Financial 1st Time Property Buyer, Loan Eligibility - Loan Types - Etc Fees
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 Mar 30 2010, 11:41 PM
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#1
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Senior Member
3,032 posts Joined: Jan 2003 
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QUOTE(Xai-V-iaX @ Mar 30 2010, 11:05 PM) Thanks for the sound advice. Seems like its kinda almost impossible to generate an loan amount around RM600k with the figure I'm earning at the moment. Wonder how do people still could afford to pay or apply for higher loan judging by the fact that property prices at a decent established area are rising constantly. by getting an extra party to be the guarantor |
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Mar 30 2010, 11:45 PM
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#2
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Senior Member
3,032 posts Joined: Jan 2003
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QUOTE(Xai-V-iaX @ Mar 30 2010, 11:42 PM) How about having an co-borrower? co-borrower = guarantoryou can have persons A, B,C taking up one loan package but have only A's name on the SPA. |
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Mar 30 2010, 11:59 PM
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#3
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Senior Member
3,032 posts Joined: Jan 2003
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QUOTE(Xai-V-iaX @ Mar 30 2010, 11:49 PM) Owh ok...that's something that I have overlooked. So in my situation now, what would be the ideal choice assuming I would be needing an loan figure of about RM600k - RM650k? Lets say I have an co-borrower with earning strength of RM2.5k (monthly salary) + RM1.5k (fixed investments income), would that be sufficient for me to get an loan around the desired figure that I'm looking at....? its quite possible.id suggest to not take MRTA if you have sufficient financial backings to cover the property in the event of any unforeseen circumstances. itll just skyrocket the interest paid to the bank (extra commission to the loan officer). the advertised interest rates can be negotiated. it just depends on your skill to lower it down. |
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Mar 31 2010, 12:07 AM
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#4
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QUOTE(Xai-V-iaX @ Mar 31 2010, 12:04 AM) Hmmm, I'll take that point into consideration. How are the interest rates currently? Also, when you say negotiate the interest rate with the banks, how are this normally done? Negotiate with the manager? Under what circumstances would this negotiations be successful? What are the pints that needs to be aired to wrestle for an better interest rate? if you could speak to the manager then its an instant answer else youd just have to wait for a reply from the loan officer.interest rates are quite low so its going to be a difficult time asking for better figures unless you have a leverage. |
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