0% legal fees? If you are talking about financing of the legal fees into the loan, most banks can do it. But if you are talking about the bank absorbing the legal fees, I know of 1 bank, it's be a long time since I heard of this so they may have changed it - Bank Muamalat. However, the interest rates are higher than the others, and they will recoup their "loses" if you refinance/early-settle the loan within the 5-year period.

This is misleading btw. Forummers need to ask more questions for clarifications before believing everything posted here. Without any explanations, all these figures such as 130% MOF is useless.

The 130% MOF can be explained as 2 types of loan:

A. 100% (skim rumah pertama ku) + 30% renovation loan

- You are still responsible to pay off 2-4% legal, valuation, and stampduty fees (LVS)
- in most instances, you are still responsible to pay off 10% downpayment to the vendor, and OCBC will reimburse the 10% during the final disbursement of the loan to you

B. 90% (normal housing loan), + 4% (legal, valuation, and stamp duty fees) + 6% insurances (MRTA/MLTA by Great Eastern) + 30% renovation loan

- you are responsible to pay off 10% downpayment to the vendor since the so-called 130% loan does not cover the entirety of the cost of buying the house

I am a mortgage broker and I can give a more thorough as well fair comparison between the loan products. If you ask a GE/OCBC agent, I am sure you will only hear about the heavens and rainbow of OCBC HL, the same goes if you ask your questions to other typical one-bank agent/banker.

As mentioned above, and yes, the interest rate and tenure for the Renovation & Refurbishment loan is clocked at BLR - 0% at 0 years.

This post has been edited by wild_card_my: Nov 27 2014, 09:46 AM

Hello, I am Faiz Azmi, a mortgage broker. My services are free, I get my commissions from the banks. I have MBB, OCBC, HLBB, AMBank, and Alliance under my wing.

1. I have calculated your maximum loan amount in the chart below. Please take a look

2. Savings are fine, but without generating too much interest we will overlook them unless the case is very marginal, but based on the information you gave me, it seems like you are in a good financial state and shouldnt have any trouble applying for the loan.

3. Good to know that you are a good paymaster.

4. It's fine, not all banks require EF forms, for most, the 3 months payslip backed by tallying bank statement should do

5. Bank interest rates would depend on your credit profile and I would only know once you get your letter offers.

6. Not necessarily. If this is an under-construction project I also recommend that you go for developer banks (not necessarily their bankers, just the banks) since by going with these listed banks you can enjoy the benefits like free legals fees and everything else that may not be extended to non-developer banks.

Note that I mentioned banks and not bankers/brokers. That means it is fine if you go for the banker/brokers other than the ones that the developer may have referred to you

7. Yes, for housing loans, since it is based on reducing balance and the interest is calculated based on a daily basis, it is imperative that you take it for as long as possible. However when ever you have extra cash you could dump it into the housing loan account and enjoy savings EQUAL to the interest the bank is charging you.

For example, you have a housing loan balance of RM400k, your interest for that month is calculated based on RM400k. This year you get a bonus for RM50k, and decide to dump it onto your housing loan account. Your current housing loan balance is now RM350k, and your interest for that month is calculated based on RM350k!

Let me know if you need further clarifications!



This post has been edited by wild_card_my: Nov 27 2014, 12:27 PM

Anyone else looking for a service from a mortgage broker serving the banks listed below, you can call me as well at 013 369 3993

1. My services are free, I get my commissions from the bank only after loan disbursement, so I will try my best to help smooth the process on your side all the way until the loans are disbursed.

2. With the number of banks I have under my wing, you will not need to shop around from different bankers and agents anymore.

3. Different banks have different requirements, DSR, rates, rules, etc; I will also be able to advice you on the banks that you need based on your situation. In this case, consider the consultation as free

4. As it shown in the thread, I can be very detailed in my explanation. I will not be talking to you in terms of "special" this and "secret gift" that. If there is an offer or promotion, just ask and you would know.

Quite a bit, although I have to admit that the ratio between residential and business is about 5:1

As long as the applicant or the chargors are PEOPLE/Enterprise and not the COMPANY itself, it should be easy and similar enough. If you are the director of the company, likewise, quite similar to an employed applicant too except for the additional tax documents.

I wont promise that you will get what you want, but I can promise that I will work to my best ability for your application.

Quite a bit, although I have to admit that the ratio between residential and business is about 5:1

As long as the applicant or the chargors are PEOPLE/Enterprise and not the COMPANY itself, it should be easy and similar enough. If you are the director of the company, likewise, quite similar to an employed applicant too except for the additional tax documents.

I wont promise that you will get what you want, but I can promise that I will work to my best ability for your application.

1. Yes, you can go to the other bankers/brokers just like myself and still be entitled to the things that the developer are paying for, AS LONG AS the application are for the same banks empanneled for the project. These are the banks that I can do: MBB, OCBC, HLBB, AMBank, and Alliance and the bolded ones are empanneled to the project that you are looking into. As such, I will help you with those 2 banks' application

2. As for the convinience, I have served clients from Johor all the way to Sabah. I take it as part of my work travel. Plus, my job is to secure your loans, all the banking-lawyering will be handled by the people close to your location.

3. I am not too sure about RHB's system. But when buying an undercontruction house you would need to pay for the interests of the already disbursed amount according to stages (only the interest, you dont have to pay for the principal). But when buying a completed house, the bank would disburse ALL of money to the developer, this you would need to start paying both the interest and installment in full. But I am not sure how it will apply to your house, will RHB give the developer all the money although the house you are buying is yet to be completed?

4. Yes, that exactly is what I do. Instead of going to multiple bankers/agent, you could submit a case to me and I will help with the application to 2 or 3 banks that see fit according to your needs and situation. And of course, I need to see you for signing of the application form! I see my clients twice, once for the application form signing, the other, when they sign the Letter Offer (LO)!

No problem, let me know if you need more help or have more questions..

Hello!

1. The property you are talking about sounds easy enough to do, its not much different from application for residential since you are not financing it using a company as the chargor, although most banks are a bit particular about commercial units due to the fact that they can be riskier (not necessarily though, depending on location). And properties with individual titles are better in terms of security in the eyes of the bank vs property still under master title.

2. Free consultation makes me sound cheap (haha), but it's more like an encoupled service for the sake of future profits in the form of commissions from the banks. I like to keep my customers comfortable. As such, I will admit that there is an intention that I will help the prospects to apply the loans on their behalf, but like I have mentioned earlier, my commissions are paid after the loan has been disbursed, so I always have to try an extra hard from the point of application until the end.

3. My commission is paid without affecting the customers' loan amount AT ALL. Consider that the banks are employing brokers/agents to reduce their overhead, but in return they have to pay commissions for those who actually do work.

So let it be clear here, the rates, tenure, MOF, DSR that you qualify are the same for each bank regardless of applying through a broker such as myself or the bank's own banker. With me though, I try to personalize my service.

All is based on nett income that is after you deduct the statutory deductions such as SOCSO, EPF, and TAX, but inclusive of all you income such as rentals, dividends, bonuses, allowance, etc. For all the banks, anyone with income lower than RM3000, DSR = 60%

Here is the list, DSR vs nett income

OCBC

60% <3k
80% 3k-8k
90% > 8k

ALLIANCE

60% <3k
70% 2-5k
80% 5-10k
85% 10-15k
90% 15k

AMBANK

60% <3k
70% >3k

MAYBANK

-same as ambank-

HLBB

60% <3k
85% >3k


Don't forget to contact me for any of your mortgage, insurances, and investment needs. I am as helpful to you as I am to everyone on this forum!~

This post has been edited by wild_card_my: Nov 28 2014, 12:36 PM

My services are as fast as the banks and myself can possibly be. About 7 working days to get the approval (or not)

If valuation is needed, then it is important to know that the valuation has to meet the selling price otherwise your loan would be lower. Verbal valuation for the purpose of application is free, but actual valuation costs money around RM1k depending on the cost of the house.

And yes, in the end if the customers dont sign with me, I would be left with nothing. But that is not the reason to not continue working. We have to be smart, such as giving the best services. Some of my customers sometimes sign with me despite getting 0.10% better offers from other bankers and cited my services as the reason to signing with me.

No it won't. But in the event of a default by the borrower it will appear in the guarantor's CTOS

To be honest, as far as commercial loans are concerned, I am only focussing on Hong Leong commercial loans due to its more competitive package than the rest. As such, I may be able to generally answer commercial loan/mortgage questions, but product specific I only know a lot about HLB.

The fact of the matter is, once you do get your Letter Offer, you are free to read it to your hearts content, at least that is how I roll.

Anyway, as far as I know, bankers have other things that they are told to sell other than just housing loans, which includes their very own MRTAs. I guess that is why you get confusing product offerings. Although my sig says that I am involved in a lot of things, mortgage is the first on that list (see for yourself). Also, I've been very detailed with my explanations and have been pretty active in this thread, if you need some clarifications, just ask. And if I don't know about it, I will ask my handler before giving an answer, just like how Ive done in the my previous posts.

So, what do you have in mind?

This post has been edited by wild_card_my: Nov 28 2014, 10:43 PM

Did he specify why he didnt finance it for a maximum of 25 years? Would you have aged beyond 65 years old in 25 years though?

What kind of commercial property was by the way?

Well, are you still interested in buying the property? If you have other targets do let me know. Since this was going to be subsales, i dont see any reason for them to based the repayment on 20 years

Also, with banks like OCBC, for residential refinancing cases, the repayment period would still be a maximum of 35years vs 10 years anyway. Only the approval calculation is based on 10years, the repayment is based on 35 years

This post has been edited by wild_card_my: Nov 29 2014, 01:42 PM

Hi, I can help.

1. What do you have in mind? Is it a subsale or a project-launching property?

2. The only premier bank that can do zero entry cost is HSBC, but the rates are a little higher than the rest.

3. I recommend semi flexi because it doesnt come with the monthly cost of RM10 a month.

I'm a mortgage broker with a number of banks empanneled under our firm, I can help you manage your applications to a number of banks without the need to set too many appointments with too many people.

Have a good day.

Anyone looking for a service from a mortgage broker serving the banks listed below, you can call me as well at 013 369 3993

1. My services are free, I get my commissions from the bank only after loan disbursement, so I will try my best to help smooth the process on your side all the way until the loans are disbursed.

2. With the number of banks I have under my wing, you will not need to shop around from different bankers and agents anymore.

3. Different banks have different requirements, DSR, rates, rules, etc; I will also be able to advice you on the banks that you need based on your situation. In this case, consider the consultation as free

4. As it shown in the thread, I can be very detailed in my explanation. I will not be talking to you in terms of "special" this and "secret gift" that. If there is an offer or promotion, just ask and you would know.

Both Islamic AND Conventional mortgages from these banks: ALLIANCE | MAYBANK | OCBC | AMBANK | HONGLEONG

There are two ways to pull out your name:

1. Refinance the property so that it is under your brother's name only

2. Sell the property to a 3rd party, or change the owner ship of the property to your brother's only (still requires refinancing of the property)

So at the end, getting a new financing is still required.

Im sorry to say that the scheme is limited to those earning less than RM5000 gross salary for a single application, and RM10,000 combined for a joint-application.

Your husband is really cutting it close with the extra RM18 ... :|

This is more of a investment management question than a mortgage-related one, but i'll help.

1. By selling it off, you could earn about RM160k in cash, and will be free of any mortgages. This will enable you to get a bigger loan for your future landed house.

2. You never mentioned if you already have another house to stay that you have a loan with, if you do, and plus this condo with Public Bank, your landed house would be the 3rd house and will only be eligible for 70% magin of financin.

3. But you mentioned if it is better to settle it early, if that does not burden you financially, and you would like to keep it as part of your investment portfolio by earning the rentals and thus freeing yourself from the mortgage, this is one of the options you could take as well.

You can aim for RM1m house, but try to go lower as all approvals are subject to credit controllers' approval