Salary RM3500; how much should you pay for a house, Realistically?
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 Aug 13 2012, 09:41 AM, updated 14y ago
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#1
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Junior Member
10 posts Joined: Aug 2012  
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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. |
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Aug 13 2012, 10:12 AM
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#2
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10 posts Joined: Aug 2012
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QUOTE(Morpheus2be @ Aug 13 2012, 09:50 AM) Buy for investment/rental income or buy to live in? Buy for myself to stay. Additional room I plan to rent it out.Btw, properties overpriced nowadays.  Added on August 13, 2012, 10:24 am QUOTE(FishnChipx @ Aug 13 2012, 09:45 AM) 50% of your salary will do If that's the case, maximum I can spend on a house is about RM300,000.00 or less right? since properties price will always hike and un like other stuff which will price drop after purchase.This post has been edited by SmittyUser: Aug 13 2012, 10:24 AM |
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Aug 13 2012, 07:32 PM
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#3
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10 posts Joined: Aug 2012
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QUOTE(FishnChipx @ Aug 13 2012, 04:18 PM) which "Naive" you mean ? i seen almost all the properties are hiking or slow hiking, never see anything like property price droping. 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.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 Added on August 13, 2012, 4:23 pm few 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 etcAlso 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. |
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Aug 14 2012, 07:39 AM
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#4
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10 posts Joined: Aug 2012
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QUOTE(FishnChipx @ Aug 14 2012, 12:57 AM) the property price when i purchase was 440k, then take 90% loan, downpayment + lawyer fees is around total 50k + - Thanks for your feedback. Your input will be a great benchmark / reference point. 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 anybody got something similar to share? Thanks. |
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Aug 16 2012, 08:51 AM
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#5
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10 posts Joined: Aug 2012
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QUOTE(deadboy 164 @ Aug 15 2012, 02:05 PM) Just saw news from 东方日报。 RM7000 to buy 450-550k house. Every month pay RM2000. But that's because family have more commitments right? Like children's welfare, education, etc.They said if the family spend banyak 1 then cannot tahan also. |
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Aug 16 2012, 12:08 PM
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#6
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10 posts Joined: Aug 2012
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QUOTE(cutejams2004 @ Aug 16 2012, 10:04 AM) my pay is approx the same, Ahh same as me. I've got no car loan, stay with distance relative but I pay them monthly rent small amount. Got cc but pay on time. The rest is just bills like phone and maxis broadband.Loan amount: 350K; MI: 1.8K; 30 years tenure no car loan though...got cc, but clearing it up |
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Aug 18 2012, 04:47 PM
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#7
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10 posts Joined: Aug 2012
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QUOTE(gheyfriend @ Aug 17 2012, 11:53 AM) TS...u got 30k cash or not for downpayment? and you need further 10k cash for minor renovation...installment part, later u decide when the house ready Half of it yes. The remainder probably get parent to support a bit. |
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Aug 19 2012, 10:18 AM
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#8
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10 posts Joined: Aug 2012
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QUOTE(kenji1903 @ Aug 19 2012, 09:33 AM) that one of course lar, its call pushing your luck Yeah first house.but with 4k, your loan won't get approved... unless you have the balls to buy a few undercon in a single shot  TS is buying a first house mar? |
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