You can only use the money from EPF after you got the S&P (which means after you pay the 10% downpayment) ...
Maybe you can apply for personal loan instead ... as far as i know, OCBC now loan up to 97% of loan amount (7% is consider as home extra etc) ... once the bank disburse the money to you, use those money to pay off your personal loan .. done

Ways to do it:
1. Share it with someone, joint name
2. Borrow from family members
3. Get rid of your car(if you have one) and take public transport
4. Company borrowing (advance)
5. Credit Card (but not advisable but people have done it) - very risky
6. Look for DIBS and developers that do creative ways to almost 100% loans. Usually applies to lousy or expensive property or both.
7. Mortgage family property if any.
8. Work another 2 years and think again.
9. EPF if any
10.Ah Long loan for downpayment but very high risk of getting painted red free of charge.

Personal loan is a suicide advise to a person who already cant effort a downpayment..
how r u going to repay home installment + personal loan installment for the next few years..
Interest rate for personal loan is higher and it is an immediate effect loan (like hire purchase) and they way of calculation is different compare to home mortgage..

No point providing such suicide advise to realize someone's dream... my 2 cents~

EPF withdrawal can be applied once have the sales order/booking receipt + bank offer letter(normally developer will give u a letter if u wanna apply epf withdrawal), money will be rec'd in 1 week, then u can proceed to sign the S&P...

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Added on October 27, 2010, 2:31 pmyup agreed with you, please not opt to this...

This post has been edited by De_Legend: Oct 27 2010, 02:31 PM

If you read my post correctly, I suggest him to take up HomeExtra package !!! once the bank disburse it, he can use those remaining 7% to pay off the personal loan .. what he rugi is just 2-3 months interest and that's it ... it's not a huge amount, probably few hundred ringgit lost ??

no wonder tis mth 2 friends bought property oso applied ocbc la.....but of coz maybe got some other offer la.....this i never clarify......

thanks all for your sharings...

im not guy have (or want) parents that can subsidize and sharing joint account epf with partner, it isn't possible either unless she says or suggests...

in other words, i will have to work my ass off , save up real discipline and pray hard that 2yrs from now the price do not sky rocket..

else seriously lah... it will become..only way to buy house would be get help from parents + share with partner OR wait till mid 30's OR TOTO / 4D

HAHA...*Faints*

Unfair world....tough being a guy.....

not to say unfair la bro...i am a lady but also work hard to buy a proeprty for my parents....ended in deep shit...because there's hiccup in the process....but just to let you know that responsibility is not only on guy

Hey dude.. ur background is almost same as mine and my other frens' lar
I also hope to own my property soon, but buying a house without being able to afford the pre-requisite (downpayment) is really impractical.

100% loan for buying houses below RM220K, to me isnt a good idea as well. Because it means you end up paying more to serve the interest


Anyway, if and only if you are sure that you can afford the installment that comes after, you can look for new launch development which discounts are given (now I see this strategy being practised by quite some developers). Some even give 10% discount which means no downpayment needs to be paid, you might only need to pay the legal fees.

See the examples:

http://forum.lowyat.net/topic/1459517 <- Pacific Plance @ Ara Damansara
http://forum.lowyat.net/topic/1604230 <- The Sanderson @ Taman Bukit Serdang
http://forum.lowyat.net/topic/1610198 <- USJ One Park, Subang

den it depends how high your income is... not to forget the moment you apply personal loan, the installment will immediately counted as part of ur commitment..
using rule of thumb for loan to income ratio of 40%, you hav to ensure ur personal loan installment and home mortgage installment does not exceed 40% or 50% of your income... lets face the reality, if you wan to buy a 300k house, u need an initail cost about 40k for deposit, stamp duty and legal fees.. personal loan installment might varied between 500 to 1k depends on rates and tenure. If you hav other outstanding credit card debts or car loan, chances is even slimmer..

you might qualify for personal loan, but later on, bank might reject ur home loan application because too much commitment.. at the end, applying personal loan for nothing..

** unless you are high income earner... then can try...

This post has been edited by eugene jk: Oct 27 2010, 11:13 PM

look for below market value properties from motivated sellers and then find yourself a creative lawyer :-)

you still need to come up with the 10% but you will get it back

but pls talk to some seasoned investors before you try this :-)

HomeExtra package?

SOunds interesting...possibility to apply in high?

Income range or income to debt ratio calculation?

whats high income earner? *Tough to decify that these days with the inflations and sky rocketing prices of goods right???*

If you earn 7k per month I will that is high income earner.

Hi, just get a banker and they will do the calc for you ... If you need any help, i might intro my banker to you (no, i didnt earn a cent and u can deal with her directly) !!!!

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Added on October 28, 2010, 8:51 amas i said,, u go and get a banker to do the calc for you before u even pay the booking fee ...
and no, u dont have to earn RM7k per month to entitle for the loan etc ... if's pretty much depends on your monthly income / commitment etc !!

This post has been edited by Adrian1981: Oct 28 2010, 08:51 AM

pretty well considered then..

well guys,

I am a OCBC mortgage consultant.

fyi, the Home Xtra is charged at different rate from the BLR-2.3%

It is charge BLR+0% for first year, BLR+1.4% for 2nd year to 7th year.
Min loan tenure is 3 years and max 7 years.

Anyway, it is still cheaper than personal loan.

minimum 3 years ?? i thought u can do the early settlement for homeextra if you got extra money ?? !!

statistics have shown that there are more and more youth under 25 years old who apply for bankruptcy these few years due to financial difficuties which results from property loans.

so if you can't afford it don't buy or buy a cheaper one. spend within your means.

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Added on October 28, 2010, 11:03 amthere is always lock down periods for loans. banks of course want to maximise their profit on their loans. it's a business otherwise why they want to loan you money.

if you want to settle your loan prior to that of course you can, but the bank will want you to pay a certain amount of "fine". usually it's 5% of your total loan amount. read your loan agreement.

This post has been edited by rourou: Oct 28 2010, 11:03 AM

i would like to get hold of the statistic you had

the housing loan will not kill you, becos if you dun pay installment you also need to pay rent, plus getting help from FAMA bank is very valid to pay for housing needs

the one that kill you is credit card debt, personal loan

call my FM. i heard from radio.

i have a cousinswho had to apply for bankruptcy cause can't afford to pay housing loan. even when bank auctioned off their property (which depreciates from RM80k to RM30k) they still need to pay the RM50k difference which unable to do so, end up bank sues for bankruptcy.

i spoke with the bank officer which handled my cousins' case as well and they have advised that many ppl have applied for bankruptcy due to inability to pay loan especially in cases of multiple purchases and also cases of aborted development.