that was my situation 3 yeas ago, LOL!

now i can hardly find any time to spend my money

Sounds like you need someone to look after your investments even more now then

Net Salary: Around RM 3200

Commitment:
Property Loan: RM900
Car Loan: RM500
Savings: RM300
Food: RM500
Internet + Phone: RM200
Electricity + Water: RM50
Misc Expenses (GF), groceries etc: RM300
Credit card payment (new house renovation, furniture etc) = RM450
Total: RM3200.00

Nothing left for emergency or any other purposes. It is common for me to fall into deficit each month where it showed in accumulating credit card payments.

My status:
1. Owed credit card about RM4,000.00. Each month pay some but then uses the back the same amount. Hard to reduce. Always got emergency, car maintenance etc.
2. RM360 investment in Instaforex with friends. For fun. So far grew 10% each month.
3. RM4k savings in another account. This money cant be touched, need it by end of this year.
4. No part time job.

I need to find more ways to cut my spending and increase my income through part time. Anyone can give me any idea ?

reduce internet + phone
reduce house reno + furniture

Internet and phone are already using the lowest plan. Any lower would be as well a cancellation.

House reno and furniture is already paid by credit card. Now it is just repayment, which is the 4k.

before you comitmet - think again the debt you want to pay.

Debt - is current value you not afford and commited using future money to pay.

might well you you need to cut your telco. No internet you still able go to work, home to sleep.

This post has been edited by felixmask: May 13 2013, 03:14 PM

Yeah I know.

I didnt live alone, I still have one younger sister and brother living with me. They needed the internet.

Its a new house. If you had bought a brand new house, you would know where to spend. Install safety window grill, house lighting and fan, kitchen cabinet (cheap one), second hand sofa, dining + working table for my siblings, utensils etc. I didnt even install water heater or aircond. I would love to save these money but all these are necessities.

Can feel your instaforex is a scam. Anyway, you already have forced savings of RM300 every month, which is not bad. Once you save enough for emergency, then maybe you need to look for investment.

Hi and dear all sifus...

my monthly net income in mids 30's - rm 5k
commitment:
1.4k force savings to repay apartment loan
800myr insurance
250myr mom
750myr phone, personal exp, food
200myr entertainment
1.6k myr balance- additional savings

I'm having one mortgage loan balance 145k currently tenanted
covering the loan repayment + force savings to repay in short tenure

cash in hand/bnak/share- 80kmyr

dilemma:
I would like to invest in another property ( double storey house ) and
rent it out, after some time, maybe i will take back for own stay as currently, i stay in small apartment fully paid

As the price of dbl stry is quite expensive, i have chosen and eyeing on subsale unit about 650k.

If i buy, i use up all my 80k for downpayment.. and rent it out to cover instalment.

If i dont buy, i use the 80k to finish off my 2nd apartment; and monthly savings, and probably finish the loan by end of next year.


Is it risky to do so, with my current income? or just forget it.
i could finish my current mortagage apt by end of year

find a credit card with a good balance transfer plan.. transfer your current 4K+ to the new cc and stretch the payment to 24months
that would bring the monthly payment to less than rm200
you will then have extra rm250/month to cover any excess usage so that you don't accumulate more interest on your cc

Hi all -

im basically trying to get a house, getting married soon. the problem is i've been less frugal this few years wit my savings and now dont have enough money for the DP.

thinking out loud -

i earn approx 10k gross ( about 7.9k nett) and am now starting to save.

has anyone ventured into the idea of getting bank loans to cover the cost of DP and stretching that loan up to 60 months? i currently have about 20k in my account b and am thinking of getting another 20 from a bank loan for Rm 20k. Which would put me in a position to buy a house / appt for about 40k.


loan payment period is approx 60 months with monthly deduction of rm 541



need someone to advise me if this is right or wrong option?

Hi Matt. Nice seeing you here. So what advise can you provide to our fellow posters here?

Dear sifus,

Is that possible to ask bank to perform valuation and show valuation report before I accept the Loan Offer Letter?

I'm buying a subsale home priced about Rm550K. Banker claims can get me 90% loan based on my profile and property value.

I afraid the margin may get cut off to 85% or 80% after I accept the Loan Offer and after I sign the S & P with the seller. If that going to happen It will not be possible for me to raise the difference which may go up to 50K.

I'm trying to avoid the situation where some of the forummers have gone through in buying subsale property where Margin of Finance got chopped off upon release of Valuation Report and after accepting the Offer Letter.

This is my first property.

Currently not servicing any loan.

What would be the best approach to avoid the foreseen problem?

Please advise..


P/s: I have placed 3% Earnest deposit with the Agency. Applied loan with the agent's friend. Pending outcome of the results. S&P expected to be signed 2 weeks from now.

Hi All,
Not sure where to post this, please bear with me.

I have 3 maxxed credit cards from 3 different banks AND a Personal Loan from another bank. Total of RM50,000 altogether.

Is it advisable to mortgage my apartment to pay off these debts?
Paid off my homeloan 2 years ago. So I'm free from other debts.

Thanks in advance! Really appreciate it.

This post has been edited by reinani: May 17 2013, 04:27 AM

Is there any bank that allows me to use 80% of my salary to pay for housing loan?

Skylinestar,

All banks and institution in Malaysia have to follow and regulate the rules from Bank Negara, nobody will lend or allow to use 80% of salary for housing except loanshark, which you may interested to force you till end.

hi Puchong Family

When you place 3% earnest deposit: you need to put clause "If not able to get 90% loan, buyer get full refund earnest deposit within 14 days" before you sign and give the to real estate agent. The reason why Earnest deposit hv addition note allow to write in and the real estate dont preprinted for buyer. Buyer hv to wise when see subsale house ask is real estate agent allow get full refund before proceed to sign & give earnest deposit.

you buying Condo or Landend property ?

HI jojo88,

No one have crystal ball what will happen tomorow. Possible interest rate hike or economic downturn or even economic growth becoz najibconomic. Based on my calculation 1/3 of your net salary is not sufficient servicing 40year of 650k loan.

Have you check with bank your financial crediability to loan rm650k using net salary.Forgive me if im wrong.

Yes I did. Full refund of Earnest deposit if unable to get 90% loan or Valuation fails to meet asking price.

Landed home.

The point of discussion is this:

Even if I get 90% loan Offer Letter it is not a guarantee. Offer Letter is always subject to Valuation Report.

This is the tricky part where Valuation Report only expected to be out 3-4 weeks from the day where I have accepted the Offer Letter and sign SPA.

If Valuation Report undervalueved thn my 3% deposit and lawyer fees at stake

How come can different one. Do you ask loan runner ?