Bank will recognize your core income (RM 2900) as your side income RM 7,000 is greater than your core income. Unless you declare income tax for at least 2 years for side income or with EPF contribution. Then bank may accept the side income.

If base on current DSR, please find loan eligibility as below.

DSR
60% : RM 367,665.13
65% : RM 398,303.89
70% : RM 428,942.66
75% : RM 459,581.42

Different bank will have different DSR calculation.

Depending on which bank and what income document you submit.

If you're submitting core income with 3 months pay slips and bank statement, then your additional income document must be provided with 6 months payment voucher, 6 months bank statement with 2 years income tax declaration. Your side income solely shall declare at least net RM 6288.33/month

If you're using income tax for your application, your declaration shall be (core income + side income) x 12 months

This post has been edited by ngph988: Apr 9 2018, 06:58 PM

Yupe, quite good rate. Perhaps you may compare the features between MRTA and MLTA

Mortgage Reducing Term Assurance (MRTA)
- Protection reduces from time to time. Til end of loan tenure, protection will be nil
- Lump sum premium
- Optional to finance into loan
- Beneficiary is bank should you finance MRTA into loan as bank will be the payer of policy
- On the estate planning, MRTA payout on death benefit/total permanent disabilities will solely depending whether you have written a will or not.
1) With will, payout usually will take 1-2 years.
2) Without will, it will take 2-4 years, or even longer (depending on your family tree structure)

Mortgage Level Term Assurance (MLTA)
- Full coverage against mortgage til end of loan tenure.
- Progressive premium
- Self paid, not able finance into loan
- Beneficiary is next of kin or any nominees.
- On the estate planning, MLTA payout will take 7-30 days upon submission of death certificate and other supporting document.
- You will receive cash value upon maturity of MLTA.

MRTA & MLTA is to against death or total permanent disabilities (TPD). In addition, you may add 36 critical illness as a rider/feature in MLTA.

Maybe you can try around HLB, CIMB, MBB, Affin for the rates. Of course, subject to approval. The range should be 4.7% to 4.95%

You may negotiate with seller on selling price since market value reach between 450k - 500k.

Do take note that mark up loan is against bank's policy, bank reserved the rights to clawback the facility should bank discover such conspiracy.

I think is best way to speak with oern first before you proceed with your plan. If owner disagree, what you have planned won't be materialize.


I think we as mortgage broker should educate netizen what's right to do, instead of the opposite. I suppose your nemesis greateasterncaleb is reporting you. Just saying

This post has been edited by ngph988: Apr 12 2018, 04:56 PM

May I know the following details from you

- Nature of business
- Income tax declaration for last year

your DSR, which determined by your (existing bank facilities + new commitment)/net income.

New commitment refers to new housing loan commitment where you may customize the purchase price, margin and loan tenure. All these factors will affect your monthly installment. My suggestions will be taking full margin 90% of purchase price and maximum tenure. This will lower your monthly installment. On the other hand, place in extra money to loan account in order to save up interests repayment.

For your income document, you may consider yourself as freelancer, getting 6 months payment vouchers + 6 months bank statement + 2 years income tax to derive. Bank may request your company bank statement to justify your average turnover for past 6 months.

If you were to channelize your money (300k) to loan account, some bank only accept 70% of principal repayment.

This post has been edited by ngph988: Apr 21 2018, 03:06 PM

Perhaps you could try MBB and RHB, their rates are quite good actually. Given your DSR and scoring are within their guideline.


What's the purpose of refinancing?

- Cash out
- Reduce interests repayment
- remove quota from CCRIS.

I'll need following details to simulate loan eligibility

- Property market value (estimation)
- Any individual/strata title received?
- Property charged to which bank? Outstanding amount
- Single name or joint name on SNP and loan
- How much cash out amount expecting

Will need info below for loan simulation. If you're looking for secondary/subsale market, valuation is require bank to understand the market range of property.

Yes, Bank always reserved the rights to adjust their rate at their discretion. Eventually your effective rate will be increased.

1. Hong Leong offer the lowest rate which is 4.45 % compare to other banks, would like to know is this the best rate in town ? Can still appeal to lower the rate ?
- You may try other bank like PBB to appeal for better rate, given PBB is panel to that project. If is subsale/secondary market, it will be free for all to apply any banks at your preference.

2. Maybank banker told me becareful on Hong Leong as Hong Leong offer lower rate for first few years and will increase the rate after few years even the OPR remain unchanged. Would like to know is that true that Hong Leong will increase the rate after few years or Maybank banker just simply say and wanna get my sales ?
- The main reason is because Hong Leong Bank is introducing tier rate. Fixed rate for first 24 months and Effective Rate for subsequent months. Hence, MBB banker trying to say that once the loan is after 24 months, it will fall to higher tier rate. But every banks in market will have chances to increase their rate from time to time. If you deem HLB offer is better than MBB at this present, you may consider to take up HLB offer.

This post has been edited by ngph988: May 4 2018, 03:39 PM

Bear in mind that PBB will revise your interest rate should you missing one month payment on your housing loan. Choose wisely

May I know your house is a pure wooden house or a semi wooden brick house or your renovation, most likely valuer will not recognize interior and exterior renovation since there's no PBT approval. Hence, the market value will be rather lower.

You are looking for refinance or selling the property?

I will need the following info for valuation purpose.

Property address
Property type
How many storey (for landed)
Master title / individual title / strata title
Freehold / leasehold
Build up / land area
Renovated area + total cost
Type of land (Residential/Commercial/Agricultural)
Land Usage
Any land restriction (Malay Reserved Land, Bumi Land and etc)

Please find loan eligibility as below.

DSR

70% : RM 480,854.23
75% : RM 528,980.85
80% : RM 577,107.48

Different bank will have different DSR calculation. From what I'm looking here, either your application will slash margin to 70-80% margin or failed scoring due to fresh employment. Best to secure your loan probably is joint name application. Any family member/spouse with at least 2 years employment history willing to join as co-applicant.

You may provide professional certificate and liquid assets to boost your personal scoring. God Speed to you.

Hi,

Sorry for late reply, recently engaging cases on hand. For your questions, yes. For your auction property, just need to indicate the chargor's name(s) in booking form/POS.

For instance,

SNP : A/B
Loan : A+B

or

SNP : A+B
Loan : A/B

However, not alll banks practice third party application. Different bank will have different risk assessment on third application. Do consult bankers/brokers prior to place booking. After all, the 10% deposit may forfeit.

Bank will have property negative listing, bukit antarabangsa is one of the famous negative listing among the banks. However, there are exceptional cases been made, case-to-case basis. Basically bank will base on location of land slide, which require valuer to support.

You may provide address and I will consult valuer if they are willing to support for bank financing.

There is a promotional rate ongoing, as low as 4.40%, 85% loan margin and 25 years tenure. Of course, subject to loan size.

If you are looking for working capital, they may provide 15% margin on top of term loan under company entity.

This post has been edited by ngph988: Sep 14 2018, 01:07 AM

If you have existing property (with SNP and title indicated your name in Klang valley), yes you are not eligible for first home scheme. Please find the criteria in order to eligible for first home scheme. My Webpage

Qualifying Criteria
Eligible Borrowers
Must be a Malaysian citizen
First time home-buyer
Individuals up to age 35 years
Single borrower gross income not exceeding RM5,000/month and joint borrowers gross income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per borrower)
Repayment of total financing obligation must not be more than 60% of the net monthly income or maximum financing limit of the participating bank, whichever is lower

Eligible Properties
Residential properties located in Malaysia
Minimum property value of RM100,000
Maximum property value of RM400,000
Owner occupied (buyers are required to reside in the property)

Financing Requirements
Financing tenure not exceeding 35 years, subject to borrower’s age not exceeding 65 years at the end of financing tenure. Revised maximum tenure is in line with BNM's ruling announced on 5 July 2013
Amortising facility only (no redrawable features)

On financial planning, you are advisable to get a full coverage for 35 years tenure (either MRTA or MLTA), depend on your financial status.

If you are looking for pure coverage with reducing term, MRTA is your choice. MLTA will give you full coverage for 35 years + cash value (investment linked insurance) hence you will get rebate of premium paid upon maturity.

This post has been edited by ngph988: Sep 20 2018, 02:25 PM

Will require you to provide company registration form, 6 months company & personal bank statement and 2 years income tax to justify source of income. After all, you are under financial institution hence liable for Anti Money Laundering Act and Financial Service Act 2013 compliance.

I done once before but that applicant was a trader under a futures broking company.

approximately 70-85% depending on your type of income

Mainly bank will request for 3 months pay slip of current company + additional 3 months of previous company pay slip to justify your income range and jobscope.

Then, system will conduct a scoring assessment to determine if you are favorable/least risk to the bank.

Of course MNC carry the weight but also subject to the nature of business of MNC.