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

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azrilyp
post Jul 24 2018, 12:34 PM

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QUOTE(wild_card_my @ Jul 24 2018, 12:28 PM)
A lot of banks provide it. But for most of them, if the OD amount is above 200k to 250k, there will be a maintenance fee of 1%, which is chargeable even if you do not utilize the OD. The OD rate is about 7 to 8% now

As it is though, without proof of income, it can be very difficult to get a mortgage, be it term or OD. Do you have other sources of income?
*
haih, source of income is my main problem as I'm only recently jobless which means I have no aim whatsoever. Which banks is the easiest? maybe I have good cable which I can use...

btw, thanks.
lifebalance
post Jul 24 2018, 12:35 PM

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QUOTE(azrilyp @ Jul 24 2018, 12:20 PM)
hi,
  I'm looking for an overdraft facility in which I have a piece of property as collateral. Any banks providing it?

I've quit my job few months back and need some money to pay the bills until I can get a fulltime job. Was thinking of taking up professional certification course while jobless but lack money right now.
*
Hi you may apply for OD facility

But because of your current unemployment, it will not be possible to apply for a housing loan as you have no source of income
azrilyp
post Jul 24 2018, 12:43 PM

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QUOTE(lifebalance @ Jul 24 2018, 12:35 PM)
Hi you may apply for OD facility

But because of your current unemployment, it will not be possible to apply for a housing loan as you have no source of income
*
Yeah, thanks for the reply. Just realized that I have so much money in KWSP but can't make use of it at the moment.

lifebalance
post Jul 24 2018, 12:46 PM

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QUOTE(azrilyp @ Jul 24 2018, 12:43 PM)
Yeah, thanks for the reply. Just realized that I have so much money in KWSP but can't make use of it at the moment.
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My suggestion is for you to secure back a job first for atleast 3 - 6 mths preferably confirmed in your position as confirm staff before considering to apply for the home loan
azrilyp
post Jul 24 2018, 12:53 PM

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QUOTE(lifebalance @ Jul 24 2018, 12:46 PM)
My suggestion is for you to secure back a job first for atleast 3 - 6 mths preferably confirmed in your position as confirm staff before considering to apply for the home loan
*
ok. Thanks for the suggestions. But if I do get a job with the same pay as prev, I'll probably don't need an OD thou. Just wanted to get thru these hard times until I can withdraw my epf and settle everything. But then an OD facility do come in handy.
wild_card_my
post Jul 24 2018, 01:02 PM

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QUOTE(azrilyp @ Jul 24 2018, 12:34 PM)
haih, source of income is my main problem as I'm only recently jobless which means I have no aim whatsoever. Which banks is the easiest? maybe I have good cable which I can use...

btw, thanks.
*
The problem is the income and proof of income. Without any payslips and tallying bank statement, I can't proof that you have the income pay the installment (housing loan) or the interests (OD)

QUOTE(azrilyp @ Jul 24 2018, 12:43 PM)
Yeah, thanks for the reply. Just realized that I have so much money in KWSP but can't make use of it at the moment.
*
yes, even for purcahses of property, you are not allowed to withdraw from account 2 for land purchases

QUOTE(azrilyp @ Jul 24 2018, 12:53 PM)
ok. Thanks for the suggestions. But if I do get a job with the same pay as prev, I'll probably don't need an OD thou. Just wanted to get thru these hard times until I can withdraw my epf and settle everything. But then an OD facility do come in handy.
*
OD at below the OD maintenance threshold would be a good idea for you. You do not have to pay the installment, but have an OD facility at the ready to utilize when you need it. I suggest that once you do get a job, to start with the OD application anyway - sediakan payung sebelum hujan, so to speak
lifebalance
post Jul 24 2018, 01:29 PM

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QUOTE(azrilyp @ Jul 24 2018, 12:53 PM)
ok. Thanks for the suggestions. But if I do get a job with the same pay as prev, I'll probably don't need an OD thou. Just wanted to get thru these hard times until I can withdraw my epf and settle everything. But then an OD facility do come in handy.
*
Hmm chicken and egg kind of issue, it'll be more feasible for you to find a new job because it'll take sometime before your OD can be approved
azrilyp
post Jul 24 2018, 02:39 PM

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QUOTE(wild_card_my @ Jul 24 2018, 01:02 PM)
The problem is the income and proof of income. Without any payslips and tallying bank statement, I can't proof that you have the income pay the installment (housing loan) or the interests (OD)
yes, even for purcahses of property, you are not allowed to withdraw from account 2 for land purchases
OD at below the OD maintenance threshold would be a good idea for you. You do not have to pay the installment, but have an OD facility at the ready to utilize when you need it. I suggest that once you do get a job, to start with the OD application anyway - sediakan payung sebelum hujan, so to speak
*
Yeah, I guess its still boil down to getting a job or a stable source of income. I think maybe I venture into ikan bilis business.
wild_card_my
post Jul 24 2018, 02:44 PM

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QUOTE(azrilyp @ Jul 24 2018, 02:39 PM)
Yeah, I guess its still boil down to getting a job or a stable source of income. I think maybe I venture into ikan bilis business.
*
Who knows this may be your cross roads. Start with the business, do it well, document your income well, and maybe the next time we speak, you would be asking for an RM2m loan for a property purchase.

Register your enterprise, makes sure all payments are received through the enterprise bank account, if received as cash, to bank in on the same day you get the money. Declare your taxes so you dont get hounded by LHDN.

Best of luck brother.
lifebalance
post Aug 1 2018, 02:16 PM

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QUOTE(VanDriverRocks @ Aug 1 2018, 02:11 PM)
Would like to know..

if i successful bid for lelong.. property price at 300k but mv is 600k..

can i get 600k loan? 300k for lelong and balance for renovation..
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You can't, you can apply based on the purchase price of 300k 90% only since this is your purchase price.
lifebalance
post Aug 1 2018, 02:30 PM

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QUOTE(VanDriverRocks @ Aug 1 2018, 02:29 PM)
which mean i must get loan for 300k first.. after everything settle only apply for refinance?
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In this case, 90% = 270k, then after everything is done, you can do a refinance if you want to cash out the remaining balance based on market value.
wild_card_my
post Aug 1 2018, 02:43 PM

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QUOTE(VanDriverRocks @ Aug 1 2018, 02:11 PM)
Would like to know..

if i successful bid for lelong.. property price at 300k but mv is 600k..

can i get 600k loan? 300k for lelong and balance for renovation..
*
No you cannot. When it comes to financing for a purchase property, the maximum margin is applied to whichever is lower:

1. Market value
2. Sales price as per displayed on the SPA or Proclamation of Sale

QUOTE(VanDriverRocks @ Aug 1 2018, 02:29 PM)
which mean i must get loan for 300k first.. after everything settle only apply for refinance?
*
The options that you have:

1. Get 90% MOF for the purchase, that is RM270k, and purchase the property. And then refinance it (another cost for the loan agreement, stamp duty, and valuation fees) at 90% of the MV. RM270k will be paid to your current bank, and the remaining will be your "cash-out"

2. Purchase the property in cash (if possible) by paying RM300k in lump-sum, then refinance it at 90% of the MV. This is more difficult as you would need to cough up the cash, however, you would not have to waste time and money to pay the moving costs.


Amesozai
post Aug 2 2018, 11:57 PM

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Guys, MRTA or MLTA is the best for my 1st house-condo?
wild_card_my
post Aug 3 2018, 12:03 AM

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QUOTE(Amesozai @ Aug 2 2018, 11:57 PM)
Guys, MRTA or MLTA is the best for my 1st house-condo?
*
MRTA is cheaper in general, but it is attached to the loan which you will have to surrender if you settle the loan (cannot be carried over to a new mortgage in the future). Paid in lump-sum in advance, it has cash value that can be redeemed when the policy is sold back to the insurance company. Reducing balance, which is part of the reason why it is somewhat cheaper than MLTA

MLTA is a life insurance that is attached to you, as a person, that can be earmarked for the settlement of your mortgage in the event of your demise. It is payable on the monthly basis, but would end up a little more expensive than the monthly loan payment for the MRTA mentioned above

For your first condo, if you do not plan to sell it off at all in the future, not you need to refinance it for cash, MRTA may be more suitable. If you think it will be upgraded, or you may need to refinance it for cash-out, MLTA may be more suitable

Insurance agents may be more inclined to recommend you to take MLTA so he/she can cross-sell his/her product, as it is, it is best that you balance all these factors and decide for yourself.


lifebalance
post Aug 3 2018, 12:05 AM

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QUOTE(Amesozai @ Aug 2 2018, 11:57 PM)
Guys, MRTA or MLTA is the best for my 1st house-condo?
*
Hi

user posted image

Above is a table to show you the difference

I would recommend you to take up MLTA for your 1st property rclxm9.gif

This post has been edited by lifebalance: Aug 3 2018, 12:06 AM
wild_card_my
post Aug 3 2018, 12:13 AM

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QUOTE(lifebalance @ Aug 3 2018, 12:05 AM)
Hi
 
Above is a table to show you the difference

I would recommend you to take up MLTA for your 1st property  rclxm9.gif
*
Insurance agent,

As expected, you would recommend MLTA there and then. The proper way of conducting financial advising involves inquiring the client about his/her situation and future plans - which includes what he/she is going to do about the property, upgradability, refinancing possibility, holding period, residency, etc. It is also important to provide a lists of pros and cons to either plans, and allow the clients to decide on his own without a hard and fast recommendation, especially without any info from the clients' side.

That is the proper way of doing it, instead of recommending MLTA driven by the desire to earn your commissions without explaining why such recommendations are given. It is also important to mention any conflicts of interests when recommending one product over the other. Just my two cents.

This post has been edited by wild_card_my: Aug 3 2018, 12:19 AM
lifebalance
post Aug 3 2018, 08:28 AM

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QUOTE(wild_card_my @ Aug 3 2018, 12:13 AM)
Insurance agent,
 
As expected, you would recommend MLTA there and then. The proper way of conducting financial advising involves inquiring the client about his/her situation and future plans - which includes what he/she is going to do about the property, upgradability, refinancing possibility, holding period, residency, etc. It is also important to provide a lists of pros and cons to either plans, and allow the clients to decide on his own without a hard and fast recommendation, especially without any info from the clients' side.

That is the proper way of doing it, instead of recommending MLTA driven by the desire to earn your commissions without explaining why such recommendations are given. It is also important to mention any conflicts of interests when recommending one product over the other. Just my two cents.
*
Lol as usual hentam buta like Pasir Salak

Prudential insurance agent, go ahead and tell that to all the people in here who bought MLTA that they are idiots and being sold to by MLTA.

Otherwise I can see you're just trying to make a ruckus in here just because you want to make a bad name for MLTA because you just don't like me telling both side of the story and recommending MLTA which is far better than MRTA
bursageek
post Aug 4 2018, 10:42 PM

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Hi, would like to know how will the following refinance scenario play out:

1. I'm considering to take a house loan from a bank I work in for a developer project as they waive the progressive interest on the new house, offer 100% financing and gives low interest rate.

2. There's a clause where if I leave the bank, I'll have to pay the disbursed amount back in lump sum

3. I plan to purchase the house n enjoy the interest savings, then work elsewhere in the next 2 - 4 years - which means I'll have to refinance the mortgage as I'll leave the bank

My question is, can I refinance the loan with another bank before the unit is built? I ask this as people tell me that I can't refinance an unfinished building - it is not completed to be valued.

But logically I'm just moving my business to the next bank and I don't see why they'll not be happy to take my mortgage. Is the no-refinance-on-uncompleted-unit rule a hard and fast rule or are there other exceptions?

Please advise.


lifebalance
post Aug 6 2018, 10:17 AM

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QUOTE(bursageek @ Aug 4 2018, 10:42 PM)
Hi, would like to know how will the following refinance scenario play out:

1. I'm considering to take a house loan from a bank I work in for a developer project as they waive the progressive interest on the new house, offer 100% financing and gives low interest rate.

2. There's a clause where if I leave the bank, I'll have to pay the disbursed amount back in lump sum

3. I plan to purchase the house n enjoy the interest savings, then work elsewhere in the next 2 - 4 years - which means I'll have to refinance the mortgage as I'll leave the bank

My question is, can I refinance the loan with another bank before the unit is built? I ask this as people tell me that I can't refinance an unfinished building - it is not completed to be valued.

But logically I'm just moving my business to the next bank and I don't see why they'll not be happy to take my mortgage. Is the no-refinance-on-uncompleted-unit rule a hard and fast rule or are there other exceptions?

Please advise.
*
You can't refinance a property which is not completed. Period.
wild_card_my
post Aug 6 2018, 10:35 AM

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QUOTE(bursageek @ Aug 4 2018, 10:42 PM)
Hi, would like to know how will the following refinance scenario play out:

1. I'm considering to take a house loan from a bank I work in for a developer project as they waive the progressive interest on the new house, offer 100% financing and gives low interest rate.

2. There's a clause where if I leave the bank, I'll have to pay the disbursed amount back in lump sum

3. I plan to purchase the house n enjoy the interest savings, then work elsewhere in the next 2 - 4 years - which means I'll have to refinance the mortgage as I'll leave the bank

My question is, can I refinance the loan with another bank before the unit is built? I ask this as people tell me that I can't refinance an unfinished building - it is not completed to be valued.

But logically I'm just moving my business to the next bank and I don't see why they'll not be happy to take my mortgage. Is the no-refinance-on-uncompleted-unit rule a hard and fast rule or are there other exceptions?

Please advise.
*
1. No, you cannot refinance a property that is still under-construction

2. I haven't come across any banks/cases where the refinancing was successful .

3. I believe that if you leave the bank and you fail to refinance, the rate will change back to normal commercial rate, as opposed to staff rate. Some banks force their employees to refinance though.

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