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.

oh that is sad, looks like we need to earn our 10%

btw, with this kind of pay, what kind of house value can we get? we have rm1700 monthly repayment for car loan

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

Hi,

Any banker from Pbb, maybank and hl bank from JB area...pls pm.

Hi
its not a difficult question

1) 1St property joined loan with mine bro

1)This can be done by refinancing and turning it into the name of ur brother, this is what we call half share purchase. Then only ur name can be removed
or
If the property loan has been settled. Then you can just change pull ur name out with a new LEGAL CONTRACT. (EASIER)


2) Be a guarantor and purchase a property put under ur families name then u can secure 90% margin of financing!

The first home scheme is for people having trouble making monthly payment.

you guys seem having a healthy income.

Grossincome
10k for joint applicant only eligible

5k for individual borrower

so it seems u guys has srpass the cap limit.

just getting 90% margin finance will be great too.

and I can introduce you guys 130% MARGIN OF FINANCE

7 years appreciation from 180K- 300K . A total 66% appreciation yield.

Ur question is subjective to everyone, let me do the number for you.


2007 RM180K
-Loan 90% @RM162,000
-DOwnpayment @ RM18,000
-Installment @RM781 (X12months = RM9372)
-Miscellaneous LVS @ RM5,000
-Maintenance fees @ RM200/Month

-Total initial capital outlay @RM23,000

2014
CAPITAL GAIN @RM 120,000
-EQUITY @RM120,000 + RM18,000 = RM138,000 (IN THE brick)

U made a total RM138,000 in 7 years
COCR = (RM23,000+ RM9372X7) / RM138,000 = 64%
CONSIDER not bad for investment

REFINANCE the property


DO consider ur income eligibility for 10years DSR based on ur net income.
consider this ur 1st house, still eligible for 90% MOF

- Refinance RM300,000 X 90% @RM270,000 (new loan amount) - RM140,000 (outstanding amount)
- CASH OUT @RM 130,000
-REPAYMENT increase from @RM781 ------> @RM1302
-Equity still lock at @RM8,000

ASSUME the property appreciate another 10% at 2015 @RM330,000
-CAPITAL at equity RM8,000 PRofited at RM30,000 ( CAPITAL GAIN)

TOTAL ROI EQUITY OF @26%

not a bad investment.

CASH out amount RM162,000 can used to create income to purchase further property. (This one we leave it aside first, but 20% return on equity is good)


2. SELL OFF THE PROPERTY

-Sell at RM300,000 - (RM180,000) =@RM120,000
-AGENT,lvs, Misc = RM 12,000
-Balance profit RM 108,000 + Initial capital RM 18,000 =RM126,000++ CASH OUT APP
-NO RPGT SINCE 7 YEARS PROP
-Benefit to free 1 quota of house purchase.

Lets say you use this money to purchase a property at klang valley area goo quality property RM500,000 / 800SF
-Down payment @RM 50,000
- Early bird discount 5% RM25,000
-BOUGHT 2 unit
-PORTFOLIO Invested =RM50,000 (2UNIT TO BE completed on 2017)
-mof 90% RM500,000 X2-------->(RM1,000,000 MORTGAGE)
-Total repayment for 2 unit /month =rm4259
-RM126,000 (CASH FLOW) - RM50,000 (DOWN PAYMENT) = RM76,000 (to pay off progressive interest or to be prepare for desperate seller deal)

-Assume the property has a 6% capital yield RM500,000 6% =@RM30,000X2 =RM60,000 TOTAL CAPITAL GAIN ON BOOK VALUE

-Capital on investment RM50,000 with RM 60,000 CAPITAL GAIN
-Remaining cash flow of RM76.000

total 120% ROI

SUMMARY

Option 1 (RM130,000) CASH FLOW - (RM300,000) DEBT - (RM30,000) PROFIT - (26% ROI)

Option 2 (RM126,000) CASH FLOW - (RM1,000,000) DEBT - (RM60,000)PROGIT - (120% ROI)

which one will you choose ?
PRos and cons applied. haha


This post has been edited by Madgeniusfigo: Dec 9 2014, 03:42 AM

Thank you Madgeniusfigo, Faiz Azmi and Prince Bobo.

Yes this is my first house and currently staying there. Will need to take some time to absorb and understand the advice haha...

Thanx again

No problem.

at ur service !

Looking for Uob banker pls pm me..

i take OCBC home loan 6 years ago, that time is blr - 2.0.

now my home loan left around 150k , can i ask ocbc to adjust my interest rate, will that means my loan will lock to 3/5 years again?

my loan left around 150k can i still get a good rate? if i maintain with ocbc do i still need to pay for legal fees?

From my experience:

1. If you ask for a rate adjustment (without refinancing, so no legal fees) the newer rate may be a little better than what you currently have, but not as good as the market rate available. Perhaps you could get BLR -2.2%? I can't be sure, but usually it is a little worse than the market rates.

2. Yes, there will be a new lock-in period

3. If you ask for OCBC to adjust the rates, then no, you dont need to pay for any legal fees.

- Faiz Azmi 013 3693993

The rate have to depends on ur total loan amount.

Very easy, just go to any OCBC branch, and ask for loan rate readjustment.

No fees will be included.

i had been reading regarding those islamic loan and normal loan for houses.
some bankers told me not to take islamic loan while some recommended.

those who are against said that islamic loans are like car loan,interested is fixed no matter how much u pay.

those who ask me to take said that it is cheaper than normal loans and BLR is higher so is cheaper


any1 mind to explain?

There are many types of Islamic housing loans, there are the fixed-rate ones of the old, and there are the newer Islamic loans like the Musyarakah Mutanaqisah that is based on a floating rate such as BFR - XX% (just like conventional floating interest rates using the BLR).

The old ones like BBA and Muradabah are based on fixed rates and I wouldn't recommend them.

I will focus on the newer ones as these are available and beneficial to you. The Musyarakah Mutanaqisah is similar to the conventional loan in many ways such as the interest calculation, interest rate, early repayment ability and capital repayment. The concept is different though, in that it relies on the bank and you joining together to get the property, you paying 10% (your DP) and the bank paying 90%. The ratio of ownership is then as is: 10:90

As you pay your loan installments, which is made of your INTERESTs (Profit) + PRINCIPAL, you are actually buying back the portion from the bank, as such at the end of the tenure, you would own the property 100%.

Islamic loans (MM) has a benefit over conventional since it does not have any lock-in period. The interests are similar to the conventional, and the calculation of the interest is based on reducing balance just like conventional. As such, it is in my opinion as a mortgage broker that Islamic loans can be more beneficial for the clients. But I can do conventional loans too if there are requests.

This post has been edited by wild_card_my: Dec 10 2014, 07:38 PM

Hello people! Lucifah the STAFF has created a thread about loan mortgages in the PROPERTY TALK subforum. There are more traffic there at any time than it is in the CLASSIFIEDS subforum that we currently are in.

This current thread we are in will probably stay opened, and I will still visit them from time to time, but the newer thread will probably be filled with more discussions due to the foot traffic.

Here is the link to the thread. Happy discussing!

https://forum.lowyat.net/index.php?act=ST&f...0#entry71918589

This post has been edited by wild_card_my: Dec 11 2014, 10:36 AM

Hi

Property RM 892,000

Net income Rm 7800

Debt Total RM 2000

Am I able to purchase this property?

Any banker to introduce for guidance and service

Thanks and regard everyone.

Alright i will let u know.. i am still in touch with alliance bank mortgage officer. Tht officer just like not interested on my loan process no follow up calls no proper feedback lack of knowledge lack of.. each time i am the one need to remind for further updates.. isn't tht they supposed to b getn rdy before we approaching them.. really sick i tell u... so called from kl main branch what service seriously sick.. i think i need to writw a complain and just approach somebody else to make him feel guilty on his behaviour and approach.

This post has been edited by GHOSTVIC: Dec 13 2014, 06:59 PM

Can you break down the debt? Please tell me the outstanding amount of the credit cards as well as the ORIGINAL LOAN AMOUNT of your debts

Also, what is your GROSS INCOME before deducting statutory deductions?

Is this going to be your 1st, 2nd, or 3rd property and beyond?


Noted, my number is plastered all over my posts. Hoping to serve you, and serving you well. You could withdraw the application (I can help you draft the letter, I made the before) and start afresh too. Your call.