Mar 24 2011, 12:00 AM
QUOTE(clivengu @ Mar 23 2011, 11:33 PM)
First of all I think this topic is a bit cross related between Property+Finance+ Business. But I decided to post in property talk because the main concern is about the requirement to have my housing loan approve by the bank.
Here is my situation:
I am planning to get a condo/studio within this year. Somewhere around rm 250k -350k (max). I try to keep track on a few newly launched properties, those which will only be completed in 3-4 years later. The problem i foresee now is with my housing loan, even if I am able to have enough down payment.
I am a self-employed for 3 years now, providing ID & 3D visual services. I only registered my sole proprietorship company April 2010 (1 year old).
I have opened my Current account for about 10 months. Ever since most of my income are banked in to that account. Expenses are then transferred to my saving account directly.
My problems are:
1. I do not have a fixed monthly "salary" or any similar records. My company transaction is inconsistent every month...
2. I do not pay my EPF (ever since I work by myself)
3. I have never pay my TAX!!
Housing Loan Requirement:
I have a brief talk to Maybank staff at Mapex. This is what I find out:
1. Income Tax x 2years
2. Current Account x 6 months
3. Borang A/B
For Item 2, I definitely have no problem. I am not too sure what Borang A/B is even after I read KWSP pagethis:
For Income Tax, can I just report any amount for the last 3 years??? And for the first 2 years I do not have the company name. Can I still report my income? And as for EPF... will they look into those when consider approving my Loan?
I have another question. Is it even advisable to use my company account to loan ? Since I do not have monthly salary and record.. or should I start having a system where monthly i get my fixed salary to make thing easier?
My current Loan:
1. Car Loan (total 9 years. payed almost 4 years)
2. Parents House loan in hometown (30 years. with my sister & my name. payed 3 years)
All my questions all related to one purpose= to get my housing loan approved.. Can anyone please advice? perhaps there is a better way? Thanks a lot!
Sole prop is not a company. By borrowing as sole prop is the same as using your own personal name to borrow. You might be lucky in that the government is encouraging people to own their first property. For property less than RM220k and your earnings must be less than RM3k. Personally you should start preparing ground work right away. First to pay EPF as a self employed. At least you got statement from EPF stating how much put in each month. Then after 12 months, you should be good to go.Here is my situation:
I am planning to get a condo/studio within this year. Somewhere around rm 250k -350k (max). I try to keep track on a few newly launched properties, those which will only be completed in 3-4 years later. The problem i foresee now is with my housing loan, even if I am able to have enough down payment.
I am a self-employed for 3 years now, providing ID & 3D visual services. I only registered my sole proprietorship company April 2010 (1 year old).
I have opened my Current account for about 10 months. Ever since most of my income are banked in to that account. Expenses are then transferred to my saving account directly.
My problems are:
1. I do not have a fixed monthly "salary" or any similar records. My company transaction is inconsistent every month...
2. I do not pay my EPF (ever since I work by myself)
3. I have never pay my TAX!!
Housing Loan Requirement:
I have a brief talk to Maybank staff at Mapex. This is what I find out:
1. Income Tax x 2years
2. Current Account x 6 months
3. Borang A/B
For Item 2, I definitely have no problem. I am not too sure what Borang A/B is even after I read KWSP pagethis:
For Income Tax, can I just report any amount for the last 3 years??? And for the first 2 years I do not have the company name. Can I still report my income? And as for EPF... will they look into those when consider approving my Loan?
I have another question. Is it even advisable to use my company account to loan ? Since I do not have monthly salary and record.. or should I start having a system where monthly i get my fixed salary to make thing easier?
My current Loan:
1. Car Loan (total 9 years. payed almost 4 years)
2. Parents House loan in hometown (30 years. with my sister & my name. payed 3 years)
All my questions all related to one purpose= to get my housing loan approved.. Can anyone please advice? perhaps there is a better way? Thanks a lot!
Otherwise use the old trick of pledging FD, if you have.
Quote
0.0168sec
0.86
6 queries
GZIP Disabled