Recently I have been approved personal loan of RM27K. Initially I applied to settle off my PTPTPN black***t. But now I'm thinking of buying a property first, rent it out & use the rental money to pay for house instalment + ptptn bit by bit. But since I have never buy a property before, I'm afraid of ending up choosing the wrong property & end up in mess. Please all property expert here give me some advice in choosing a property. My preference is Ampang (Selangor) area, near LRT/public transport, near amenities, preferably below RM200K (condo) and size 900sf up. Prefer the monthly instalment to be below RM900. Moreover, I notice most of the properties in the advertisements are way too high than they're suppose to be. How can I negotiate on this prices? Can someone also enlighten me regarding the new 'My First Home' scheme launched by the government?

Personal loan...how much the interest? What is the highest rental yield you can get?

i dont think you have the ability to buy a house. Please remember that you still need to service this personal loan apart from the loan from PTPTN... I suggest that you pay off your PTPTN loan, pay your personal loan then only think of buying a house. With your personal loan and PTPTN loan outstanding, i dont think you will get approval also.

Using personal loan to settle PTPTN
-No, PTPTN interest 1% while personal loan 8 to 12%, why pay more =.="

Using personal loan to buy property
-No, you will end up with more debt very easy as you have not much experience with property. Personal loan installment + mortgage loan installment + PTPTN = how much of your salary? If your income is ok, why not save up more and buy property with cash for deposit. It's not easy to get a good return rental from property with RM200k+-. (If you really found it, then go for it. If not, better don't)

My first home scheme, I think you are not entitle to get it as your salary should be more then RM3000 (since you get RM27k of personal loan)

My 2 cents.

Using a loan to pay another loan.. Not advisable mate unless the ROI is sufficient to cover both loans with a little extra for yourself.

Totally agreed !! Just pay PTPTN whatever you have to pay up to date but not settle it unless you really got excess saving (not loan). Take loan to invest could end up with more debt unless you are really sure on what you invest could generate more than the interest. In property if you want to generate 8-12% from rental is tough.

yes, investment is not using other loan to pay other loan... if you are doing business then is different story since the money will come fast.. but investment need time. Forget it.. pay your loan..

I am just wondering why u take personal loan to settle ptptn? Even if you r blacklisted, I believe if you write in, you can pay at a much lower interest rate than your personal loan...

+1

personal loan interest prob wiped off all the benefits ...

Come on ts, take responsibility to clear d ptptn loan first, u r getting more liabilities...

IMHO... you are not ready for property... I suggest you settle off your personal loan first...

I am totally amazed by your decision! who taught you to get personal loan from BANK to pay off PTPTN????????????

my 2cents is, bring the 27k back to bank and return them before they start charging you interest!!!!!!!!!

I second this.

She said she was getting blacklisted. Maybe she didn't pay a single cent since the payback start.
If I'm not mistaken, once u get blacklisted by PTPTN, they will require u to pay one lumpsum and can't nego anymore to pay monthly, else will be facing legal charge.

Write in to PTPTN to take you off the blacklist and show good faith by paying your PTPTN loan now, return the 27k personal loan before they start charging you interest, and withhold any thoughts of getting a property until you have enough savings.

You sound like a recipe for bankruptcy in the near future.

Buy stock lah....now market down already...

Hehehe, u want her/him to go holland is it?

why u take loan for another loan? its suicidal..

if ur house is a big mistake? den u will straight away 14th floor man.. seriously speaking here

hahaha...take personal loan to settle PTPTN...

nice try.........

he must be failed in math or financial subject........

take personal loan for downpayment!! bank will not approve your housing loan unless you have huge monthly income.

I second this too...

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Added on March 16, 2011, 10:47 amCan write in to PTPTN one... Just appeal... Where can get such amount to pay up PTPTN? If she can think of 27k to invest in house, it means there is a chance to appeal to PTPTN.

This post has been edited by yeowa: Mar 16 2011, 10:47 AM

go negotiate with ptptn.
tell them you are sincere in repaying them and resume monthly installment or salary deduction. am sure they are more than happy to accept it.
as for personal loan, never touch it unless absolutely necessary. if i were you, tell them you are no longer interested in the personal loan. "no, thank you". and just walk away. do not accept their approval.
nowadays, banks are doing one hell of a job to make average joes and janes higher in debt. not a month go by without a banker calling me to accept their pre-approved personal loan!

I doubt how come you can get a 27K loan fm the bank. It's not a wise idea paying PTPTN loan using the personal loan. I suggest you don't take the personal loan to settling your debt or as downpayment of your house until you really can afford it.

how if she already took the personal loan and bank already disbursed to her?

on top of the PTPTN,

TS, its not easy wat u think with rm27k, then you can get any condo that 900sq up, somemore near Ampang area, i can tell there is NO WAY with your rm27k,

let's talk the fact, i assume very old with 500sq/ft which might cost at least rm300k (i assume in low side), already cost RM30k + 15k legal fees? = RM45k. How about renovation a bit?

above still not consider your monthly commitment, loan can be approve and etc...

thus, its not so easy as what you think...

better reject the personal loan....

PTPTN 4% --repayment 15 yrs vs Personal loan (8-12%) --repayment 3 yrs??

Apa logic ni??

you're really daring. ptptn don't want to pay, trying to use personal loan to pay it yet now thinking to use the money for property.

better return back your personal loan, appeal to ptptn, start paying them monthly without fail, and try to do some savings.

no need to think about buying property.

I wonder his income - his liabilities now will get any approval for any housing loan.... dun tell me his monthly income is 10k while not able to pay ptptn <300rm every month untill blacklisted...????


I wonder is this a true story? or just simply jokes to draw attention..... =.=lll fooling forumer here???

A piece of advice before you will find yourself in AKPK instead.

Return the personal loan immediately, PTPTN resort to blacklist because you choose to ignore and avoiding them for a long period of time and unless its due to some technical issue then serve you right. Pay what you have given.

Don't even think of buying a condo because the startup cost is high. With 27k for deposit, snp, loan legal and stamp, you only able to get a rm130k condo at most.

This post has been edited by seydee: Mar 16 2011, 12:03 PM

strongly agree with few replies here.
1. return the money to the bank before they start charging u interest
2. start paying your PTPTN on time.
3. start your saving after all settlements.
-----------------------------------------------
otherwise, increasing liabilities will lead u to ''holland''
we don wish to see someone doing bugggie jump from high building again.

Can still pay monthly. Mst show sincerity and don't skip a mth or 2. Then they will consider to take you down from the list.
Btw, TS never reply also. Is this a joke thread?

totally agree !! this should be the step of getting out rather getting deeper....

write to PTPN and visit them and make your repayment consistent for few years and I think they will agree to take you out from blacklist (Depends on how long they wan to see the transaction...but since you have the background d....dun get it black list again or else u lost all ur creditability from them and once get blacklist you will blocked at imigration counter from going out boleh land !)

she will most likely login tonight only...

give the lady a break, u all sound like radio advertisement
now, ts, indulge to electrify urself, make it sexy! then rich guys come knocking on ur door
after tat, semuanya ok

That doesn't sound very constructive

u mean yourself?

haha.. okok, u all can continue to be radio advertisement

not a bad idea actually.

yes better pay the ptptn loan

what's your suggestion then?

invest in oneself, go taiwan/ s.korea, do plastic surgery & look like kim kardashian
then go pavillion, buy all those branded stuffs, go the sultan lounge & wear super low cut
when anyone ask anything, jus say, your room or mine?
p/s those anti materilistic forumers gonna flame me okok, its just a suggestion & no need take it up

great idea... damn mean... i get your joke... lol...

This post has been edited by yeowa: Mar 16 2011, 03:48 PM

no offense intended, need move this to kopitiam

From your post, this is what I gather:

1. You are young (mid 20s), just started working, with quite a good salary hence can get personal loan of RM 27k. Normally, banks give personal loan up to 10 times salary so I guess your salary is around RM 3k a month. Not bad.
2. You don't need a house for own stay, so most probably you are staying with parents. The property you want to buy is for investment only i.e. rental now and later for capital appreciation.
3. So far your only debt is the PTPTN loan and even with this loan, you can still afford a monthly payment of RM 900.
4. No car loan, so this is not your priority - probably you are using public transport to work, car pool or using your parents' car. No issue here.
5. Looks like you have loaded parents since you don't worry about lodgings or transport.

What's best for you? This is what I would do if I were in your shoes :

1. Return the RM27k personal loan to the bank - not worth taking this loan as the interest is very high maybe BLR+x%.
2. Buy a condo in Ampang area for around RM 200k. Looking at this forum or iproperty.com, I can see many condos going around RM 200k giving good rental. Try Axis Ampang, you probably can get a SOHO unit (550sf) for around RM 220k subsale and rent it out for RM 1.5k-RM 1.8k. (Got some forumer here even rent out for RM 2k/month but let's be conservative).
3. Taking a 90% loan of 220k (i.e. RM198k) with BLR-2.3% for 30 years, you pay only about RM950 per month, well within your salary of RM 3k. The 10% down payment + related payments e.g. lawyers fees will come to about RM 30k so I suggest you get this from your savings or an interest free loan from your loaded parents. Or take a 100% loan for RM220k (My First Home Loan Scheme from any participating bank - most major banks participate) with monthly payment of around RM 1050.
4. With rental of RM 1.5k-1.6k per month, after deducting monthly loan repayment of RM 950k and monthly maintenance fees (say RM150), you still have a positive cashflow of RM400 to do as you please or maybe to pay back your parents. Even if you have zero cashflow after paying your parents, what the heck...you still have the apartment and increased equity in the apartment every month.
5. After 4 or 5 years, when the value of the condo appreciates and you have been promoted (maybe earning twice your salary now), you can sell this condo and use the returns + your increased credit line to buy that RM 1 mil ringgit dream house which you want to settle down with your future husband. You'll still be young then to enjoy life to its fullest.
Good luck!

Great advice in detail. So still no need to pay PTPTN? Hehe

within a day she post, already reach 3 pages...
why everybody so kan cheong?
sounds like everybody ignore her question and keen to advice her..
hahaha.. where is the tread starter now???

honestly, the scheme doesn't work for a person who hav earning 3k per month with no other loan. and u having ur personal loan somore...
i think government is making more n more youngster fall into their "fairy tale".
i believe she is not the only one who think this way. js wait... few more yrs we can find many house/apartments under AUCTION sign jor.

This post has been edited by totila: Mar 16 2011, 07:57 PM

I totally not agreed what you said. He/She is very fresh in investment world. From what he/she ask, what he/she did....very clear that he/she is totally got no investment intelligent. Long way to go......
I suggest he/she need to return the money to bank, borrow money from parents to settle your PTPTN, then consistenly return the money to your parents monthly. After few years when your salary is better, investment knowledge improved....then only think about investment.
Besides, please consult financial consultnat at the current moment to find the best solution.
Good luck!

Our gov't = phail gov't

Yes, you are right, she is very fresh in the investment world and that's precisely why she is asking those who are more experienced for advice here.

IMO, there's no reason why she should not start investing with a salary of RM 3k , paying RM 1k per month for the loan and getting +ve cash flow some more. Further more, this is investing and not speculating and well within her means.

When I was 28, I bought my 1st house for RM 110k. My pay that time was RM 1.8k and I was paying a monthly instalment of RM 635 for the housing loan. I rented out the house for RM 750 to a multinational company which rented the house for 10 years. So, every month I got +ve cash flow of RM 110. Then, I sold the house for RM 230k and bought a RM 1 mil semid in Setia Eco Park. By patiently investing, I managed to buy a RM 1 mil house.

So, my advice is based on my own experience. It's ok to invest even when still young and earning peanuts as long as it's within your means and can earn some +ve cash flow. The challenge is to look for affordable property which can give good returns and this is the advice TS is looking for.

bcoz everyone see d same thing, TS want to make a suicidal move, so we better help ts to avoid that. Loan to cover up loan, lolz its like a story i read on newspaper, a person that hutang to along, borrow from another along to settle it, later borrow from another along, along and along. do u know how much he endup with? haha but like always, hutang sana sini, go gamble, later all run to police n newspaper and make sad story.

what to do.. government offer 100%loan to these ppl wor, sounds like anybody can js buy a house like buy a handphone in lowyat. if i'm below 3k and newbie to the prop, then ppl keep saying "wahhh i made 200k within a yr of selling my prop, now is the best time to get into prop market!" then the greed frm ur heart would start tickle ur brain... then the size of the brain will start squeezing itself into bird shape..

why did you apply for personal loan at the first place? this is the thing with people nowadays. take loan as if they get free money. you still hae to finance that personal loan! and your PTPTN as well (black***t or not).

may i know who the donkey's heaven to take the personal loan to pay off the low interest PTPTN loan? p/s: my friend kena tahan to go overseas because PTPTN not paid.

hahaha ... sulifeisgreat ... you have been flamed!!!

radio ads continued: personal loans add to more personal debts (and high interest ones under current environments), restructure and move on.

Thanks for the advices & teguran membina.. hehehe.. especially to baharinsav62 with the long detail reply. U're correct.. For the rest, in case you don't know, for PTPTN blacklisted interest can reach to 8%-9%, they are going to CTOS, LHDN & EPF to do all they can to find the borrowers back, and when that happens, no more chance to buy property next time... And, FYI the loan actually under my good sister's name who works @govt sector & the interest is less than 4%. So please dont think I didn't do my math in this, OK...

About the property, thank you for the advices, I was ONLY just thinking about it, not even serious to take that risk. Only ask in the forum curious of what are the real risk involved if I really do it. Of course la I'm gonna pay for the PTPTN & settle my loan within a short period of time.

Hayaa... why so serious? Someone think that someone gonna jump off from building..

This post has been edited by jessecca8600: Mar 20 2011, 02:05 AM

hei, i thought u bought semi d in ambang botanic 2? or u bought both ambang botanic and setia eco park. rich man!!! by the way,ur advice is good. mind to reveal ur age?? i doubt i can do the same with u, my 1st house was bought when i was 29... let's see wat happen after 10 yrs. are u invest in only 1 hs or several house??

uh... why is thread even still alive

This post has been edited by ydingo: Mar 22 2011, 06:27 PM

lol, 14th floor, i scare u still breathing when u reach ground floor, take it to KLCC better, 100% works

27k
can buy property in KL ah
Rawang maybe
if not bukit beruntung

Be realistic
you are not ready yet
friend

sorry

Why do you need to buy a 1M dollar semi-d house btw? Is it because you have huge family, i.e. 6-8 members?
Wouldn't it be more worth investing if you purchased 2 terrace link, or probably 2-3 condos for positive cashflow anf capital appreciation?

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Added on March 23, 2011, 10:19 am27k, you could still pay booking fees to purchase a house/condo.
Why not? If TS has 3k salary per month, I don't see why TS couldn't purchase a 200-250k condo or apartment.
The loan instalment for 30-40 years are less than 1k.

This post has been edited by HappyA_Q: Mar 23 2011, 10:19 AM

Pardon my ignorance, but as far as I know, there is no 200k apartment measuring 900sqf situated at Ampang NEAR LRT STATION.

Prices are NOT THAT CHEAP. If you are thinking of buying 2nd hand, thats a bigger mess because there are legal fee's etc.. not sure borne by who though..

DBKL flats!!!!
less than 100k can get