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Wan2buy HOUSE-Insufficient / Downpayment Handicapp, Other methods / solutions
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 Oct 27 2010, 08:56 AM
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#1
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Senior Member
1,479 posts Joined: Dec 2008 
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Oct 27 2010, 02:27 PM
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#2
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Senior Member
1,479 posts Joined: Dec 2008
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QUOTE(Adrian1981 @ Oct 27 2010, 02:08 PM) You can only use the money from EPF after you got the S&P (which means after you pay the 10% downpayment) ... Personal loan is a suicide advise to a person who already cant effort a 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   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~ |
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Oct 27 2010, 10:59 PM
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#3
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Senior Member
1,479 posts Joined: Dec 2008
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QUOTE(Adrian1981 @ Oct 27 2010, 02:46 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 ?? 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 |
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Oct 28 2010, 09:19 AM
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#4
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Senior Member
1,479 posts Joined: Dec 2008
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QUOTE(Adrian1981 @ Oct 28 2010, 08:45 AM) 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) !!!! pretty well considered then..Added on October 28, 2010, 8:51 am as 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 !! |
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