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

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lifebalance
post Jan 17 2018, 11:23 AM

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QUOTE(unigal @ Jan 17 2018, 11:14 AM)
Dear Sifu,

Need some advices.

Currently, I am still serving my first house's loan payment which is not much left, about 30K. I am planning to buy a second property which cost about 750K max. I don't intend to settle my first housing loan because part of the money I will use to buy the 2nd property. If I do this, will this have any impacts to my loan application? Any other good method that you can suggest? Kindly advice. Thanks.
*
Hello

If you remain your first property to appear as loan in CCRIS. It will impact your DSR as part of the installment is still calculated as monthly commitment until you settle the full.

Unless your current income is sufficient to take up 2 loans installment at the same time.

You may provide me the following info to check for you.

Age
Gross pay
Nett pay
Rental income
Bonus 2015 2016 2017

Commitment
House
Car
Credit Card outstanding
Personal Loan
PTPTN

Do let me know how much you intend to loan for the 2nd house purchase as well.
ngph988
post Jan 17 2018, 12:32 PM

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QUOTE(unigal @ Jan 17 2018, 11:14 AM)
Dear Sifu,

Need some advices.

Currently, I am still serving my first house's loan payment which is not much left, about 30K. I am planning to buy a second property which cost about 750K max. I don't intend to settle my first housing loan because part of the money I will use to buy the 2nd property. If I do this, will this have any impacts to my loan application? Any other good method that you can suggest? Kindly advice. Thanks.
*
Hmm, need to check what's monthly installment of banking facilities and your income ratio.

Perhaps you could share us your personal info, will run a simulation for you.

1) Borrower info

Age
Occupation
No of borrower
Single/joint borrower
No of housing loan on hand 1

2) Income
A) Salary earner
Gross salary
Allowances
i) Fixed (average in 3 months)
ii) Variable (average in 6 months)
OT
Bonuses
i) Contractual (total amount in 1 year)
ii) Performance (total amount in 2 years)
Commission (average in 6 months)

B) Self employed
- Sole proprietor / partnerships / Sdn Bhd
6 months company bank statement(credited amount)
i)
ii)
iii)
iv)
v)
vi)
Income tax declaration
Net Profit/Loss shown in past 3 years audited report (optional)

3) monthly commitment
Housing loan
Hire purchase
Personal loan
ASB loan
PTPTN loan
Credit card
Share margin
Other term loan
OD

4) supporting document
Rental
Savings
Fd
Asb dividend
Shares
others
servant
post Jan 18 2018, 05:46 PM

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Hi can all sifus calculate for me whether I am elegible to buy a house and how much the maximum loan can I get?

My info:

1. Borrower info

Age : Both 27
Occupation : Property Exec/ Admin Exec
No of borrower : Joint Borrower

2) Income

A) Salary earner
Gross salary 1st Borrower : RM4000
Gross salary 2nd Borrower : RM2200

3) Monthly Commitment

1st Borrower (Salary RM4000)
Hire purchase : RM1000
Personal loan : RM500
PTPTN loan : RM180
Credit Card : 3 cards with no outstanding
Overdraft Facilities : RM200/mth (left 8 mths, outstanding RM1500)

2nd Borrower (Salary RM2200)
Personal loan : RM600
PTPTN loan : RM120

4) Supporting Document

T.H Savings 1st Borrower : RM10k
T.H Savings 2nd Borrower : RM5k
lifebalance
post Jan 18 2018, 06:40 PM

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QUOTE(servant @ Jan 18 2018, 05:46 PM)
Hi can all sifus calculate for me whether I am elegible to buy a house and how much the maximum loan can I get?

My info:

1. Borrower info

Age : Both 27
Occupation : Property Exec/ Admin Exec
No of borrower : Joint Borrower

2) Income

A) Salary earner
Gross salary 1st Borrower : RM4000
Gross salary 2nd Borrower : RM2200

3) Monthly Commitment

1st Borrower (Salary RM4000)
Hire purchase : RM1000
Personal loan : RM500
PTPTN loan : RM180
Credit Card : 3 cards with no outstanding
Overdraft Facilities : RM200/mth (left 8 mths, outstanding RM1500)

2nd Borrower (Salary RM2200)
Personal loan : RM600
PTPTN loan : RM120

4) Supporting Document

T.H Savings 1st Borrower : RM10k
T.H Savings 2nd Borrower : RM5k
*
user posted image
ngph988
post Jan 18 2018, 09:22 PM

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QUOTE(servant @ Jan 18 2018, 05:46 PM)
Hi can all sifus calculate for me whether I am elegible to buy a house and how much the maximum loan can I get?

My info:

1. Borrower info

Age : Both 27
Occupation : Property Exec/ Admin Exec
No of borrower : Joint Borrower

2) Income

A) Salary earner
Gross salary 1st Borrower : RM4000
Gross salary 2nd Borrower : RM2200

3) Monthly Commitment

1st Borrower (Salary RM4000)
Hire purchase : RM1000
Personal loan : RM500
PTPTN loan : RM180
Credit Card : 3 cards with no outstanding
Overdraft Facilities : RM200/mth (left 8 mths, outstanding RM1500)

2nd Borrower (Salary RM2200)
Personal loan : RM600
PTPTN loan : RM120

4) Supporting Document

T.H Savings 1st Borrower : RM10k
T.H Savings 2nd Borrower : RM5k
*
Please find DSR range below.

70% : RM 229,368.10
75% : RM 284,993.30
80% : RM 340,618.50
85% : RM 396,243.70

The best chance to approve your loan will be HLB. However, I will need to check your income document, CCRIS and CTOS before finalize everything.
ciwi
post Jan 21 2018, 11:46 AM

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I am about to buy a property this year but I have two concerns:

1. Currently selling off existing house. Loan settled. Got buyer pledge 2% to proceed with bank loan and so. How long does it usually takes for loan disbursement to me given buyer obtained the loan?

2. Would it be easier if I come up with the sales proceed 400k as downpayment to buy a 850k house? Would the approval rate higher if I only borrow 50-60% loan amount of the property value?
lifebalance
post Jan 21 2018, 12:05 PM

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QUOTE(ciwi @ Jan 21 2018, 11:46 AM)
I am about to buy a property this year but I have two concerns:

1. Currently selling off existing house. Loan settled. Got buyer pledge 2% to proceed with bank loan and so. How long does it usually takes for loan disbursement to me given buyer obtained the loan?

2. Would it be easier if I come up with the sales proceed 400k as downpayment to buy a 850k house? Would the approval rate higher if I only borrow 50-60% loan amount of the property value?
*
1. That depends on whether your property is leasehold or freehold

Freehold will take 2 to 3 months where as leasehold will take 3 to 4 months

So you will need to wait until the loan is disbursed before your name is removed from ccris

2. Yes you may however if you are able to loan a higher amount, you may leverage with the cash on hand by putting the extra amount of money into the flexi loan account.

You will benefit by having the flexibility of cash in your loan account that you can use for other purposes while not incurring the high amount of interest

Of course the drawback will be a higher monthly installment and also depends on your income and commitment level to take up 90% loan

You can also let me know your info below to check for your loan eligibility

Age
Gross pay
Nett pay
Rental income
Asb
Bonus 2015 2016 2017

Commitment
House
Car
Personal loan
Credit card outstanding
Ptptn
ngph988
post Jan 21 2018, 12:25 PM

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QUOTE(ciwi @ Jan 21 2018, 11:46 AM)
I am about to buy a property this year but I have two concerns:

1. Currently selling off existing house. Loan settled. Got buyer pledge 2% to proceed with bank loan and so. How long does it usually takes for loan disbursement to me given buyer obtained the loan?

2. Would it be easier if I come up with the sales proceed 400k as downpayment to buy a 850k house? Would the approval rate higher if I only borrow 50-60% loan amount of the property value?
*
1. It depends on solicitor's efficiency and property tenure. Usually freehold will be much faster, probably 3-4 months. If property is free from encumbrance, probably 2-3 months as bank will take 1 month for redemption from old bank to new bank. Leasehold will take 3-6 months or even more due to consent signing from high court in state. Usually, they will compile all document from other applicants and queue for signing. But fear not, OCBC can waive property monthly installment should you are in midst of selling your property. As long as you are able to provide redemption letter, stamped SNP.

2. Well if you're using your own cash to leverage loan margin, why not? But remember the opportunity cost, once you have utilize your own cash, you will need time to accumulate your wealth. Instead of leveraging your current cash, why not fully utilize bank facilities where the interests are between 4.5% - 5% whilst your investment tools may uplift your portfolio up to 7-8% return of investment (you need to look into your portfolio and determine your risk tolerance).

Do remember that housing loan interests are on daily rest. If you dump in more money, it will reduce interests and eventually your loan tenure as well. Utilize this mechanism wisely.

My suggestion, if your risk tolerance and income is high, apply for 90% margin and longest loan tenure. This may save up your cash flow and give you more holding power and flexibility of redraw.


Jason Tcw
post Jan 21 2018, 08:09 PM

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Hihi all sifus, I want to buy a property and with the info below, can help to calculate if im eligible to buy any property range within RM500k?

1. Borrower info
Age : 25
Occupation : Business Exec
No of borrower : 1

2. Income
Gross salary : RM4000

3. Monthly Commitment
Hire purchase : -
Personal loan : -
PTPTN loan : -
Credit Card : 3 cards with no outstanding
Overdraft Facilities : -
ngph988
post Jan 21 2018, 09:22 PM

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QUOTE(Jason Tcw @ Jan 21 2018, 08:09 PM)
Hihi all sifus, I want to buy a property and with the info below, can help to calculate if im eligible to buy any property range within RM500k?

1. Borrower info
Age : 25
Occupation : Business Exec
No of borrower : 1

2. Income
Gross salary : RM4000

3. Monthly Commitment
Hire purchase : -
Personal loan : -
PTPTN loan : -
Credit Card : 3 cards with no outstanding
Overdraft Facilities : -
*
Hi,

Any retail usage or credit card installment such as Dial For Cash/Cash Lite/Cash on Call, Balance Transfer, EPP and etc?

If no, please find DSR range as below.

60% : RM 425,593.52
70% : RM 496,525.78
75% : RM 531,991.90

I will need to look into your income document, CCRIS and CTOS before finalize everything.
lifebalance
post Jan 21 2018, 10:44 PM

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QUOTE(Jason Tcw @ Jan 21 2018, 08:09 PM)
Hihi all sifus, I want to buy a property and with the info below, can help to calculate if im eligible to buy any property range within RM500k?

1. Borrower info
Age : 25
Occupation : Business Exec
No of borrower : 1

2. Income
Gross salary : RM4000

3. Monthly Commitment
Hire purchase : -
Personal loan : -
PTPTN loan : -
Credit Card : 3 cards with no outstanding
Overdraft Facilities : -
*
user posted image

Based on the above calculation, should be able to afford a 500k property.

Assuming you're taking 90% loan of 500k, that would be 450k loan amount, installment is about RM2,101 monthly.

It's good that you kept some credit card without any outstanding. =)
adam1190
post Jan 23 2018, 03:33 PM

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which bank offers the lowest interest rate now?
lifebalance
post Jan 23 2018, 03:35 PM

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QUOTE(jianwei90 @ Jan 23 2018, 03:33 PM)
which bank offers the lowest interest rate now?
*
PBB - 4.22
MBB - 4.25
HLB, RHB, CIMB - 4.30
ggcyk
post Jan 25 2018, 06:38 PM

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Hi all sifu,
I'm a first home buyer here. Can you please help to calculate if im eligible to buy any property range within RM500k?
1. Borrower info
Age : 27
Occupation : Project Exec
No of borrower : 1

2. Income
Gross salary : RM4000

3. Monthly Commitment
Hire purchase : 400
Personal loan : -
PTPTN loan : -
Credit Card : 2 cards with no outstanding
Overdraft Faclities : -


Another scenario to ask for my friend:
He made a booking to one property (Prop A). 2 banks rejected due to income issue, 1 more not confirmed yet but according to agent its positive.
So if say he want to pull out from the current booking, and to make another booking to another property (Prop B). In this case, will he encounter any issue in applying loan to the same bank or to other banks for Prop B?
- Prop B is around 50k lower than Prop A

lifebalance
post Jan 25 2018, 06:44 PM

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QUOTE(ggcyk @ Jan 25 2018, 06:38 PM)
Hi all sifu,
I'm a first home buyer here. Can you please help to calculate if im eligible to buy any property range within RM500k?
1. Borrower info
Age : 27
Occupation : Project Exec
No of borrower : 1

2. Income
Gross salary : RM4000

3. Monthly Commitment
Hire purchase : 400
Personal loan : -
PTPTN loan : -
Credit Card : 2 cards with no outstanding
Overdraft Faclities : -
Another scenario to ask for my friend:
He made a booking to one property (Prop A). 2 banks rejected due to income issue, 1 more not confirmed yet but according to agent its positive.
So if say he want to pull out from the current booking, and to make another booking to another property (Prop B).  In this case, will he encounter any issue in applying loan to the same bank or to other banks for Prop B?
- Prop B is around 50k lower than Prop A
*
user posted image

Looks abit hard to get 90% loan, will suggest you take something cheaper or put a higher downpayment

QUOTE
Another scenario to ask for my friend:
He made a booking to one property (Prop A). 2 banks rejected due to income issue, 1 more not confirmed yet but according to agent its positive.
So if say he want to pull out from the current booking, and to make another booking to another property (Prop B).  In this case, will he encounter any issue in applying loan to the same bank or to other banks for Prop B?
- Prop B is around 50k lower than Prop A

Best to get ur friend to check his loan eligibility instead of blindly applying for loan.
ngph988
post Jan 26 2018, 09:25 AM

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QUOTE(ggcyk @ Jan 25 2018, 06:38 PM)
Hi all sifu,
I'm a first home buyer here. Can you please help to calculate if im eligible to buy any property range within RM500k?
1. Borrower info
Age : 27
Occupation : Project Exec
No of borrower : 1

2. Income
Gross salary : RM4000

3. Monthly Commitment
Hire purchase : 400
Personal loan : -
PTPTN loan : -
Credit Card : 2 cards with no outstanding
Overdraft Faclities : -
Another scenario to ask for my friend:
He made a booking to one property (Prop A). 2 banks rejected due to income issue, 1 more not confirmed yet but according to agent its positive.
So if say he want to pull out from the current booking, and to make another booking to another property (Prop B).  In this case, will he encounter any issue in applying loan to the same bank or to other banks for Prop B?
- Prop B is around 50k lower than Prop A
*
Please find DSR range as below.

60% : RM 422,603.10
70% : RM 507,124.32
75% : RM 549,384.88

Different bank will have different DSR calculation. I need to check your income document, CCRIS and CTOS before finalize everything.

As for your friend scenario, if he intend to get refund of booking fee, he may ask bank to furnish him rejection letter.
ggcyk
post Jan 26 2018, 04:46 PM

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QUOTE(ngph988 @ Jan 26 2018, 09:25 AM)
Please find DSR range as below.

60% : RM 422,603.10
70% : RM 507,124.32
75% : RM 549,384.88

Different bank will have different DSR calculation. I need to check your income document, CCRIS and CTOS before finalize everything.

As for your friend scenario, if he intend to get refund of booking fee, he may ask bank to furnish him rejection letter.
*
Thank you so much for your advise, @lifebalance and @ngph988

Yes. He will do so if the 3rd bank rejected.

He was told by the Prop A agent that he could try to apply 90% loan with his salary and commitment where the agent calculated his DSR at boundary. But who knows the situation now is different than what he was told.

Now while he is still waiting, he is still looking at other property to see if there is better one with lower price. But worried in case he opt for another one, will he face any problen to apply loan from the bank that he applied now or to the other bank.

This post has been edited by ggcyk: Jan 26 2018, 04:48 PM
lifebalance
post Jan 26 2018, 04:49 PM

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QUOTE(ggcyk @ Jan 26 2018, 04:46 PM)
Thank you so much for your advise, @lifebalance and @ngph988

Yes. He will do so if the 3rd bank rejected.

He was told by the Prop A agent that he could try to apply 90% loan with his salary and commitment where the agent calculated his DSR at boundary. But who knows the situation now is different than what he was told.

Now while he is still waiting,  he is still looking at other property to see if there is better one with lower price. But worried in case he opt for another one, will he face any problen to apply loan from the bank that he applied now or to the other bank.
*
No issue since he has not been granted any loan, however, you will need to get the bank officer to remove your loan application before you try again. Otherwise your old record for the earlier application will still appear
Denise_D
post Jan 29 2018, 09:44 PM

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Dear all bank agent..

i want to refinance my property....and need some advice...

current bank is OCBC...

pls pm me

regards,

lifebalance
post Jan 29 2018, 10:04 PM

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QUOTE(Denise_D @ Jan 29 2018, 09:44 PM)
Dear all bank agent..

i want to refinance my property....and need some advice...

current bank is OCBC...

pls pm me

regards,
*
You're looking at Refinancing for what purpose ya?


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