This post has been edited by emmawlc: Sep 28 2018, 12:00 PM

If I am not wrong, overdraft account statement is similar to credit card statement. In that when you borrow from the bank, the statement will show it as debit; and when you repay the bank, it would show as credit. So in this case, you debited RM100,000, and there should be another RM400k available for you to borrow

To confirm, it would be best if I can read the statement.

1. Not all banks offer land+construction. But it should not matter as you would need to re-apply for a new financing anyway

2. 1 year plus is quite young, but it can be done. Best to wait for 2 year SSM though

3. Yeap, draft it and get it approved. These are some of the documents required. No guarantees of approval though

Alternatively, you can just do a "land financing". The rate is a little higher and the margin is lower too, but since the land is no encumbered (no loans attached to the land), then all the money you receive from the financing can be used to build the house

Did you use 100k previously ?

If yes then the remaining balance is 400k in the OD account.

which bank should I try to get housing loan? which requirements are lower?

1) low basic salary 3k plus
2) high annual bonus +- 80k after deduct tax
3) no other commitment (can be bad cause no record)
4) apply for 570+ k loan


Tried to contact PB but only can get <70% of the house price.
RHB and maybank not approve as they only review the basic income, bonus not count

CIMB no respond yet

I'm curious how you get 80k bonus with 3k income, what are you working as ? how is your bonus derived ? and what was your bonus for 2015, 2016 and 2017.

How long have you been working ?

1. This is gross or net? If net you are doing OK, but if gross you are better off with banks that can give maximum 60% debt-service ratio (which is the max BNM allowed for this salary range). Some banks give max of 40% or wont do the financing at all (AlRajhi for example) due to the salary being below guideline

2. Okay high annual bonus is a big plus. With this bonus figure, you can ignore point (1). You can go with any banks that would consider 80% of your bonus as income provided that you have documents to backup the bonus (2 year EA and bonus slip)

3. No record. Erm.. I successfully got 90% margin of financing for clients who has no CCRIS record. I used graduate schemes, need to back this up with transcript and degree

4. 570k? Do able. How old are you?

i'm asking this question on behalf of my friend. so I will continue to answer as the first person, easier,


This year I got 30 months bonus. As an assistant manager of plantation industrial.
The amount of the bonus are based on the profit of the previous year (the branch profit i working in)

Last year I can't recall how much, probably 12-18 months as I'm still new here.

And the year before 6months (work less than a year after probation)

Working in this company for 3 years. 3years + in previous company.

29

I see, seems the bonus varies based on performance and may not be sustainable long run due to inconsistency. Moreover the bonus is more than the basic salary.

My take is that the bank will cut or reduce margin based on your profile. Application for 90% is pretty hard unless you take a joint loan. At most you'll get 70 to 80% margin financing if the bank are comfortable.

-double post

This post has been edited by BladeRider: Sep 28 2018, 02:53 PM

High bonus employees are still ok if they can prove long term viability of the bonuses. I have done employees who has received big bonuses before (SP Setia), granted it is great GLC.

6 to 18 months are considerably high but some companies purposely give low salary but high bonueses (Singapore Airlines steward) and banks will consider that case by case, epecially if you ahve supporting documents like I mentioned:

1. EA from the same company for multiple years to reveal consistency of bonuses
2. Savings

edit: To whom it may concern, for the purpose of sharing information on the ground, it is ok to reveal what I do for a living. You can report my posts as many times as you want, but experience on actual application process and results are important. Without experience, the advisers are prone to make simple mistakes like you have done before, for example, not knowing that you can withdraw EPF for the purpose of paying the 10% deposit when purchasing a house. This is a simple method that everyone in the industry (mortgage and real-estate) would know which you apparently did not know perhaps due to inexperience. So I am sharing my experience as a person who is currently working in the industry.

This post has been edited by wild_card_my: Sep 28 2018, 03:06 PM

What is the lowest rate for 70% financing and below? Asking around ... best is 4.4% I can get ....

Dear Experts,

Wanna ask.. For pure Commission earner

Latest 6months income as below:
1)April-18,398.42
2)May-10,735
3)June-8,455
4)July-15,912.50
5)August-15100
6)September-10592

Rental income per month RM2950. Ccris no problem.

How much can get loan ya.. ? Can buy property up to how much.. Work less than 6months.

Bank consider income as 50% or 100% in this case?
Current total commitment only RM1500 per month. 35years loan tenure is eligible.

This post has been edited by Siao_Lang: Sep 29 2018, 01:48 AM

Financing rate depends on the loan amount. Granted, a 70% margin is low-risk to the bank due the customer having to pay 30% for the property, the rate is heavily attached to the loan amount.

Do you have any other commitments? If no, here it is. Also assuming that you are younger than 35 years old. Most banks will consider 80% of your monthly average for the variable as well as rental income; while some banks will only consider 50%. In the calculation below I am using 80%

Thanks wildcard for the fast reply.. )))
In this case.. Is it possible to purchase few properties at once? To leverage...? Possible to get 90% financing?

My monthly commitment is RM1510per month. Age below 35.

This post has been edited by Siao_Lang: Sep 29 2018, 02:09 AM

You could do that, there are a few ways about it. Legally speaking, as long as you are upfront about it, then no issues. But if you go through the "loan compression" route, that is already in "grey to black" area already. Either way, as long as you do not have more than 1 residential property loan under your name, your next application(s) will be given 90% maximum margin of financing (MOF)

Just to be clear, can you share these details? Easier for me to get it done right at once:

Personal
Name (or nickname):
Age:

Income (RM/month)
Gross:
Nett (after deducting EPF, PCB, SOCSO):
Variable income (OT, commissions, if any):
Rental:
Investment (ASB, Tabung Haji, Unit Trusts, FD):
Bonus 2017:
Bonus 2016:

Commitments (RM/month)
Mortgage:
Hire purchase:
Credit card outstanding:
ASB loan:
Personal loans:
PTPTN:

Ok. Will can you drop me your contact. Will pm you.

Generally.. Just a pure commission earner. No basic salary. Only 1 housing loan with rm1510 per month commitment. No credit card. Car loan fully settled. Ccris no problem. No other investments. Withdrawn my fd. But theres a '1' in jan and feb ccris. Will it affect loan approval?

1. No problem being a pure commission earner as long as you have documents and the banks can verify your employer (registered business, no hits in their CTOS/RAMCI report)

2. No probelm with a '1' that doesn't not continue for months... it's just a small mistake and happens to many people. It would be a problem if it was a "1 1 1 1 1 1 1" that means you purposely delay your repayment.

Lowest rate is 4.4% at the moment.

May I know what is your job ? property agent ? insurance agent ?

https://imgur.com/eLyfjvS

You can do so provided loan amount is the same. Though the banks may do double checking on CCRIS

Hard to say, will need to key in your data to check overall scoring.

Assalamualaikum,

hi all expert and agents,

I would like to ask how did a bank approving any income derived from trading stocks market? My concern was since any income derived from stocks market were not taxable, how did the bank approving that type of income? What document needed to prepare for the loan applications?

Thanks in advance.