Yo guys. If you earn RM3500, realistically how much should you pay for your first house? Taking into consideration that you have no other commitments like car loan an you only have to pay for your Internet, rent and phone bills.

Or would you wait till you earn slightly a bit more then only buy a house.

rm1000 is ok

50% of your salary will do since properties price will always hike and un like other stuff which will price drop after purchase.

1/3 of your income I guess..

Buy for investment/rental income or buy to live in?

Btw, properties overpriced nowadays.

Buy for myself to stay. Additional room I plan to rent it out.

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Added on August 13, 2012, 10:24 amIf that's the case, maximum I can spend on a house is about RM300,000.00 or less right?

This post has been edited by SmittyUser: Aug 13 2012, 10:24 AM

1k monthly = 200 -300k

Dont be so naive. Better ask TS to visit Property section and ask there. many experts inside.

which "Naive" you mean ? i seen almost all the properties are hiking or slow hiking, never see anything like property price droping.
BTW, TS asking how much to put for house loan only rite ?
and you suppose to answer TS thread and question, or else just say duno. lol

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Added on August 13, 2012, 4:23 pmfew month ago i got salary like you and i able to take 400k loan + 10% downpayment
but it will be 40 years repayment + i am using around 60% + car loan of my total income.
the difference thing is i am going to rent out the whole unit >.< so if you plan to stay your self, 1.5k + rental for a room , u see you can survive with the remaining $$ ? if yes then you can go for it but before that just carefully calculate all your expenses and see how much you left. remember there are still MRTA and elect + water bill etc etc

This post has been edited by FishnChipx: Aug 13 2012, 04:24 PM

Does the bank use nett income or gross income for loan calculation?

1/3 car, 1/3 house

if my salary 2800 and i got vios, what house can i by?

usually,paying for the house is 1/3 of your salary

Actually I wish to gauge how much I should spend for a house and then see how much I need to pay per month for loan. And I forgot to factor in the MRTA until you mentioned it.

Also for your 400k house, how much did you spend in total including the 10% downpayment, legal fees, stamp duty etc? Would it safe to assume around 60k to 70k?? Reason I'm asking because I need to see how much I need to fork out from my savings for the initial downpayment.

1/4 is good, u have to remember the commitment is for the next 30 years, not the future few months, u wont know what might happen, so suddenly u need to get married or get a car or medical or anything, dont assume your life wont change.

Bank rule

if 1/3 of your income, need to pay for how long?? 50 years?

the property price when i purchase was 440k, then take 90% loan, downpayment + lawyer fees is around total 50k + -
so, if let say there is problem where the bank rules not allow you to loan so much, you can try to take the loan with join name account, example with one of your parents, spouse etc and see how banker's advice ^^ anyway, i loan 404k total and 40 years repayment, permonth is around 1.7k already.. lol

i planning to buy this 2 room flat, near seksyen 1 wangsa maju, 5min walking distance to lrt wangsa maju. cost around RM120k.

I planning to buy it, as it got 2 room, i want rent another room. should i go with this plan? The room rental rate is around Rm250 here.

Me only 22, and my gaji bersih, let say Rm2.5k (after epf/socso/bike loan).

1/3 of your salary

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Added on August 14, 2012, 2:20 amgo property section

This post has been edited by aaronsuarez95: Aug 14 2012, 02:20 AM