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

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lifebalance
post Mar 15 2018, 05:08 PM

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QUOTE(melvin1985 @ Mar 15 2018, 03:13 PM)
Hi sifus, Second time home buyer here.
Kindly advise :

Desaru 600k,
My gross income: 3.6k SGD

Got monthly incentive in case hit target 200 mthly and quarter 500 come with AWS and bonus  1.5 mth minimum

Commitments:
Car            : RM263 (auto debit every month)
House loan : Rm2420 (2 person name so i pay half $1210)
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user posted image
ngph988
post Mar 15 2018, 05:52 PM

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QUOTE(melvin1985 @ Mar 15 2018, 03:13 PM)
Hi sifus, Second time home buyer here.
Kindly advise :

Desaru 600k,
My gross income: 3.6k SGD

Got monthly incentive in case hit target 200 mthly and quarter 500 come with AWS and bonus  1.5 mth minimum

Commitments:
Car            : RM263 (auto debit every month)
House loan : Rm2420 (2 person name so i pay half $1210)
*
Please find DSR range as below.

70% : RM 769,478.40
75% : RM 846,763.11
80% : RM 923,867.82
85% : RM 1,001,062.53

Above simulation derived from core income and bonus against your car loan and housing loan.

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

May I know if you're purchasing undercon projects or subsale? If undercon projects you'll have limited selection on financier.
kkxhamtan
post Mar 18 2018, 11:45 PM

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Hi sifu

First time home buyer,

Net income 3.9k
Bonus 1 mth
Commissions 500 - 2000 (depending sales target)

Car loan 900

I’m planning to buy a subsales house worth 450k, how much loan I can get?

I heard my friend about loan on Sub sales is different from new house. Can explain the process?
lifebalance
post Mar 19 2018, 09:42 AM

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QUOTE(kkxhamtan @ Mar 18 2018, 11:45 PM)
Hi sifu

First time home buyer,

Net income 3.9k
Bonus 1 mth
Commissions 500 - 2000 (depending sales target)

Car loan 900

I’m planning to buy a subsales house worth 450k, how much loan I can get?

I heard my friend about loan on Sub sales is different from new house. Can explain the process?
*
user posted image

For Subsales property or "Completed Property"

1. You'll normally get the view the completed unit and you're the property with the condition as it is.

2. You'll need to inspect for any defects yourself and negotiate with the seller on whether he/she is willing to repair it or selling just as it is.

3. You'll incur a SPA and Loan Agreement cost when you purchase a Subsales which is normally 5% of the purchase price, so you'll need to prepare atleast 15% (10% for Downpayment)

4. You'll be entitled to loan up to 90% loan in this case similar to a Project property


kkxhamtan
post Mar 19 2018, 01:51 PM

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QUOTE(lifebalance @ Mar 19 2018, 09:42 AM)
user posted image

For Subsales property or "Completed Property"

1. You'll normally get the view the completed unit and you're the property with the condition as it is.

2. You'll need to inspect for any defects yourself and negotiate with the seller on whether he/she is willing to repair it or selling just as it is.

3. You'll incur a SPA and Loan Agreement cost when you purchase a Subsales which is normally 5% of the purchase price, so you'll need to prepare atleast 15% (10% for Downpayment)

4. You'll be entitled to loan up to 90% loan in this case similar to a Project property
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Hi the monthly installment is 2780 same as the disposable income. Wrong calculation?
lifebalance
post Mar 19 2018, 01:53 PM

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QUOTE(kkxhamtan @ Mar 19 2018, 01:51 PM)
Hi the monthly installment is 2780 same as the disposable income. Wrong calculation?
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Same, that's assuming you're taking the maximum Loan at 4.6% and for 35 years. Your installment would be 2780 monthly
Lina94
post Mar 22 2018, 04:14 PM

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Hi,

Just wondering, can i submit application for home loan from the same bank but different branch? hehe.

i am first time home buyer.
lifebalance
post Mar 22 2018, 04:16 PM

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QUOTE(Lina94 @ Mar 22 2018, 04:14 PM)
Hi,

Just wondering, can i submit application for home loan from the same bank but different branch? hehe.

i am first time home buyer.
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Yeap you can.
ngph988
post Mar 22 2018, 10:16 PM

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QUOTE(Lina94 @ Mar 22 2018, 04:14 PM)
Hi,

Just wondering, can i submit application for home loan from the same bank but different branch? hehe.

i am first time home buyer.
*
Yes, you may. This is a free market
kdevan
post Mar 26 2018, 04:14 PM

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Hi, guys. I am a first time home buyer. I just want to get expert opinion. Which is better full flexi loan vs semi/smart flexi?
The guy from the bank is encouraging me to take smart flexi Islamic loan.
My Net Income after deduction is around RM 9.5K and planning to get 90% loan for RM 830K property. No car or any other commitment. Please advice.
Thank you


lifebalance
post Mar 26 2018, 04:46 PM

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QUOTE(kdevan @ Mar 26 2018, 04:14 PM)
Hi, guys. I am a first time home buyer. I just want to get expert opinion. Which is better full flexi loan vs semi/smart flexi?
The guy from the bank is encouraging me to take smart flexi Islamic loan.
My Net Income after deduction is around RM 9.5K and planning to get 90% loan for RM 830K property. No car or any other commitment. Please advice.
Thank you
*
Hi kdevan

user posted image

Semi Flexi
- Normally comes with withdrawal fee
- No need to maintain current account
- Will need to wait longer for your money to return back to your savings account
- No monthly fees
- Usually recommended for people who are not business owner 

Full Flexi
- Normally doesn't come with withdrawal fees
- Need to maintain current caccount
- Don't need to wait for your money to go back to your current account to make withdrawal
- Monthly fee to maintain your current account
- Usually recommended for people who runs a business as money comes in from businesses, it will save interest on the daily rest. And the business owner can use that money again a few days or weeks later for his business.

Unless you take money out often, I would suggest you to take semi flexi loan will do. Otherwise if you use your money regular and treat it like your normal bank account, you can take a full flexi loan but you'll incur monthly charges by the bank to maintain the current account.

As for Islamic or Non-islamic loan, It depends also, certain banks offer with no lock in period but if you don't plan to early settle ur loan within 3 years, it's not really an advantage.

Some banks will push for certain loan facility because of trying to hit target as well.

Feel free to let me know again if you have any questions.
ngph988
post Mar 26 2018, 05:10 PM

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QUOTE(kdevan @ Mar 26 2018, 04:14 PM)
Hi, guys. I am a first time home buyer. I just want to get expert opinion. Which is better full flexi loan vs semi/smart flexi?
The guy from the bank is encouraging me to take smart flexi Islamic loan.
My Net Income after deduction is around RM 9.5K and planning to get 90% loan for RM 830K property. No car or any other commitment. Please advice.
Thank you
*
Please find the max loan eligibility base on DSR calculation.

DSR
70% : RM 1,405,156.98
75% : RM 1,505,525.33
80% : RM 1,605,893.69
85% : RM 1,706,262.04

Simulation base on 35 years repayment and interest rate is 4.5% p.a.

Since you're salaried employee, I suggest you to take semi flexi unless you often withdraw/deposit money regularly in/from your loan account.

Full flexi will require RM 200 + 6% GST setup fee and monthly maintenance fee is RM 10 + 6% GST.

Differences between conventional loan vs Islamic loan
- Islamic loan has no lock in period in general (except RHB)
- 20% waiver on loan stamp duty fees
- 20% additional charges on Legal fees due to Syariah compliance.

For conventional loan, if you have fully settle loan in lock in period you'll be liable for penalty charges.

May I know if you're intend to purchase undercon or subsale? And also your current age?

mamamia
post Mar 27 2018, 01:34 PM

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was told by ambank today that MRTA premium cannot be more than 5% of ur loan amount , is it true? Bcoz when sign offer letter, the MRTA is 32 years as per loan tenure, now say they put wrong year, should be only 27 years as 32 years premium is higher than 5% or loan
lifebalance
post Mar 27 2018, 01:44 PM

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QUOTE(mamamia @ Mar 27 2018, 01:34 PM)
was told by ambank today that MRTA premium cannot be more than 5% of ur loan amount , is it true? Bcoz when sign offer letter, the MRTA is 32 years as per loan tenure, now say they put wrong year, should be only 27 years as 32 years premium is higher than 5% or loan
*
Yes you can only finance maximum another 5% of mrta and loan agreement fee. Anything more than that is from your own pocket
sin2010
post Mar 27 2018, 06:10 PM

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Hi, wanna ask about the rate, I got the climb Islamic load ( they told me is fix rate), 4.75%,30 yr.. is this consider good rate?
lifebalance
post Mar 27 2018, 06:21 PM

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QUOTE(sin2010 @ Mar 27 2018, 06:10 PM)
Hi, wanna ask about the rate, I got the climb Islamic load ( they told me is fix rate), 4.75%,30 yr.. is this consider good rate?
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Abit high but what's your loan amount ?

Standard is about 4.5% - 4.6% depending on the loan amount and your overall record
!@#$%^
post Mar 27 2018, 06:34 PM

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QUOTE(sin2010 @ Mar 27 2018, 06:10 PM)
Hi, wanna ask about the rate, I got the climb Islamic load ( they told me is fix rate), 4.75%,30 yr.. is this consider good rate?
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fix rate? really?
ngph988
post Mar 27 2018, 06:42 PM

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QUOTE(sin2010 @ Mar 27 2018, 06:10 PM)
Hi, wanna ask about the rate, I got the climb Islamic load ( they told me is fix rate), 4.75%,30 yr.. is this consider good rate?
*
CIMB should be floating rate. Only AIA and MBSB (financial institution) offering fixed rate.

The rate will subject to your loan amount and scoring. How much is loan amount?
luige
post Mar 27 2018, 07:01 PM

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@lifebalance

do you think it is possible to restructure ocbc home loan without any fee/charges ? to lower down installment plan amount
lifebalance
post Mar 27 2018, 07:16 PM

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QUOTE(luige @ Mar 27 2018, 07:01 PM)
@lifebalance

do you think it is possible to restructure ocbc home loan without any fee/charges ? to lower down installment plan amount
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You can utilize the zero moving cost package like AIA Fixed Rate Housing Loan, meaning you don't have to pay for Loan Agreement and Valuation fees, and re-loan the same amount, provided your current loan amount is significantly lower than your original amount.

I'll need to recalculate your whole loan to find out how much savings and interest saved by doing this exercise.

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