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

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flintbatu
post Jun 16 2017, 02:52 PM

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QUOTE(lifebalance @ Jun 16 2017, 02:48 PM)
only certain banks will waive it, this is a minimal fee.
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Roger that, Keith. No point arguing with MBB over this minimal fees, right. Thank you once again.
MC Mong
post Jun 18 2017, 11:42 PM

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Dear sifus,

I'm a commission earner for a enterprise company. I do not have basic pay, nor epf contribution. If my commission for that month is 10k, I will receive full exact amount via cheque payment.

May I know any bank will accept if i would like to apply mortgage?

wild_card_my
post Jun 18 2017, 11:45 PM

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QUOTE(MC Mong @ Jun 18 2017, 11:42 PM)
Dear sifus,

I'm a commission earner for a enterprise company. I do not have basic pay, nor epf contribution. If my commission for that month is 10k, I will receive full exact amount via cheque payment.

May I know any bank will accept if i would like to apply mortgage?
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the bank will consider two things:

1. Declared tax on Borang B
2. 10-20% of the average 6 months deposits in your company bank account statement

Some banks will look look either one, whichever higher, others whichever lower, but a tax payment is essential for an enterprise that is running a business (as opposed to those that exists for tax purposes for a contracted person)

Also, if you are running a business, the salary, epf, etc that is paid to you as a person from your own company is not worth anything to the bank; because as the owner of the company, you can manipulate your income however way you like.
MC Mong
post Jun 18 2017, 11:52 PM

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QUOTE(wild_card_my @ Jun 18 2017, 11:45 PM)
the bank will consider two things:

1. Declared tax on Borang B
2. 10-20% of the average 6 months deposits in your company bank account statement

Some banks will look look either one, whichever higher, others whichever lower, but a tax payment is essential for an enterprise that is running a business (as opposed to those that exists for tax purposes for a contracted person)

Also, if you are running a business, the salary, epf, etc that is paid to you as a person from your own company is not worth anything to the bank; because as the owner of the company, you can manipulate your income however way you like.
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I'm not self employed bro.. what i mean is i'm working with a enterprise company as a staff. commission based
wild_card_my
post Jun 18 2017, 11:56 PM

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QUOTE(MC Mong @ Jun 18 2017, 11:52 PM)
I'm not self employed bro..  what i mean is i'm working with a enterprise company as a staff. commission based
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Ah my mistake, must be due to the time.

Yes, as long as your income is documented by the company, and the company is in good standing (banks may run RAM credit checks on them), then you will get 80% of your income calculated as part of your gross income. No EPF deductions will be applied, but banks may apply its own tax table deduction on the income.

But you are in good hands. Just make sure:

1. Your payment vouchers are documented for the past 6 months
2. You can tally the nett pay on the payment vouchers for the past 6 months bank statement
3. You get a letter of appointment from the company
4. It doesn't hurt to show that you are paying taxes. Are taxes deducted from your pay?

Side note: For commission earners, or partial commission earners (salaried sales men with commissions), most banks will only take up to 80% of the income as gross income, the reason is that these income is not fixed... the same goes with rental and dividends (UT, ASB, Tabung Haji, company dividends etc.)

This post has been edited by wild_card_my: Jun 19 2017, 12:03 AM
lifebalance
post Jun 19 2017, 12:03 AM

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QUOTE(MC Mong @ Jun 18 2017, 11:42 PM)
Dear sifus,

I'm a commission earner for a enterprise company. I do not have basic pay, nor epf contribution. If my commission for that month is 10k, I will receive full exact amount via cheque payment.

May I know any bank will accept if i would like to apply mortgage?
*
QUOTE(MC Mong @ Jun 18 2017, 11:52 PM)
I'm not self employed bro..  what i mean is i'm working with a enterprise company as a staff. commission based
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Hi

May I know what type of commission earner are you? Insurance agent, real estate?

Do you declare any income tax for the past 2 years?

Will be good if you got confirmation of employment as well from your current employer and to be able to show 12 months commission statement at least to support on your income.

Do let me know on the info above so I can accurately determine ur issue.
Vingoh
post Jun 19 2017, 09:12 PM

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Hi, may i know why the banker asking me give him a photocopy my previous mortgage loan agreement (different house, from other bank that i borrow 7 years ago) when i apply loan for new house? Do i need to give him?
lifebalance
post Jun 19 2017, 09:25 PM

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QUOTE(Vingoh @ Jun 19 2017, 09:12 PM)
Hi, may i know why the banker asking me give him a photocopy my previous  mortgage loan agreement (different house, from other bank that i borrow 7 years ago) when i apply loan for new house? Do i need to give him?
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Probably to determine the monthly installment from that housing loan. Why la you don't ask him directly the reason when he was asking for it?
wild_card_my
post Jun 19 2017, 09:34 PM

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QUOTE(Vingoh @ Jun 19 2017, 09:12 PM)
Hi, may i know why the banker asking me give him a photocopy my previous  mortgage loan agreement (different house, from other bank that i borrow 7 years ago) when i apply loan for new house? Do i need to give him?
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The banker would probably use that to confirm:

1. Monthly installment
2. Match the loan amount with that on the CCRIS to confirm the installment
3. To check on number of borrowers if it is a joint loan
4. Based on 2, if your payslip has the installment stated in the payslip, the commitment will only be calculated once instead of twice.

A lot of good reasons to give the old LO/LoanAgreement to the banker. If you cant find the LA, you can try giving him the LO isntead
Vingoh
post Jun 19 2017, 09:42 PM

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QUOTE(wild_card_my @ Jun 19 2017, 09:34 PM)
The banker would probably use that to confirm:

1. Monthly installment
2. Match the loan amount with that on the CCRIS to confirm the installment
3. To check on number of borrowers if it is a joint loan
4. Based on 2, if your payslip has the installment stated in the payslip, the commitment will only be calculated once instead of twice.

A lot of good reasons to give the old LO/LoanAgreement to the banker. If you cant find the LA, you can try giving him the LO isntead
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What is LO?
wild_card_my
post Jun 19 2017, 09:43 PM

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QUOTE(Vingoh @ Jun 19 2017, 09:42 PM)
What is LO?
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Sorry, LO is the Letter Offer from the bank. Loan Agreement, the LA, is the one you sign between you and the bank

The LO should have the bank's logo at the top, it is printed with the bank's letter head. You can use that in place of the Loan Agreement, usually that is what I request from my clients because not many people know where their LA is
lifebalance
post Jun 19 2017, 09:46 PM

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QUOTE(Vingoh @ Jun 19 2017, 09:42 PM)
What is LO?
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LO stands for Letter Offer from the bank.

LA is Loan Agreement which is a legal binding document between you and the bank
Vingoh
post Jun 19 2017, 09:52 PM

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Thanks wild_card_my and lifebalance.
wild_card_my
post Jun 19 2017, 09:53 PM

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QUOTE(Vingoh @ Jun 19 2017, 09:52 PM)
Thanks wild_card_my and lifebalance.
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You are most welcome. Drop by anytime if you have any further questions
lifebalance
post Jun 19 2017, 09:53 PM

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QUOTE(Vingoh @ Jun 19 2017, 09:52 PM)
Thanks wild_card_my and lifebalance.
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No problem Bro =)
Vingoh
post Jun 20 2017, 02:25 PM

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Hi, may I know third party loan is guarantor? I mean A & B buy house but A apply third party loan only, B is guarantor?
wild_card_my
post Jun 20 2017, 02:44 PM

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QUOTE(Vingoh @ Jun 20 2017, 02:25 PM)
Hi, may I know third party loan is guarantor? I mean A & B buy house but A apply third party loan only, B is guarantor?
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Yes and no, it depends on how you define guarantor. Most banks are not keen on using guarantors anymore now... so they will ask for documents for the guarantors, but they will not be able to hold them liable for any payment defaults by the borrower

Now, going back to your question, B is the chargor, and not a guarantor nor applicant.. The chargor is part owner of the house but is not part of the loan agreement. No financial burden will befallen him or her in the case of a default.
lifebalance
post Jun 20 2017, 02:56 PM

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QUOTE(Vingoh @ Jun 20 2017, 02:25 PM)
Hi, may I know third party loan is guarantor? I mean A & B buy house but A apply third party loan only, B is guarantor?
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No, bank don't use guarantor already nowadays.

When you take a loan, if you put SNP as A & B and Loan agreement only A, then it's a 3rd party loan, provided A income is able to sustain on the new commitment without B's income.

But the bank will not take in guarantor in this case.
Vingoh
post Jun 20 2017, 03:23 PM

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For third party loan, Is that mean if A cannot pay the loan payment, bank will only sell this house but the debt (loan borrow by A) will not go to B, right? I mean the A debt not bear by B, correct?

Third party loan same as joint applicant? Because some bank they have no third party loan, they told me joint applicant same as third party, I don't understand why joint applicant same as third party, I thought joint applicant is 2 people name borrow loan, am I wrong? What mean joint applicant for mortgage loan?
wild_card_my
post Jun 20 2017, 03:33 PM

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QUOTE(Vingoh @ Jun 20 2017, 03:23 PM)
For third party loan, Is that mean if A cannot pay the loan payment, bank will only sell this house but the debt (loan borrow by A) will not go to B, right? I mean the A debt not bear by B, correct?

Third party loan same as joint applicant? Because some bank  they have no third party loan, they told me joint applicant same as third party, I don't understand why joint applicant same as third party, I thought joint applicant is 2 people name borrow loan, am I wrong? What mean joint applicant for mortgage loan?
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1. In the event of a default and the preoperty is auctioned off, if the property is sold for higher than the outstanding amount, then you dont have to worry too much anymore about it as the bank would get their dues...

But to answer your question, yes the debt will not be transfered to B...

2. third party loan is NOT the same as joint application... joint application will take into account both the income and commitments of the joint applicant when considering to approve the loan... a chargor (part owner of the SPA but not part of the Loan Agreement) also known as B in your example, does not have his/her income adn commitments taken into account

3. In adition, the chargor "B" will NOT have the loan of "A" as part of B's CCRIS/commitment...



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