Dear Petre,

For first time home buyer, what you need to be aware of is as following:

1. Subsales property, make sure it has title (strata or indiv) or master title which is less than 10 years. Master title more than 10 years, not many bank would finance it, so beware.

2. Loan package in the market has 3, semi and full flex + fixed rate package.

3. Loan tenure max is 35 years for mortgage if your age is less than 36years old.

4. It will be wise to apply for 3-4 banks max. More than that, there would be complication. If lets say 1 bank reject you, it will be recorded in the CCRIS and other bank would able to see it. So you know the drill, when 1 bank reject, it might be a domino effect.

5. you will get 50% stamp duty discount on your first purchase

6. you are eligible for 100% loan, if you meet SPR criteria. Do visit SPR website for 100% rumah housing scheme.

7. Make sure you get your loan approved before signing SPA.

8. Have mortgage consultant checked all your documents and calculate your loan eligibility before signing booking form.

9. Different bank have different policy, hence acceptance of loan really depends on your profile

10. Interest rate right now is running on Base rate, the interest rate you get is based on your overall profile.

Extra!

Things to look out when signing Letter offer.


a) Query the penalty charges. If any late payment involve in the future, how much will the bank increase the rate and will the rate be reversible

b) Whether the loan interest is daily rest or montly rest

c) additional fees incurred

d) Lock in period (for under construction property)

whether charges of penalty effective from 3 years of 1st disbursement or 3 years of full disbursement.
For our under construction property it is important as:
"1st disbursement" happens in 2015 = 2015+3 years
"full disbursement"happens in 2017= 2017+3 years

see the difference? full disbursement actually takes 3+3 years means 6 years before penalty is voided.

e) make sure all the stipulated charges you listed are the same in the letter offer.

f) how penalty charges are charged, on the outstanding amount or the loan limit.
"loan limit" is the amount loan you borrowed from bank since day1.

g) Tried calling the bank service centre and see if they pick up and provide good quality service.



This post has been edited by Madgeniusfigo: Dec 1 2015, 06:12 PM

Dear okr

1. Your mrtt is it included and finance into the loan right. Mrtt should be maybank.

2. All the fees should have included into the loan itself.

3 what's the reason for the shortage fees and need you to top up?

4. If the reason isn't reasonabl and they doesn't want to work our a solution, I would recommend you to complain to BNM.

Dear,

The loan facility didn't stipulate such amount to be paid right?
I think they quoted wrong the MRTT (wrong age input) and auto adjust and found out your premium should be higher. Then, this will definitely be their fault.

1. Do head to the headquarter and seek for an explanation from them.

2. If no one entertain you with your inquiry or the answer isn't satisfactory, do file report to BNM.

3. Try make a big huu haaa at headquarter and they will take you seriously and look into your problem

No problem. Hope it helps

Dear,

1. You mean the income rm2225 is gross or net salary.

2. Are they any allowance, bonus or other supporting income like tenancy agreement, FD, ASB dividend, Share dividend?

3. Your income is cash bank in into the account? By your self?

Dear,

1. I put hire purchase commitment to Rm1200/month, bank calculation for monthly hire purchase debt usually will be higher (internal calculation). Will be more accurate if you provide me your hire purchase credit limit(total amount borrowed from bank)

2. Your performance bonus will be considered as income, need 2 years of performance income proof to derived as actual income.

3. With your gross income and performance bonus income included, your max loan eligibility is RM760,000

4. Without Performance income would be max rm480,000








Dear,

YES, PBB does cash out refinance and top up loan too.

This post has been edited by Madgeniusfigo: Dec 21 2015, 09:55 PM

Dear,

1. With your salary and debt/commitment, you are eligible to purchase max property price RM475,000. The safest property price will be Rm340,000 as more bank able to finance the deal. Look at right bottom for the illustration.

2. Purchasing Rm340,000 property wouldn't be a problem, 90% margin of finance. However, to be on the safe side, nothing is a promise until i'm able to look at your CCRIS, CTOS and your documents. People always surprise me when they say they are clean

3. Working at MNC, sdn bhd or enterprise really does make a different in your credit scoring. Bank would usually prefer applicant who works at MNC, however, working at an enterprise company doesn't affect your loan that much, given your other details is on point.

4. EA form is more of a supporting document to justify your bonus credited to you. Hence, it wouldn't be a problem without having this document.

5. How long have you been using your credit card?

Dear,

1. For 6months, it is better than not having one. Your credit scoring will be lower, but provided your income is good and with some good recommendation essay written by mortgage consultant prior to submission, moreover chosen the right bank with huge appetite. All is good.

2. Usually ctos u can do it via online, or I can check both via my side on behalf of you.

3. The difference is, if you apply through direct banker, they will analyze your profile based on their one and only bank guideline, whereby ur chances is minimized. What if I spam all the bank at once? Yes it is a way, but if you spam all the bank at once, it will show in your ccris, what if 1 bank due to their guideline rejected your loan? Your chances will reduce for the other bank, because they can see the rejection via ccris.

From my experience, most of the banker blindly submit the case before checking your ccris or ctos, they just hope ur case approved, if rejected, they will just tell you it is rejected. Moreover, they will always! Always add in mrta for their client without prior notice. Most of applicant to their surprised are subjected to mrta with protection years without client consent. Yes you are allowed to remove it, but usually they will give you a good run of a story that you can't remove it as bank will restore ur loan and might reject ur loan... You need to constantly deal with different banker.

For mortgage consultant like me, usually we will meet the client, do some due diligence and educate them on all the pros and cons of loan packages, consult them for the most suitable package, loan tenure, mortgage protection. After that, prior to submission, we will check the ccris and ctos so that no hiccup or surpirses during loan process. We will then submit to the bank that suits ur profile the most and ur objectives. Other bank will be a backup if anything happens.

Usually success rate for employed client is close to 100%, because we analyze and restructure their debt beforehand. For self employed, it's tricky. For our service, We don't charge as usually banks are the one paying us.

Not trying to promote myself, but just sharing the industry with you. You are free to chose for the best services.

Dear gabinooi,

1. Do you have any debts?
-Hire purchase loan (Borrowed amount)*
-Housing loan (Borrowed amount) (Joint or indiv)
-Personal loan (Credit limit)
-PTPTN (credit limit)
-Credit card (Outstanding/usage)
-ASB loan ( credit limit)
- Overdraft ( Credit limit)

2. 19 year old purchasing property shouldn't be a problem.

3. To joint name or getting a guarantor really depends on your debt/commitment and the amount loan your are borrowing. To be a guarantor, the guarantor should have 2 existing mortgage loan to qualify as one.

Dear rayzkie,

Do provide below details for further assistance.

Dear gavinooi,

Yes, usually that's the way. Your friend is right, bank would need to look at your debt repayment record to understand your character before lending you the cash.

1. What you can do is, if your saving account have at least 20k, it would help in improving your credit scoring. They might be a chance in getting the loan approved, no promise here, really subjective.

2. If it fails, what you can do is joint borrow with a family members.

3. Or, prepare for 6 months before applying for any housing loan.

Dear,

1. Your income is quite low, your max loan is RM199,000

Dear horror2015,

1. I assume that your credit card has zero outstanding amount, and you cleared all the debt on time.

2. With your income, you can get max loan eligibility of RM420,000. Without any outstanding debt in your credit card.

3. If you wish to get 100% loan scheme, your DSR must be within 60%, first property, Rm500k BELOW.

4. My advise is, search for property around RM 330,000. So that more banks can finance your property. If you go beyond Rm330,000 mark, only RHB able to finance your property.

Dear horror2015,

1. Cut off date for your outstanding amount shown in ccris will be the date end of the month 30th or 31th. Ccris next month will update based on the amount last end of the day.

2. Then that won't be a problem.

3. Debt service ratio = net income/ debt & commitments

Debt service ratio is a scale used by bank to calculate your income serving your debt %. Some bank allows higher DSR means they allow more % of your income to offset your debt

Rm3000 gross income, DSR 80% = RM2400
Rm3000 gross income, DSR 70% = RM2100

DSR 70%, only RM2100 will be taken as income commit debt
DSR 80% Rm2400, which is higher, whereby it can cater more debt commitment

4. Because RHB DSR is much linear in terms of other bank at this income category.

Dear aspx123,

1. with your income max loan eligible is RM378,000. Hence purchase RM300,000 property with 90% loan shouldn't be a problem, however Need to look at your CCRIS, CTOS and loan document before I can give you an assurance.

2. Islamic loan Alliance offer full flexi, but alliance bank rate is quite terrible. Most of the banks offer islamic loan semi flexi nowadays.

Dear,

the rate will be 4.6-4.7% Public bank and ambank. Not many banks prefer loan under 300k or worst below 200k. But the rate is subjected to be readjusted next month, so brace yourself for a turbulent rates up ahead.!

Dear,

1. You mean Rm3k gross income belong to which DSR section?

2. Rm3k will belong to 75% for certain bank

3. Rm3k usually falls under 55%-60% DSR

Dear fuelsave,

For a much accurate analysis for your loan eligibility, could you breakdown the income and debt commitments as below:



5. You need to understand, when you apply kwsp for down payment cash disbursement. You would need to initially pay for the down payment first, after signed letter offer, loan facility and SPA, only then you can withdraw the money from account 2.

Dear,

1. Yes, you need to fork out the exact cash for downpayment first.

2. With both joint income, max loan eligible is RM 1,300,000.

3. Hence, purchasing RM 900,000 property 90% margin of finance, shouldn't be a problem. But, would need to look at your ccris and ctos before giving you any assurance in it.

Dear,

1. That's great that you have friend working in credit department willing to help you check your CCRIS and CTOS, save you some time.

2. Yes, given that the rate is 4.4%

3. Different bank has different DSR, for the income, you 85%, 80%, 75%,70%

4. Straight into your personal account

5. I don't mind helping you to secure your loan acceptance too and I don't charge you a cent in helping you analyze and facilitating the whole loan process.