Yes for property below 500k only

If you have tight budget, take BSN for free moving cost.

BTW, there is an auction seremban house unit coming up on 30th June 2015 and hope you able to get this rare good deal. Previously same unit and it was bid til RM330k.

May i know the top up refinance allow for 35 years is for which bank? I have asked maybank, they do not allowed for 35 years top up loan. Appreciate you can share which bank that allowed 35 years top up loan.

Hi b-kwon:

May i know which bank offer top u loan with 35 years?

My current loan with ocbc and maybank does not allow for top up loan 35 years.

Hi I just done few refinance for Maybank these few month, latest case would be two week ago, all push until maximum tenure 35 years without any problem, maybe you can contact me for more info 010-7732628

I have a question i'm curious about. MY friend (aged 23) was asking me if it was possible for his dad (aged 55) to take a housing loan and when he started to work he will take over.

As far as i'm aware, the retirement age here is 55 and most bank would not accept such proposition. But just wondering if there is a way around it?

Read on a few websites [at countries that has retirement age of 60-70), such strategy is possible. Will this be applicable here in Malaysia?

By the way, we still have about a year+ to study completion and plus time needed to get a job, so rounding it off to 2 years before he is able to take over (if the proposition is applicable).

p/s: as for what type of houses they are planning to buy if it works, it will be semi-D or a smaller terrrace corner house or any house really with area of 2000-3000sqft with a maximum budget up to RM350K. And im curious as to will we be able to get loans for those houses that are being auctioned? And can this proposition be applied as well?

Thanks.

Age 55 if he able to prove his income for loan submission should be no problem, but if unable to prove his income most likely there's no way bank can proceed with the loan application, and if he change name from his dad to his name in the future he have to pay unnecessary documentation and legal fees and of course loan also have to refinance from uncle name to your friend name, so it will be very troublesome.

Thank you. Friend's dad is earning around RM7000-RM8000. He doesn't really mind about the name changing. They want to buy a house soon but a little worried as their son isn't working yet. So, they wonder if there's a way for dad to apply for loan, and once my friend start to work, he will pay instead of his dad.

His dad if still with income can apply for loan, but loan tenure will base on his dad age, so monthly commitment will be very high. if 7000-8000k without any others commitment such as car loan, others house loan, personal loan, balance transfer, credit card outstanding, and etc should be no problem for 350k loan base on 15 years loan tenure 70-55 years old = 15 years.

I see. So, its possible if his dad is only committed for the house. Then, once he start working, he can add in and help reduce it faster, right? I will let him know. By the way, the payment age till 70, is it accepted by all banks? If his dad gonna work like another 5 years, but in that time my friend would be able to find work and take over, would it work?

Thank you.

What do you means by add in? and help reduce it faster? you means you add in your salary to pay extra for monthly repayment? Bank judge base on existing income and saving, worst come worst if they're not comfortable with uncle age they might slash loan margin from 90% to lower maybe.

ya, i mean like my friend add in his salary for the monthly repayment [uncle RM2000/mth + friend RM1000/mth]. Just to clarify, assume that bank give 80% loan, that means 20% must be paid as downpayment right?

Yes the 20% must be paid as down payment

Hi sifus,

I have a few package to consider, hope you can provide some input

House value: 1,250,000
Loan: 1,125,000 (90%)

Bank 1
Interest: 4.35%
MRTA: Not compulsory
Flexi charges: Setup fee and monthly maintenance waived
Others: N/A

Bank 2 (Islamic Loan)
Interest: 4.4%
MRTA: Not compulsory
Flexi charges: RM212 setup, RM10.60 monthly maintenance for flexi account
Others: 0.1% loan value rebate (RM1,125) + priority banking + 20% stamp duty discount

Bank 3
Interest: 4.35% 1st year, 4.4% after
MRTA: Compulsory if want 4.35%, otherwise follow arrangement above
Flexi charges: same as Bank 2
Others: N/A

Am I getting good deal? What are some things I can ask or nego further?

Thanks

Dear Pheonix..

clearly shows that option 1 is the best choice... fyi.. at current matket 4.35%.. is the best offer that banks cn give... tq

hi,

I think option 1 is the best, but... need to see what is the spread for the loan.. for long term spread is the most important...

Go for bank 1 since 4.35 for this moment and waive mrta.

base on current market 4.35 is very nice offer already.

Thanks all sifus for your input

rubylam, can elaborate more on the spread? So far the lowest BR I think is Bank 2. Should I go for the bank with lowest BR for long term?

Also, some offer me Islamic. But after some research I find it is almost the same. Islamic give 20% discount on stamp duty, but add charge due to extra loan doc which can be up to 2-3 extra documents. End up offset each other. Pls correct me if I'm wrong.

if one of the options is maybank.. for loan documentation for islamic is much more lower compared to conventional... i already gt both qoutations from lawyer for the same case tht i processed... for further info better contact the lawyer tht will be handling your agreement to qoute both islamic and conventional agreement... each bank differs...

Dear LYN,

Just want to ask nowadays, still got bank do housing loan for friends joint name in purchasing property.

Both SPA agreement and LOAN using same joint name.

Please advice. Thanks....