You are saying,

Borrower will be your brother in law, property chargor name will be under the wife?

This is called 3rd party financing, it can be done, only certain bank.


Yes.
Even when you apply for RUMahwip, you can provide joint borrowers name. (given that it's their first home purchase)
To get his loan for rumahwip, yes, borrower can be under 2 person name, property can be under 2 person name. Yes

4.75% quite hight, May I know what's your total loan amount borrowed?

In my opinion

CIMB would be better, more branches and the spread rate is 0.75%. If both UOB and CIMB base rate increase at the same time, CIMB effective rate will be cheaper.

What's the loan amount?

For now, the strategy is chose the one with the less spread risk.

Chose the bank which provides the best service. (able to collect loan statement whenever requested), (responsive service call centre)

Do give me the details

1.Full address
2. Square feet
3. Basic unit or renovated?
4. If renovated, do provide picture

Hi, currently there is 1 bank will look at tenancy agreement stamped without tallying with bank statement.
It is under my umbrella of banks.

It is around 480k-500k

yes, possible to get the loan, look at my loan table.
Low DSR 39%.

But the downfall is your commitment debt in ccriss only show 3 months of credit card usage, bank won't solidify your credit payment worthiness.


There's a possibilities you will be slashed margin 80%.

But this depends.

Ambank , RHB and HLB

Yes, due to your credit card usage 3 months. NOt enough to justify your payment pattern.

The best practice will be more than 6 months and best is 1 year.

3 months credit usage will definitely slash your credit worthiness, but low debt service ratio is a plus point.

There's lots of factor whether bank would slash your margin, your age, family, profession, company etc etc would be included in the scoring.

NO harm try to apply, you might secure 90% or might not secure 90% loan financing. bear in mind.

Yes, before you approach any banks. Do ask developer which banks is currently enpanelling the project.

RM650K loan, maybank will offer lowest 4.4%, if your financial profile is strong. 4.3% possible.


Refinancing miscc fees will be
1. Stamp duty loan
2. Legal loan
3. Valuation fees

1. Stamp duty loan

0.5% of loan amount
----------------------------------------------
RM650,000 X 0.005 = RM3250


2. Legal loan

First RM150K - 1%
<1MIL - 0.7%
---------------------------
RM 150,000 X 0.01 + RM500,000 X 0.007 = RM1500+RM3500= RM 5000

3. Valuation

1/4 % on the first RM 100,000
-----------------------------------------
=Rm250

1/5 % on the residue up to RM 2 million
-----------------------------------------------
=RM1100

---------------------------------
= RM 1350


Total =RM9600 estimation

Things to look out for:

a) Query the penalty charges. If any late payment involve in the future, how much will the bank increase the rate and will the rate be reversible
b) Whether the loan interest is daily rest or montly rest
c) additional fees incurred
d) Lock in period (for under construction property)
whether charges of penalty effective from 3 years of 1st disbursement or 3 years of full disbursement.
For our under construction property it is important as:
"1st disbursement" happens in 2015 = 2015+3 years
"full disbursement"happens in 2017= 2017+3 years

see the difference? full disbursement actually takes 3+3 years means 6 years before penalty is voided.
e) make sure all the stipulated charges you listed are the same in the letter offer.
f) how penalty charges are charged, on the outstanding amount or the loan limit.
"loan limit" is the amount loan you borrowed from bank since day1.
g) Tried calling the bank service centre and see if they pick up and provide good quality service.


Maybank
-Process fees Rm212 is it waived?

You see, it really boils down to you.
-Both local bank is very visible and wide spread across KL, so there isn't a problem finding banks branch.
-For Maybank, few of the complains I get is, service centre not responsive.
-Both banks perk is almost the same
-If I am not wrong, public bank, if you default your penalty can't be revert (If I am not wrong, please read the latest fine print of the letter offer)

1.If you want low rate and you know you are a good pay master, look no further. Public bank. You had answered your question.1.

2. 30 or 35 years? I will go for 35 years, because I wish to lower my installment. In the long run interest is high, yes. But in 10-20 years time there is high possibility I would sell off this property.







How come public bank 30 years?
Both bank DSR is almost the same, did pb banker made a mistake?

If you are not in a hurry and want to serve a lower installment with 35 years loan tenure, ask the banker to resubmit and rectify the loan tenure.

This post has been edited by Madgeniusfigo: Oct 2 2015, 12:56 AM

RM120K loan rate nowadays can go from 4.45-4.6, still 60 basis points better than your current loan rate.

You mean refinance your current outstanding loan Rm120k and cash out the remaining right?

1 golden point I can share with you, actually if your payment throughout the years with CIMB is great, you can actually ask them to revised your rate to current rate based on your loan amount. It could drop to 4.6% or less. Just bring yourselves to CIMB branch and request.
You don't need to waste any cash and effort to reduce the rate (given that you are a good paymaster, only will CIMB allow your rate to be revised to existing updated rate)

If you wish to cash out some emergency cash, no problem, I can provide suggestions.
I will need to know your following details:

1. Income (borrower)
- net salary
-OT
-Allowance
-Bonus

2. Debt / commitment (borrower)
-Hire purchase loan (Purchased amount)*
-Housing loan (Outstanding amount)
-Personal loan (Credit limit)
-PTPTN (Oustanding)
-Credit card (Outstanding)/(epp?)
-ASB loan ( total Oustanding amount)
- Overdraft ( Credit limit)

3. Current property outstanding loan.


So that I can further assist you in cash out your $$$ stuck in the bricks.

This post has been edited by Madgeniusfigo: Oct 3 2015, 01:53 AM

be aware of sole proprietor business and borrowing for housing loan.
1) Owner of sole proprietor giving salary back to himself is not acceptable to bank, because you have the chances to tweak the amount and overstate it, because you are the boss. But there's silver lining for this, chances of succeeding is 50/50

2) Debt service ratio depends on your debt and commitment
Debt / commitment (borrower)
-Hire purchase loan (Purchased amount)*
-Housing loan (Outstanding amount)
-Personal loan (Credit limit)
-PTPTN (Oustanding)
-Credit card (Outstanding)/(epp?)
-ASB loan ( total Oustanding amount)
- Overdraft ( Credit limit)

Do you always have large lump sum of cash that you can credit into your housing capital account?
or
Do you frequently withdraw money from your capital account?

If yes, go for full flexi deal.
If no , go for semi flexi

next
For the strategy right now, is to chose the lowest spread risk, but it's not a bullet proof method though.
Go for lowest BR + ""xxxxx"") lowest xxxxx amount

next
Understand each letter offer fine print,
1) What is the penalty if ever default
2) what is the processing fees
3) how many months of defaultment allowed before penalty


Then, you can make your decision.


Btw, MRTA is not a really a good protection for you and your family. If you have extra cash, try go for MLTA.

Eligible Applicant(s)
1.Must be a Malaysian citizen
2.First time home-buyer
3.Individuals up to age 40 years
4.Employees in private sectors, including statutory bodies that do not offer government staff housing loan/financing facility
5.Single applicant gross income not exceeding RM5,000/month and joint applicants gross income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per applicant)
6.Repayment of total financing obligation must not be more than 60% of the net monthly income or maximum financing limit of the participating bank, whichever is lower

Eligible Properties
1.Residential properties located in Malaysia
2.Minimum property value of RM100,000
3.Maximum property value of RM500,000

It is as stated, the requirement. When you meet it, you will get it. No secret.

Importantly, register for rumahwip and qualify for it.
Next, make sure you have debt and commitment with good track record.

great

1st of all, out country bankrupt it will take another 100-200 years. our country are filled with abundance of resources.

If ever our country economy crash lead to bankrupt, what will happen to our prop and mortgage?
1. If our country bankrupt is when we default on our bonds or nations borrowing. When this happens, FDI will plummet as investor has no faith in our nation capability to pay their yield profit or even their initial capital.

Our property will immensely be affected as price of property surge due to demand factora. When foreigner invest in our countries, it creates jobs opportunities, better facilities, geographic improvement, industrial development and etc..

Big firm MNC will establish headquarters in our nation main city and shift some of their top position employee to handle operation at Malaysia.

Top education uni or college will branch out to our nation, as they purview our nation as growing and more locals seeking for higher intellectual education. scholarship will.be given to foreign student and study at malaysia branch. More i flow of students.

When more jobs are created, more employee staying at the city, when more ppl searching for place to stay, demand >supply house price will surge accordingly.

When more students inflow to the city, more student kicked out from college, more studenta searching for rental room, higher rental price feat higher property price in the future. Capitalization rate. When investor saw high volume of rental and buyer, appreciation opportunity for the property. They will invest in that area and property price surge.

When the area is growing, more facilities will be provided, transportation will ve built to accomodate the population, price of prop will surge.

if we ever bankrupt, thw above will.nevwr happen. Investor will stay out of our nation( greece, zimbabwe, argentina, etc..)

as our currency hit low bottom, interest rate will adjust higher to attract more foreign investor, when ir too high, loan ir will increase high as well. prop owner will default and we will enter something similar to subprime...


Above is just my view and it is highly subjective.

If I get your question right,

There's no way a government can take over your property provided your property is legal and have strata titles.
Strata title is the proof of your ownership.

Except Malaysia boleh land and they can do so.

a)If they are able to take over your property ownership with snap of a finger, they can't pay off their debt with the properties. As properties are tangible assets and aren't commodities that could be traded to other nation.

b) If gov take over our properties by all means and sell it to other nation as collateral, it won't work, because A country wouldn't take our nation properties because it worth nothing.

Conclusion,
When our country bankrupt, you will still be your properties ownership and nothing much changes. You will still need to pay your mortgage loan(Bank would still want their profit back), interest rate will hike.
Look at greece interest rate when Bankrupt, it surge.

http://ycharts.com/indicators/greece_long_..._interest_rates

No matter what, we will still need to pay for our loan. I also hope we can run from this...

If this answer still haven't answer you properly, I hope there's other pro that could add value to this topic.

This post has been edited by Madgeniusfigo: Oct 7 2015, 06:15 PM