Thus this include renovation loan? cause the interest rate is different.

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.

WOW thank you for your super detailed reply! I have some questions:

You said that i can go to different bankers of the developer's panel bank, and still be entitled to free legal fees etc (the developer offering legal, s & p, stamp duty etc all free)? I am in Ipoh, won't it be troublesome to get a banker in, say, kl? I kinda assume all the bankers/brokers in this thread are from kl, haha.

The house I'm planning to buy is still under construction. But RxB's system said that it is already completed and CF obtained, because one row of the project really is completed this year. The row i'm buying is still under construction. What difference does this make?

You said that you are a mortgage broker. Does that mean you apply for loans on purchasers' behalf? Is that possible? I thought we need to sign the application form?

Again, thank you so much, Faiz!

Hey guys,

Hong Leong Banker here if anyone needs assistance on housing loan and packages

Do drop me a PM if interested!!


Cheers!

Are you a mortgage officer from alliance bank ? Do you have any experience on business premises financing ?
The agent i have consulted seems like lack of experience and the feedback the person giving was not promising at all, as if he not interested explaining my query. Not really understand my concern, first did DSR calculation based or refinancing method where i clearly said i am doing subsales. Then asked to calculate for subsales, later said i am eligible. When i enquire about full flexi terms and condition she sent below snap shot. But still not convinced not sure business premises really have such package or not.

HE could have sent me "HOUSE LOAN" terms and condition , because previously wrongly said can give BLR-2.4. Then i enquired again later saying BLR-2.2... So he himself was not very sure about the product and the rates they offering... I requested for one to one session no feedback though.. FRUSTRATING.



Here is TERMS & CONDITION ftrom ALLIANCE BANK for fullflexi account. They call it SAVELINK TERM LOAN ACCOUNT linked to SAVELINK CURRENT ACCOUNT

however when i checked at their online website for the package it says TERM LOAN + OVERDRAFT... does it serves same purpose like fullflexi ?

According to snapshot sent by mortage officer looks like no hidden charge, capping or minimal balance. But i still do not understand why that person never take snapshot of single photo from clause 4 to 5, instead of sending part by part. Something smell fishy...

Do you guys understand what that terms talking about, do you feel the same way i felt ?

Hello bro, do you have any experience on business premises financing ? I am really fed up with lack of experience mortgage officers. You can read my previous posting on my experiences. I have approached

HSBC, MAYBANK, PUBLIC BANK, AMBANK, HONGLEONG, CITIBANK, STANDARD CHARTED, ALLIANCE BANK & CIMB

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..

Hi Bro, i am seeking loan for shophouse property under individual title . Not for business loan.
Seems you giving free consultation and applying loan behalf borrowers, do we required to pay you ?
If you say taking commission from bank after loan disbursement, is that amount will be charged in our loan ?

if loan 500k, lets say your commission 2% means around 10k bank pays you and does that amount get deducted from our loan ?
or is it merely works like typical bank mortgage officers who get commission based on number of loan application they make success ?

This post has been edited by GHOSTVIC: Nov 28 2014, 03:49 AM

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.

I understand diff. bank has diff. DSR% based on diff. salary range.
Any banker/agent can share DSR of banks under your coverage?
Appreciate a lot.

This post has been edited by propusers: Nov 28 2014, 10:10 AM

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 friend who works at RHB said that if it is considered completed, the bank will have to do market valuation. Does this mean that the loan process will be slower and I would need to pay extra for the valuation report?

How fast are your services? But then, if the banks didn't give good rates and customers didn't select to go for the banks' offers, you wouldn't get anything at all?

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.

Thank you for the detail answer.

Hi Wild Card,

I was wondering if i become someone's guarantor for hire purchase, would it be recorded in CCRIS?