Hi folks,

I am currently still in process to apply housing loan from bank for my new house (single storey). This house is for me to live. However, at the same time I saw an apartment selling below than market value at my area. I am really interested to buy this apartment as my rental property but I afraid that bank may reject my loan application due to my monthly commitments (car loan, my future house, insurance etc).

Is it possible to apply loan for this apartment but at the same time applying loan for my single storey house? Do bank knows that I am applying 2 housing loans for 2 different house at the same time? Will bank approved my purchase of apartment and will it affect my current loan application for my new ss house?
Thanks.

they will know if you have another loan.
if your salary/income is high enough then maybe u can get loan for both
just ask the banker directly

it is not a yes or no answer.

i have asked the bank manager before and they say we can certainly do it.

however, whenever we apply the loan from any banks in malaysia, it is automatically appears in the ccris report.

let's say u are applying bank a and bank b for the same facility using the same property, they will know from your ccris status.

1st, thanks for reply.

My salary is around RM2.5k only and just "cukup makan" but I am still single. I can't stop thinking to purchase that property because I know the seller is motivated seller and he is selling his apartment way below the market price.

If your salary only cukup makan then how do you pay back the loan?

2.5K - car loan and insurance
how u wan to pay for 2 house loan is another problem
but one problem for sure that bank cant approve both loan for u
as some one above said, when u apply a loan regardless car or house the bank can check out. they will not simply grant loan and later the person got problem to pay.
unless now ur bank account got a lot of cash, maybe 500K MYR
then maybe will be different case

anyway just my point of view. sorry if offense anyone

1. How much is total loan amount for both houses?
2. How much loan required for EACH houses?
3. Whats the main objective of this exercise?

I can afford to pay my own house but I have a plan to rent out that apartment. So the rental fee would sufficient to pay my monthly payment for the house. But I do have some extra cash for installment just in case the future tenant run away. The problem is I am not sure that the bank would approved my loan or not. I know it is very risky to have tight budget to serve both loans but what can I do, I just have a small income only.

here are some tips..
but i'm not sure applicable now or not...
usually it take 1 work days to list out yur name as a loaner...

when you apply the loan the bask will check you got other loan or not...

so the tips is apply the loan in same day..
coz yur name will appear the next day...

I thinks, its a matter of when the bank will start reviewing/processing your application.
Sometimes, the loan officer will keep your applications for a few days..
and some loan officer will have to go to the bank HQ to submit the loan..
some loan officer just need to go upstair to submit your loan..

Possible if the loan amounts are around the same amount. I just recently did similar case.

Contact me for further info.

Regards,

to support the loan for the apartment, you should have a tenancy agreement in hand...that will give you a higher chance to get the loan

if total commitment is 230k and with a salary 2.5k then you'll probably be get 90% loan if you approach the right lenders.

I got a total loan comitment of close 550k on a 3.3k monthly salary few years back.....

This is what bank call high risk customer.. LOL

Certain banks dont really care. They dont even check. But as long as your salary can accomodate, why not? The other way to include your spouse or parents (assume they still have regular income) name in the loan application.

remember to have cash reserve in your bank account just in case your unit not able to be rent out, nothing is certain in life, what u think work might work against you sometime. Rental income is good if it can generate income, when u fail to rent it out, this property will become a liability to you unless you purchase this house in cash.

This post has been edited by Tohsan: Apr 8 2010, 09:59 AM

banks don't care? yes, they can easily offer you the loan; but when it comes to the loan agreement thing, it would be a different story, and the international C bank is known to change their clauses (compared to what was initially offered) so often

yeap u are certainly right....most of the banks care about how much loads on loan applicants... if his commitment too high... possibility of getting the loan are low...