than yours, not sure how you can go for a loan of 450k to 650k house...

just wondering, have u try talking to any loan officers?

This post has been edited by abu_adi: Apr 26 2010, 11:08 AM

Hi members, Would like to know for example if a person who has not settle previous personal loan debt will get rejected for his/her home loan app? But the reason to this is he/she taught that the loan has been settle but eventually there are few hundred bucks left. If payment has been made, will his/her record been cleared and result to successful loan app? Not to forgotten should he/she have a credit record such as credit card record? What will happen is there is none?
Please advise ,thanks.

bro, i think u can only think about buying a house after your probation period of the 4k salary job.

for your information i paid around 40k for 220k house. 40k for renovation, another 30k for the legal/misc fees, cheap furnitures and electrical equipment.

maybe u can afford <400k house max, if you dont have car installment/other debt on hand.

+1

think properly dude

i'm earning close to RM 3k, and can't afford a house at time being, looking at your situation, I guess I've failed financial planning.

better reconsider ur purchase...dun always plan ur salary for house installment only...later u got LOT of other comitment...wedding expenses, chrildren, car, parent bla bla bla...
i earn close to 8k p/mth and enough to cover my rm345k house...
juz share only la....

There's high-risk and there's calculated risk.
I urge you to practice the latter. On the basis on your current outlook, have you considered:
a. The legal fees, stamp duty etc into your calculation;
b. The cost of moving in, such as furniture, electrical appliances, renovation etc;
c. Stress testing the mortgage repayments, e.g. should BLR increase? (This is especially important since you are overstretching yourselves);
d. Beyond your 50k downpayment, do you have an emergency fund? What is the size of this emergency fund?
e. Do you have insurance?

If you are truly a high-risk taker (with no after thought), please play Lotto, invest in shares or even start a company!

Thanks for all the informative advices & advices guys....I will deffinitely give consideration on all your thoughts.....