The credit card stricter rules has nothing to do with property sector.
It intends to limit the damage that potential done on banking system as well as the bankruptcy rate is increasing at alarming rate.

Yes, for property sector, they need to limit the speculation activities, but the CC issue has nothing to do with this.

The 70% LV on third property has not been effective to curb down or cool down the speculation, but I personally do not agree on limit each person can have only 2 properties, this is overly.
Instead should set high booking fee needed, like at least 20-30%.
Some developers that introduce interest free scheme, 5/95 etc, is actually fuel the speculation. This has to be curbed.
The bottom line is every purchase needs to pay at least 20-30% initial booking fee, this is more effective to curb down speculation.

That is what I predict, Bank Negara will soon come out with rules for credit housing loan. Flipper will you please return your properties to developer because your salary not enough ah! Just Joking.

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Added on November 17, 2011, 10:35 amCan't pay la, it is we who will be paying later. EPF, or 1 Malaysia Fund.

This post has been edited by kelvinfixx: Nov 17 2011, 10:35 AM

Do you know such a thing call 0% BT?

imagine if you have 10 cards with 45k credit each. I know a few expert who use BT to buy prop, it is a superb leverage tool provided you know how to manage the RISK.

If you dunno how to play with fire, stay away as far as you can.

This post has been edited by KLsooner: Nov 17 2011, 11:04 AM

right... credit cards have a lot to do with prop gorenging - a significant contributor to the gorenging in the last 2 yrs...

many projects need 5 or 10% downpmt, then dibs... pay nothing until completetion. to goreng 5x200k or 2x500k or 1x1mil prop. all you do is swipe 2-4 cards 25k each. some even allow another 5-10% by installment over a yr or so.

some high risk takers use cards to goreng up to half a dozen, sell within 6m, get back 10% which is enough to pay off the cc debt, then roll over to another batch.

cash rich speculators my foot - all on debt wan - cc, overdraft, co. funds, fama bank... all of it!!

i thought most of the rich people in this world are heavily in debt
that is 1 of the reason why they got rich
the abilty to make more with less is by leveraging

yes i did it my self before.
if u cant pay back interest will kill u

easy mah. just get another card to pay for it. when due, get another card. repeat, repeat, repeat until you sell the property(s) for handsome profit.

This is called 10 woks with 9 covers.

The expert i know use BT for property rental play, not to flip. It is not as easy as you think, it involve very complex cash flow planning and manuver even I stay away from it.

Airline is right, a miscue will pile you up with interest payment.

u better get a banker friend (credit card department)to help u with balance transfer then

BT? bit torrent is it?

i think this is the hottest property forum at the moment.

Balance Transfer...

so it is using credit card la. very complicated meh?

You guys new to the credit card sector ah? BT? i have 3 cards 15k each you go try get another new one when all 3 having maximum credit. See you can get it approve or not. Adding on, if you want cards with 15k credit limit you need ot have the earning capability before you even get it in the 1st place. You can try using 1 card swipe it 15k 1 go and next thing try to go apply for a new one. Come and tell me whether they get approve or otherwise.

P/S: Even if th bank approve you will not be able to get 15k credit limit most likely you will be only getting 5k. Which happens to me previously. Been there done that. If you think it's as simple as that go ahead and do it. BT will be factor in as part of the credit which you have with the bank, and in the end you might not even get your loan being approve if you have high CC debts. You can do it to 1 or 2 unit if you like but having such CC debt you must have a steady income in the 1st place to begin with.

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Added on November 17, 2011, 7:03 pmHaha not too sure 30% or 20% but most ppl who can afford for 3rd home most likely will only need a minimum loan from the bank.

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Added on November 17, 2011, 7:10 pmYeah booking fee might help too. but 20 - 30%? nah that would never happen. Quick example to houses build by PKNS. If you know internal ppl you can book even without paying a single CENT. DAMN! To be honest i am quite furious knowing this but i do not want to debte much on the matter.

This post has been edited by kidmad: Nov 17 2011, 07:10 PM

people tell you facts, done it, yet you insist it's bs.
man, i wish you luck...

FACTs? fact or speculating even on credit card? I've been there done that and i even remembering i pmed airline on personal loan to CLEAR my credit card debts because i need my credit card debts to be free from the 15k credit which i owe the bank. I tried applying and they only approve credit card with 5k credit limit to me, reason being i need to clear off my old credit card debt. I ended up using my companies AMEX credit card for my business travel.

THATS A FACT.

to ppl like katijar saying that you can easily get a credit card and this cover that. Let me tell you right upfront, it would not happen. Unless from the very beginning you have the earning capability and you had taken 3-4 credit cards from the very beginning. Those earning 2-4k, you really think they would have that much credit limit? Those which already done BT, you really think they can easily get another credit card with the same credit limit? If it's so easy i would have been using it for my own benefit now.

This post has been edited by kidmad: Nov 17 2011, 07:16 PM

you keep talking about yrself. you have not idea what others are doing!
it's not my loss if you insist on this. good luck, again.

so do you even know what others are doing in the 1st place? You have not gone through that path and yet you wanted to comment as if you have done that. Those bullshit telling you that it's so easily done, have you TRIED it in the 1st place? Everyone here is talking about other, others and others. You see this guy how he laverage wah 10 credit card buy so many house sell. Another one come you see this guy borrow so much money ah this cover that that cover this. You guys are not only talking without facts, you do not even have such personal experience going through all these pain in the arse proceses. All you do is shooting point blank leading 1 sheep to a brain drain situation and 1 followed by another.

If you have failed to realise, i do not agree to ppl like ROY in how the way he invest infact it's not even going to happen to be honest but at the sametime i don't agree as well with ppl who come here and talk about credit card debt which is TOTALLY irellevant to the property sector. Talk about BT, TALK about 10 credit cards. You done a 15k BT before? Why not you try to do that first and come tell me what's stated in your CCRISS report.

This post has been edited by kidmad: Nov 17 2011, 07:27 PM

i have done it, paying relative education fees - systematic university - - 32k using 1 credit card. My limit is 35K. - on the same day. each transaction more than 10k. But bank officer called to confirm. I avoid issued cheque due to cc can collect 5x points that particular moment.

Bank now are desperate for money. They allow this now.

Your fact true maybe for some local bank or maybe 2 years ago.

2 years ago? It's only recently this year itself. 32k using 1 credit limit. Eh boss, your earning capability is high la. You can have another 32k credit card gores at no problem la bro. Unless you are telling me you are earning lesser than 110k per annum, then that would make me wonder.