Your net income? Okay

But at your salary, you can probably get about RM340k worth of loans. If it is RM400k it is going to be a little tough unless you have extra income in the form of:

a) Rental
b) Bonus within the past 6 months
c) Investment dividends consecutively in the past 2 years.



This post has been edited by wild_card_my: Sep 20 2013, 11:45 PM

Noted. Will see what I can get and get back to you on Monday evening. However can you furnish me with these details:

a) 12x55 is probably the land size, would you know the actual built-up size of the house?

b) How old is the property? Have it already got its own individual title?

c) Does it have any built-in wardrobes, kitchen cabinet, and plaster ceiling? If yes, please detail them out.

Thank you.

In terms of interest rate, tenure, and margin of financing, they are all the same.

Most Islamic loans do not have lock-in periods though, unless stated by the bank

Islamic loans that is based on Diminishing Musyarakah is a buy-and-lease contract. The bank and you co-purchase a property, with the bank's share being 90% and yours 10%. Over the course of the loan, you will purchase the bank's share in the property, and at the same time they would lease the property to you as they hold a share in the property.

I offer both conventional and Islamic loans from multiple banks, hope you will get my service when you need a loan to finance your purchase.

Thank you.

Noted. Will get as best valuation as possible. Do you have a number I can call?

Thank you.

Hello Bearbear

1. For the OT, can you give me the average OT you have received for the past 6 months? Best if you can sum the OT you receive and divide by 6 months.

2. For the joint HL commitment, what was the original loan amount?

3. As for the house, I can help you do valuation on it. Can you give me the:

a. Full address
b. Type of property
c. Built-up area
d. Land area if applicable
e. Renovations and extensions done to the house including the cost of renovations if any. Please be detailed.
f. Expected market price, or asking price.

4. As for the loan, I have a lot of banks under me. Ill help match you with the best bank for your risk profile.

Thank you.

Hello Kenyawood,

1. Yes, the bonus can be included into the income calculation, thus increasing your maximum loan amount

2. No, I have not gotten the market value. I would need the information listed above before I can run the house with the valuers...

Can you get the info for me?

It depends with the banks, but for most they would average out the non-fixed allowances, average the figure, and multiply it with 80%.

Heyy Yeap!


1. Your bad record as a paymaster will be reflected in the CCRIS report

2. However, all of your settled loan accounts will be cleared off the CCRIS. Meaning if you are a bad paymaster for 4 of your credit cards, and you have cancelled/closed the credit card accounts... it will be taken off CCRIS

3. From your view, is any of the delay payments coming from the housing loan and personal loan? Because once you have cleared the CC debts, the housing loan and personal loans will be the only ones left in the CCRIS...

4. Worst case scenario if your remaining loan accounts only have 2 months latepayment: 80% MOF for your refinancing!

Possible to show me (privately is best) the CCRIS record? I can give a more accurate solution if I see it myself

The interest rate could be up to BLR - 2.45% depending on your risk profile. ZEC too, as in the moving cost will be included into the financing.

Hello Saffa,

1. Okay, so you are now on a permanent basis. That is good. How much is your sister earning? I can give a more accurate answer and estimation of the loan amount with that information.

2. Is your business registered? Where does the income go into, your personal bank account? During the past 6 months, what is the average income form the business?

3. How old are the 2 of you?

Thanks.

Hello

1. With RM5000 and RM2000, and minimal commitments you should be able to get about RM800k worth of loans, but it depends on the commitment levels that both you and your sister are having

2. Okay, as long as the money is banked in they can be considered.

3. Some banks will look at the younger member of the joint loan account as the applicantion age. So if you are 23, you the joint-loan can be for up to 35 years.

4. The staff loan will usually be better, however, usually only 1 loan per employee, and she will need to refinance the loan if she jumps to a different company. I have many bankers as client because they dont want to be attached to the bank they are working at. Do let your sister ask the bank about these issues.

5. I carry many banks, and have a lot of sales contacts with bankers with other banks including. I can be your one-stop service, no need to see so many loan agents

Hello,

Would it be possible that you get the:

1. Full address

2. Renovations and extensions done to the houses?

Thanks.

Hi.

1. Yes, the new rule is applicable if you want to refinance from bank A to bank B

2. The GOOD news is that, you can still choose so the the repayment of the refinancing portion to be at 35-years (maximum tenure for housing loan). So that means if you have an outstanding balance of RM300k, and you need another 100k, the new loan of RM400k CAN be repaid in 35 years.

The BAD news is that, the 100k (the cash-out portion) will be calculated by the banks as if you are going to repay it in 10 years. What does this mean? Illustration below. From the bank's view, your monthly commitment would jump from RM460 a month to RM1026 a month! This would burst your Debt-service-ratio (DSR) for most people!

However, if you do get your loan approved, the repayment schedule for the loan will still based on the 35years tenure, for this example, your repayment for the RM100,000 cash-out portion would remain at RM460 a month and not RM1026 a month.

10-year tenure calculation


35-year tenure calculation


3. So if I get you right, your would be okay with this since the repayment would still be low, whether or not your loan would be approved is a whole different story.

Hi,

1. To more accurately calculate your loan eligibility, can you share your:

a) Housing loan(s) current outstanding balance (for all 3 houses)
b) Your car's original loan amount

2. Yes, it is possible to apply for the loan even if your name is not on the S&P. This arrangement is called a third-party loan. However, you must have a family relationship with the owner (brother, sister, father, mother, son, daughter, husband, wife)

Thanks!

Hello,

1. Can you break down the "current loans" that you are repaying?

If it is a housing loan, what is the current balance?
If it is a car/personal loan, what is the original loan amount?

2. Have you received any bonuses in the past 6 months?

3. If the documentation is complete and without any hiccups, I can get the answer in 4 working days from the day of submission.

Hi, since you do not have any loan commitment, your calculation was easy.

1. Due to your high salary and being rather young, your maximum loan amount is calculated to be about RM1million

2. Monthly repayment is in the region of RM1800 a month for a loan of RM450k

3. I recommend taking the package that includes the legal fees as well and to forego the MRTA



Hello!

1. To give you a more accurate calculation, may I know more about your loans?

a) What is the balance of your housing loan?
b) What is the original loan amount of your personal loan?

2. Some banks do finance the legal fees while others do not.

Hi.

Yes, you probably could get the loan according to the calculation, pending approval by the credit controller ya.



Well, with most banks, we don't care about where you are from, only how much you make

1. As far as the DSR is concerend, with OCBC for example, the table is as below. The bank use the latest conversion rates.



2. However, the Nett income is calculated a little differently than if you were working in Malaysia.

Noted. Ive calculated the maximum housing loan as accurate as I could. Note that all this is pending by the approval by the credit controller..



Yes and no. For a number of banks, they will not even finance the Legal, Valuation, and Stamp Duty (LVS) fees.

For others, they would include the financing of the LVS into the loan amount. You would get 90% plus 2% (LVS) of financing.

For most, the S&P fees have to be borne by the purchaser.

Noted.

As per calculation, you can quite get the loan you want, pending approval by the credit controller.

However, if you have received any bonuses from the past 6 months then your net income can be increased even more, thus increasing amount you can borrow.

People, there are 2 main reasons for this.

1. First of all you need to make sure that your banks are calculating the interest on a daily-rest basis. Nowadays most banks are using daily-rest calculation, however if your loans are signed a few years ago be cautioned that they may still be calculated using monthly-rest. With daily-rest, for each Ringgit that goes into your account, the outstanding balance is reduced on the next day, thus saving you from paying interest. As such, there are some advantages in splitting your payments over 2 bi-weekly payments because you get to save the interest payments over 2 weeks for the split amount each month.

2. However take note that most of the calculators consider bi-weekly payments as being paid in 52-week long year and NOT 12-month long year. What does this mean? In a 52-week long year, there will be 26 sets of bi-weekly payments, or 13 sets of monthly payments. While there are 12 sets of monthly payments in a 12-month long year.

Essentially, they calculated based on you paying 1 extra month each year (13 monthly payments) compared to the normal 12 monthly payments.

In Australia and Europe it is quite common for the employees to get paid calculated using the weeks. As such they do get paid for 52 weeks while Malaysians normally get paid for 12 months. As such if you follow the calculations, you are essentially trying to pay for 13 monthly payments a year while earning 12 monthly salaries. It can be done! But the calculators can be misleading, and that's why your get the surprising result of the cost savings.

Let's illustrate this! Now look at the table below which is taken from the same link Hou JaI posted. Notice that there is not much savings between paying Bi-monthly (every 2 weeks) and Weekly (every week)? That's because in both of these calculations, the calculator are using the 52-week long year calculation, hence it is making an equivalent of 13 monthly payments in a year. While the monthly repayments are being made for 12 months.

13 monthly payments VS 12 monthly payment EVERY YEAR. Surely the 13 monthly payments would reduce the total interest paid and loan tenure! But you are paid salary 12 months a year, not 13 months a year. Hehehe.

A more accurate comparison would be 26 bi-weekly payments vs 13 monthly payments and I can guarantee that there isnt much difference in terms of total payment and interest saved.


[As above]

[As above]

This post has been edited by wild_card_my: May 19 2014, 04:07 PM

Hi Zell, yes although you were confused (Sorry about that), you are correct in that the new loan of RM400k can be repaid in 35 years (or whatever maximum tenure you are allowed to based on your current age.

I cannot speak for all banks, but I know of 3 banks that allow you to repay both the refinancing portion AND the cash-out portion in 35 years.

OCBC, Bank Islam, Maybank

Thank you. If you need any financing assistance, I am happy to help!

For education purpose only. Note the recent date! You can still refinance for 35 year tenure!



For prop A's loan (RM100k, RM460k installment), the loan will appear as a TERM LOAN on the CCRIS. So if you need to refinance another house with bank B, depending on the bank, the prop A's TERM LOAN will be calculated just like a housing loan.

So in this case, the loan will be viewed as having RM460 monthly commitment.

This post has been edited by wild_card_my: May 19 2014, 06:05 PM

The new bank for the new house will view that commitment as half of the full commitment, it is split into 2 just like you assumed

Hi!

1. Can you giver me the gross income as well? Break it down between the 2 people, the gross salary and the fixed allowances if available. Also if there is any commissions and bonuses all in gross form!

2. Can you also share your:

a) Original loan amount for the car(s)
b) Current balance outstanding for the housing loan(s)

3. Yes, you can include the rental income as part of your income, but pending valid documentations. Do you have have the stamped rental agreement? Or any bank statement to prove 6 months rental deposit ?

Thanks

This post has been edited by wild_card_my: May 22 2014, 10:49 AM

Noted.

1. Ive calculated your data. Help yourself But... ask me for help if you need anything!



2. It's okay about the expired tenancy agreement as long as you have the bank statement (6m) to prove money deposited.

This post has been edited by wild_card_my: May 22 2014, 11:06 AM

Hi!

1. Yes, as far as the calculation is concerned, that is about the amount you can get. But everything is pending approval by the credit control ya

2. However, your LoanToValue is till limited to 70%, so while you can get a loan of 1.2 mil, your LTV is capped at 70%. Hence if you can probably aim for a 1.7 mil house (70% of 1.7m is about 1.2mil)

Thanks!

This one:



Thank you very much!

This post has been edited by wild_card_my: May 22 2014, 11:24 AM

That is a very simplistic way of calculating your income. The bank's practice is to calculate for your net income (using their own adjustments), and then deduct your current commitments, and then from whatever income is left used to calculate for the highest loan amount the bank could give.

I value the details so I created the calculator to x-ray my clients (and potential clients') finances for their own assessment.



Hi, what is your gross monthly salary ya? Please include salary and fixed allowances if any.

Thanks.

I have excluded the allowance for the time being because I cannot see what is written on the payslip. The banks are privvy about these things

Here is your comprehensive mortgage eligibility: