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 Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!

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Madgeniusfigo
post Mar 28 2017, 10:14 AM

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QUOTE(kwyyang @ Mar 28 2017, 10:41 AM)
Dear members,

Just need some advise if I'm good for mortgage application. Me and my wife for a house around RM300k.

My financial situation:
1. own business, started apr 2016.
2. bank in my own salary since oct 2016, at RM5k to RM8k per month.
3. EA previously total salary 2014: RM66k, 2015: RM63k, 2016: RM45k.
4. Business profile, gross balance yield of RM5k to 8k per month since Oct 2016, after all expenses and my salary
5. Total cash in business, RM70k (yet to deduct deposit of RM30k). Total cash personally, RM3k.
6. Commitment: RM1500 for another mortgage loan, RM244 for hire purchase
Wife:
1. Just started a new job 1 Month: RM5300
2. Previous 4 years with a company, last drawn: RM4200 (Feb 2017)
3. Salaried earner, settled car loan.

Just wonder if we could secure another 300k mortgage loan for 30 years.
Thanks.
*
QUOTE(kwyyang @ Mar 28 2017, 10:54 AM)
Sure. Shall let you know again. As the new project is using their own panel bankers.
Thank you much for the advise.
*
Dear kwyyang,

1. Based on the details given by you, Your max loan eligibility for each bank is as follow:
Rm
A*BANK 910,780.56
H*NG LE*NG 1,138,984.29
M*YBANK 678,834.30
*CBC 883,436.29
R*B 1,128,328.96
U*B 713,976.29
C*MB 1,127,328.96
AFF*N -
PB* 1,127,328.96
HSB* 883,436.29

Things to take note of based onmy max loan calculation
" -The best bank to get the highest loan would be HLBB . However, each bank has it's own ball game
Different bank will calculate your income and debt accordingly based on each bank's different policy. Hence,
I would need to do a due diligence on your profile before suggesting the best bank to proceed with."

" - I would need to check you CCRIS, CTOS and income documentation before giving you any assurance.

If everything goes fine, 90% shouldn't be a problem for you."


2. Consider your wife has no commitment, above is the max loan amount for joint name.

3. For your income, I would need to look at your SSM and business account to verify the income.

4. For panel banker, it means developer accept any banker from that bank to process the case, not just the banker who stands there or introduce by developer. Anyone can proceed with your case.


Any further inquiries, do voice out

Cheers mate
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kwyyang
post Mar 28 2017, 11:54 AM

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QUOTE(Madgeniusfigo @ Mar 28 2017, 10:14 AM)

Dear kwyyang,

1. Based on the details given by you, Your max loan eligibility for each bank is as follow: 
  Rm
A*BANK  910,780.56 
H*NG LE*NG  1,138,984.29 
M*YBANK  678,834.30 
*CBC  883,436.29 
R*B  1,128,328.96 
U*B  713,976.29 
C*MB  1,127,328.96 
AFF*N  -   
PB*  1,127,328.96 
HSB*  883,436.29 

Things to take note of based onmy max loan calculation 
\" -The best bank to get the highest loan would be HLBB . However, each bank has it's own ball game
Different bank will calculate your income and debt accordingly based on each bank's different policy. Hence, 
I would need to do a due diligence on your profile before suggesting the best bank to proceed with.\" 
 
\" - I would need to check you CCRIS, CTOS and income documentation before giving you any assurance.

If everything goes fine, 90% shouldn't be a problem for you.\" 
2. Consider your wife has no commitment, above is the max loan amount for joint name.

3. For your income, I would need to look at your SSM and business account to verify the income.

4. For panel banker, it means developer accept any banker from that bank to process the case, not just the banker who stands there or introduce by developer. Anyone can proceed with your case.
Any further inquiries, do voice out

Cheers mate
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*



Thank you Evan for the detailed analysis.
Shall get to you again if still no feedback from the current bankers.
Madgeniusfigo
post Mar 28 2017, 12:21 PM

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QUOTE(kwyyang @ Mar 28 2017, 12:54 PM)
Thank you Evan for the detailed analysis.
Shall get to you again if still no feedback from the current bankers.
*
Dear

No problem, hope it helps

any more questions, do ask

am here for you biggrin.gif


Cheers mate!
lifebalance
post Mar 28 2017, 01:29 PM

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QUOTE(kwyyang @ Mar 28 2017, 09:54 AM)
Sure. Shall let you know again. As the new project is using their own panel bankers.
Thank you much for the advise.
*
Panel banks to a project would mean as long as the bank is financing that project you can engage any banker who is associated with that bank for loan application and not only these based at the sales gallery.

On the side note,

Actually the analysis is not that detailed its just a copy paste of cluttered info which I don't deem it as professional but soliciting for sales in here. I shall bring this up to the admin since mod refuse to curb this issue.

Good luck.
Madgeniusfigo
post Mar 28 2017, 01:42 PM

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From: Kuala Lumpur



QUOTE(lifebalance @ Mar 28 2017, 02:29 PM)
Panel banks to a project would mean as long as the bank is financing that project you can engage any banker who is associated with that bank for loan application and not only these based at the sales gallery.

On the side note,

Actually the analysis is not that detailed its just a copy paste of cluttered info which I don't deem it as professional but soliciting for sales in here. I shall bring this up to the admin since mod refuse to curb this issue.

Good luck.
*
1. I think you assume yourself have the best analysis in the world. Accusing everyone here to be at fault providing statement...

2. Had been seeing how you flame people whom asking questions here..when they doubt your capability, you flame them to the roof.. that's professional..

3. Accusing soliciting for sales? Do report on your baseless assumption.

4. Messy? well, in order to calculate the max loan accurately, there's myriad of information to input. I don't expect people to understand it, but to let them verify on the amount that I keyed in, so that no misinformation.

Well, if it's messy to you.. so be it... Important is that you are happy here.

5. Am here to help netizen to solve their problems and their inquiries.

Anyway, keep going rage at everyone here Dude.. I am here to help people solve problem with my expertized... not to chase for ego fame and selling AIA protection...

Have a nice day


Cheers

This post has been edited by Madgeniusfigo: Mar 28 2017, 01:45 PM
ngph988
post Mar 28 2017, 03:04 PM

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QUOTE(Madgeniusfigo @ Mar 28 2017, 01:42 PM)
1. I think you assume yourself have the best analysis in the world. Accusing everyone here to be at fault providing statement...

2. Had been seeing how you flame people whom asking questions here..when they doubt your capability, you flame them to the roof.. that's professional..

3. Accusing soliciting for sales? Do report on your baseless assumption.

4. Messy? well, in order to calculate the max loan accurately, there's myriad of information to input. I don't expect people to understand it, but to let them verify on the amount that I keyed in, so that no misinformation.

Well, if it's messy to you.. so be it... Important is that you are happy here.

5. Am here to help netizen to solve their problems and their inquiries.

Anyway, keep going rage at everyone here Dude.. I am here to help people solve problem with my expertized... not to chase for ego fame and selling AIA protection...

Have a nice day
Cheers
*
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UsopSontorian
post Mar 29 2017, 12:33 AM

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Both opinions are vital and essential:)
Madgeniusfigo
post Mar 29 2017, 10:19 AM

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QUOTE(UsopSontorian @ Mar 29 2017, 01:33 AM)
Both opinions are vital and essential:)
*
Dear

Yes definitely,

But when one think too highly of themselves alone and diminish and discriminate any other people. Well, that's not a good ethic and behavior.

Cheers cool2.gif
Arsenal1980
post Mar 29 2017, 10:47 AM

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Hi Guys,

Need your advise on refinancing of housing loan.

Details are as follows: -

1) Employment - net pay is around RM7k
2) Age 34
3) Ptptn - RM260/mth
4) Car installment - RM1,900
5) Current housing loan - RM200,000 (Condominium with market value RM400k - 450k)
6) Total outstanding Credit card - RM20,000

Questions:

1) What is the potential refinancing amount I can get?

2) Which bank offer the lowest interest rates currently?

3) May I know what is the current range of interest rates between bank now for the house price around that range..

Thanks in advance
Madgeniusfigo
post Mar 29 2017, 11:02 AM

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From: Kuala Lumpur



QUOTE(Arsenal1980 @ Mar 29 2017, 11:47 AM)
Hi Guys,

Need your advise on refinancing of housing loan.

Details are as follows: -

1) Employment - net pay is around RM7k
2) Age 34
3) Ptptn - RM260/mth
4) Car installment - RM1,900
5) Current housing loan - RM200,000 (Condominium with market value RM400k - 450k)
6) Total outstanding Credit card - RM20,000

Questions:

1) What is the potential refinancing amount I can get?

2) Which bank offer the lowest interest rates currently?

3) May I know what is the current range of interest rates between bank now for the house price around that range..

Thanks in advance
*
Dear Arsenal1980,





1. Based on the details given by you, Your max loan eligibility for each bank is as follow:
Rm
A*BANK 246,332.22
H*NG LE*NG 372,562.50
M*YBANK 170,845.07
*CBC 122,899.00
R*B 382,082.74
U*B 122,899.00
C*MB 305,520.24
AFF*N -
PB* 305,520.24
HSB* 122,899.00
Things to take note of based onmy max loan calculation
" -The best bank to get the highest loan would be HLBB . However, each bank has it's own ball game
Different bank will calculate your income and debt accordingly based on each bank's different policy. Hence,
I would need to do a due diligence on your profile before suggesting the best bank to proceed with."

" - I would need to check you CCRIS, CTOS and income documentation before giving you any assurance.

If everything goes fine, 90% shouldn't be a problem for you."


2. PBB,HLBB,MAYBANK

3. 4.35-4.45%

Any inquiries, do ask

Cheers

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nic_chm
post Mar 29 2017, 11:07 AM

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Hi All,

Im buying my first property and totally new in applying loan. I might not even know how to ask the correct question ~

Well here are the details:
=============
My Details
=============
1. Net income : RM3700
2. Current Credit Card Outstanding : RM1500 +/-
2. No other commitment, no other income
3. Age 33
4. Employ since 2013, pay tax since 2013

=============
Property Details
=============
1. Freehold
2. Under Construction, complete in 2021
3. RM300'000

Do you guys think there will be an issue if i were to apply for 90% loan ? I intend to pay more during repayment to shorten up the tenure and interest, which loan should i consider ? What's the procedure like if i were to pay downpayment/installment with EPF ?

Thank you ~

Nic

Madgeniusfigo
post Mar 29 2017, 11:24 AM

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QUOTE(nic_chm @ Mar 29 2017, 12:07 PM)
Hi All,

Im buying my first property and totally new in applying loan. I might not even know how to ask the correct question ~

Well here are the details:
=============
My Details
=============
1. Net income : RM3700
2. Current Credit Card Outstanding : RM1500 +/-
2. No other commitment, no other income
3. Age 33
4. Employ since 2013, pay tax since 2013

=============
Property Details
=============
1. Freehold
2. Under Construction, complete in 2021
3. RM300'000

Do you guys think there will be an issue if i were to apply for 90% loan ? I intend to pay more during repayment to shorten up the tenure and interest, which loan should i consider ? What's the procedure like if i were to pay downpayment/installment with EPF ?

Thank you ~

Nic
*
Dear nic_chm,

1. Based on the details given by you, Your max loan eligibility for each bank is as follow:
Rm
A*BANK 424,311.20
H*NG LE*NG 610,715.03
M*YBANK 500,294.73
*CBC 426,681.20
R*B 537,101.50
U*B 463,487.97
C*MB 537,101.50
AFF*N -
PB* 537,101.50
HSB* 426,681.20

Things to take note of based on my max loan calculation

" -The best bank to get the highest loan would be HLBB . However, each bank has it's own ball game
Different bank will calculate your income and debt accordingly based on each bank's different policy. Hence,
I would need to do a due diligence on your profile before suggesting the best bank to proceed with."

" - I would need to check you CCRIS, CTOS and income documentation before giving you any assurance.

If everything goes fine, 90% shouldn't be a problem for you."

2. 90% wouldn't be a problem

3. If you have extra cash why not put it into your loan account when serving full installment, this you will have liquidity and can reduce total interest charges!

4. You need pay upfront first, after loan approved. Provide kwsp doc such as letter offer, loan doc, spa, to proof the loan take hold by you. Then they will release for your first property

Any more inquiries! do ask

Cheers
smile.gif



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nic_chm
post Mar 29 2017, 11:33 AM

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QUOTE(Madgeniusfigo @ Mar 29 2017, 11:24 AM)
Dear nic_chm,


3. If you have extra cash why not put it into your loan account when serving full installment, this you will have liquidity and can reduce total interest charges!

4. You need pay upfront first, after loan approved. Provide kwsp doc such as letter offer, loan doc, spa, to proof the loan take hold by you. Then they will release for your first property

Any more inquiries! do ask

Cheers
smile.gif
Thank you for your reply

In regards to your point 3.
What do you mean by that ? What do i tell agent ? Tell them i need a loan account that have liquidity ? Sorry these terms are totally new to me.

On the point 4.
So let's say the downpayment is RM30'000, i pay upfront to the developer first, then once loan approved only i can apply to withdraw from KWSP ?

Currently i have given some contacts to agent but they have yet get back to me, so im still blur blur now. blink.gif

Nic
lifebalance
post Mar 29 2017, 11:52 AM

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QUOTE(Arsenal1980 @ Mar 29 2017, 10:47 AM)
Hi Guys,

Need your advise on refinancing of housing loan.

Details are as follows: -

1) Employment - net pay is around RM7k
2) Age 34
3) Ptptn - RM260/mth
4) Car installment - RM1,900
5) Current housing loan - RM200,000 (Condominium with market value RM400k - 450k)
6) Total outstanding Credit card - RM20,000

Questions:

1) What is the potential refinancing amount I can get?

2) Which bank offer the lowest interest rates currently?

3) May I know what is the current range of interest rates between bank now for the house price around that range..

Thanks in advance
*
Hi Arsenal1980

1. Max refinancing amount is 275k, it will be better if you can fully settle off the 20k CC outstanding, then can refinance maximum 80% of 450k

2. AIA Fixed Rate 4.99%, Normal Banks 4.3 - 4.4%

3. As per number 2. answer

AIA cash out portion will be based on 35 years calculation

Normal banks will be based on 10 years calculation

Let me know if you have any further queries

QUOTE(nic_chm @ Mar 29 2017, 11:07 AM)
Hi All,

Im buying my first property and totally new in applying loan. I might not even know how to ask the correct question ~

Well here are the details:
=============
My Details
=============
1. Net income : RM3700
2. Current Credit Card Outstanding : RM1500 +/-
2. No other commitment, no other income
3. Age 33
4. Employ since 2013, pay tax since 2013

=============
Property Details
=============
1. Freehold
2. Under Construction, complete in 2021
3. RM300'000

Do you guys think there will be an issue if i were to apply for 90% loan ? I intend to pay more during repayment to shorten up the tenure and interest, which loan should i consider ? What's the procedure like if i were to pay downpayment/installment with EPF ?

Thank you ~

Nic
*
Hi nic_chm

With your income, you can easily loan up to 550k.

So the purchase for 300k shouldn't be a problem with 90% loan margin (270k)

Since most banks now offers semi and full flexi loan, if let's say your installment is 2000 per month, you can pay RM2500, and inform the extra 500 is used to pay as advance payment when you make the payment.

If you intend to make payment with EPF, the procedure is like this.

The 30k you have to pay first, subsequently once you've sign the SNP, you can bring the SNP to the EPF office to make the withdrawal.

You can't do the other way round.

QUOTE(nic_chm @ Mar 29 2017, 11:33 AM)
Thank you for your reply

In regards to your point 3.
What do you mean by that ? What do i tell agent ? Tell them i need a loan account that have liquidity ? Sorry these terms are totally new to me.

On the point 4.
So let's say the downpayment is RM30'000, i pay upfront to the developer first, then once loan approved only i can apply to withdraw from KWSP ?

Currently i have given some contacts to agent but they have yet get back to me, so im still blur blur now.  blink.gif

Nic
*
As per my answer above

In regards to your point 3.
What do you mean by that ? What do i tell agent ? Tell them i need a loan account that have liquidity ? Sorry these terms are totally new to me.

On the point 4.
So let's say the downpayment is RM30'000, i pay upfront to the developer first, then once loan approved only i can apply to withdraw from KWSP ?
Since most banks now offers semi and full flexi loan, if let's say your installment is 2000 per month, you can pay RM2500, and inform the extra 500 is used to pay as advance payment when you make the payment.
Madgeniusfigo
post Mar 29 2017, 02:14 PM

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Joined: Oct 2014
From: Kuala Lumpur



QUOTE(nic_chm @ Mar 29 2017, 12:33 PM)
Thank you for your reply

In regards to your point 3.
What do you mean by that ? What do i tell agent ? Tell them i need a loan account that have liquidity ? Sorry these terms are totally new to me.

On the point 4.
So let's say the downpayment is RM30'000, i pay upfront to the developer first, then once loan approved only i can apply to withdraw from KWSP ?

Currently i have given some contacts to agent but they have yet get back to me, so im still blur blur now.  blink.gif

Nic
*
Dear nic_chm,

1. Mortgage loan nowadays is either semi flexi or full flexi

With flexi account, you will have loan account that allows you to credit money into it to save interest

1. When you pay extra for monthly installment, which it will reduce your total interest charges.

Example:

CODE
2016
Housing loan Rm500,000 / 4.5% interest rate / 35 years loan tenure
Monthly installment is RM2,366 (Rm1,875 Interest + Rm491.28 Principal = Rm2,366)

As you can see, your installment payment are actually paying more towards your interest than your principal.


If you decided to start paying extra RM500 every month. Your Monthly payment will be RM2,866 (RM1,875 Interest +RM991.28 Principal = RM2,866)

You will be paying more towards your Principal with the extra RM500. Hence, if you continue paying extra RM500/month consistently.

Your total interest saved would be RM180,759
Your Loan tenure will be shorten by 136months.

-This will help reduce your interest charges and reduce the loan tenure.

[u][b]Paying extra to Capital account/advanced account[/b][/u]

2. If you have a sudden influx of cash into your pocket, lets say inheritance of RM100,000, and you decided to put it into your housing loan capital account/advanced account, because you have max out ASB and other financial options.

Example:

2016
- Housing loan Rm500,000 / 4.5% interest rate / 35 years loan tenure
Monthly installment is RM2,366 (Rm1,875 Interest + Rm491.28 Principal = Rm2,366)
Total interest charge: RM493,837.28

- If you credit in Rm100,000 into the account, housing loan outstanding would be RM400,000 (RM500,000 -RM100,000), and paying the same installment amount, this will reduce your total interest charge to Rm395,072.

Because the interest you are paying right now is 4.5% on Rm400,000 instead 4.5% on Rm500,000.

Hence, you save interest and reduce the loan tenure likewise.


Do note* Your installment will never alter, your minimum installment payment will forever be the same RM2,366


Cheers

This post has been edited by Madgeniusfigo: Mar 29 2017, 02:14 PM
ssh2222
post Mar 31 2017, 02:51 PM

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QUOTE(Arsenal1980 @ Mar 29 2017, 10:47 AM)
Hi Guys,

Need your advise on refinancing of housing loan.

Details are as follows: -

1) Employment - net pay is around RM7k
2) Age 34
3) Ptptn - RM260/mth
4) Car installment - RM1,900
5) Current housing loan - RM200,000 (Condominium with market value RM400k - 450k)
6) Total outstanding Credit card - RM20,000

Questions:

1) What is the potential refinancing amount I can get?

2) Which bank offer the lowest interest rates currently?

3) May I know what is the current range of interest rates between bank now for the house price around that range..

Thanks in advance
*
Hi Arsenal1980,

1) From the information you've provided, you should be able to refinance around RM220k-230k, depending on the bank. It'll be important to take note of your total credit limit, as your credit card outstanding is high, so that can be a stumbling block in certain cases. Settling the 20k can allow you to borrow another 180k or so.

2) HLBB and PBB have some good rates recently.

3) Interest rates would usually be around 4.35%-4.4%.

Hope this helps.

====

QUOTE(nic_chm @ Mar 29 2017, 11:07 AM)
Hi All,

Im buying my first property and totally new in applying loan. I might not even know how to ask the correct question ~

Well here are the details:
=============
My Details
=============
1. Net income : RM3700
2. Current Credit Card Outstanding : RM1500 +/-
2. No other commitment, no other income
3. Age 33
4. Employ since 2013, pay tax since 2013

=============
Property Details
=============
1. Freehold
2. Under Construction, complete in 2021
3. RM300'000

Do you guys think there will be an issue if i were to apply for 90% loan ? I intend to pay more during repayment to shorten up the tenure and interest, which loan should i consider ? What's the procedure like if i were to pay downpayment/installment with EPF ?

Thank you ~

Nic
*
Hi nic_chm,

From the information you've provided, your loan eligibility will be around RM500,000, so getting a 90% loan for the RM300k property shouldn't be an issue.

Regarding the EPF, you'll need to proceed as usual first, and after you've gotten the loan and S&P, you can do the paperwork to withdraw the eligible amount from EPF.

If you're looking to do some advance repayments to shorten the tenure, and therefore reduce the interest paid, there are some alternative methods that can be used which are more effective.

Hope this helps.

Cheers.
UsopSontorian
post Mar 31 2017, 04:37 PM

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Hi guys my mortgage just got approved at 100% for 280k with rate of 4.45% from maybank. And they are the lead anchor financer for this project, should i signed the LO already or wait for other banks ?
lifebalance
post Mar 31 2017, 04:38 PM

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QUOTE(UsopSontorian @ Mar 31 2017, 04:37 PM)
Hi guys my mortgage just got approved at 100% for 280k with rate of 4.45% from maybank. And they are the lead anchor financer for this project, should i signed the LO already or wait for other banks ?
*
up to you, unless there is an even lower offer. Then wait for it.
Madgeniusfigo
post Mar 31 2017, 06:19 PM

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QUOTE(UsopSontorian @ Mar 31 2017, 05:37 PM)
Hi guys my mortgage just got approved at 100% for 280k with rate of 4.45% from maybank. And they are the lead anchor financer for this project, should i signed the LO already or wait for other banks ?
*
Dear UsipSontorian,

1. It's a very good deal!

2. If there's still other loan in process on the line, just wait it out a little smile.gif

Cheers
UsopSontorian
post Mar 31 2017, 06:36 PM

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Thanks sifus for the advices ! May god bless you all !

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