Doesnt have to be KL no? My client just bought a house in the Selangor area for 200k! It was an apartment of 950+ sq feet.

In kota damansara there are apartments going for 220k as well.

Also do you have bonuses? That would increase your income quite considerably

Oh no, that would be the front-end DSR. In some banks, they have this thing called front-end DSR and back-end DSR.

1) Front-end DSR is the commitment for the loan you are applying (say, RM525k, so the commitment is roughly RM2400 a month) vs your net slaary of RM12680. 2400 / 12680 = 19%. In short, the front-end DSR is the new commitment over the net salary.

2) Now the back-end DSR is the one that includes the new commitment for the new loan, plus the old commitments, and divided by all your net income, of which yours is still within the 80% back-end DSR

Some banks do utilize the front-end DSR calculation AND back-end DSR calculation. Other banks only utilize the back-end DSR calculation. But thank you for notifying me, I will update the illustration to make sure people know that it is referring to back-end only

I hope this helps!!!

This post has been edited by wild_card_my: May 23 2014, 05:41 PM

You know what? My mistake! Maybank has limited its top up and cash out to 10 years only.

The ones I can really confirm now are Bank Islam, OCBC, Alliance, and AIA (not a bank)...

Thank you for the notice!

Thank you Alan. It's my job and I did my best for my client's benefits. I am glad you are happy with my service!

If you havent declared your income tax, you could set up a company and pay yourself through that. In simple terms, you are working for the company you own, and that your income is in the form of a salary paid to yourself.

There are a couple of ways to go about this, but I'll discuss the more legal method:

1. The documents required to prove your income with your new employment would only be:

a) 3 months payslip backed by a bankstatement/epfstatement with the old company
b) A letter of employment with the new company complete with the remuneration spelled out (salary, fixed allowances)
c) At least a single month payslip with the new company backed with the bankstatement (epf statement not recommended because there will be a delay in the deposit of employee's EPF contribution)

2. Alternatively... of which I do not recommend but I have heard do-able that... err... I'd rather not put this in public but it is not that difficult to imagine is it? Especially since for some banks, the only income documents you would need are:

a) EA form 2013
b) EPF statement 2013 and 2014

OR

a) Latest 3 months payslip, lastest month as of now being May (usable until July 6th)
b) Bank statement OR EPF statement to tally with the payslips

This is a gray area, not something you should do.

There are ways to work around this. But some banks will not care if you have paid KWSP or cut off the PCB or not.

Its perfectly legal to pay your wife through that sole prop, and we can use her 3 months payslip backed by bank statement to help. I have helped a lot of my clients with this situation before.

You can call me and we can discuss this in private, but if you want to ask the questions here I can answer them for every one to benefit from it

This post has been edited by wild_card_my: Jun 3 2014, 04:00 PM

Hi, based on my calculation, if you only have a credit card, but always pay off your balance (recommended to build your credit history), and no other commitments, you can buy such a house based on a 90% Margin-of Financing loan by having a gross salary of: RM4800

However, if you have any other commitments, you would require a higher amount of income to counter the commitment



This post has been edited by wild_card_my: Jun 6 2014, 10:22 AM

sorry forgot to answer the rest of your questions

No other commitments? GOOOOD! Only have a credit card? GOOOOOD! Your credit history must be perfect, as long as your pay at least the minimum balance of your card every month, or settle the balance every month.

Now to answer your other questions:

1. You can do either a joint name or a guarantor, no problem.

2. For joint name, it can be: spouse, children, parent, parents in law, siblings, siblings in law, fiance/fiancee. For joint name, both applicants' income AND commitments will be pooled together and the loan eligibility will be calculated. If your joint-borrower has more commitment than income, might as well dont join the name . If you have a girl/boy friend, the banks can consider that as a fiance/fiancee too. Cool?

3. For guarantor, most banks are not too keen to do guarantorship, however if you must, it has to be your closest relatives: parents, children, spouse, and siblings only. For guarantorship, different banks have different ways to calculate the income. One bank I know of will only consider the guarantor's income but not the commitments (but this bank will require the guarantor to have up to 2 housing loans already) while other banks may include the guarantor's income as well as commitments.



This post has been edited by wild_card_my: Jun 6 2014, 10:38 AM

Of course!

But each of the allowances and extra income has the bank's own internal adjustments applied to it. So if you want me to include those, please give me the gross amount and I will help you with the calculation!

Is the allowance of RM800 fixed? If yes, ok.

I have removed the 3 month allowance of RM380avg just to be safe, because I dont really know what it is without looking at your payslip

The 1 month bonus is included in the calculation.

Her you go. Let me know if you want to keep it private?

Cool. Let me know if you need help with the application. I have 6 banks under my care, it's a one-stop service.

Also if you have friends and family who are looking for the best mortgage service, well you can tell them what you discovered today.

Have a goooooood weekend!

Cool, by the way there is a disclaimer ya to the calculation. I have been doing this for years and I always get it right, but approval/rejection of your loan can depend on many factors.

Just thought that I'd let you all know that I can do the following banks directly, for both Islamic and Conventional:

a) Maybank
b) OCBC (guarantor scheme available)
c) Alliance (guarantor scheme available)
d) Ambank

And I have a league of other bankers who I chose to help me with these banks for both Islamic and Conventional:

a) RHB
b) CIMB
c) Bank Islam
d) Public Bank
e) HSBC
f) Hong Leong

I hope I can be all of your one-stop center for your mortgage needs. I will serve all of you just as well as I am serving the rest of you on this forum, by sharing my know-how interms of mortgage and other financial planning needs.

This post has been edited by wild_card_my: Jun 7 2014, 01:56 PM

Hello!

Is there any other income? Rental income perhaps? And what is the outstanding balance of the housing loan?

It will still look good on your CCRIS as in you will not have a late payment. But the outstanding balance will be reflected in your record and the CC commitment will be calculated as 5%of the CC balance

Hello, so far, these are the 3 banks that I know off that allow the borrowers to repay their cash-out portion in 35 years:

OCBC
Alliance
Bank Islam


The rates depend on your credit score as assessed by the bank.

I can do these 3 banks as well as Maybank and Ambank directly as a Mortgage Broker. Please let me know if you are in need of my services.

Thank you.

The commissions received are the same from each bank, and you are misunderstanding the purpose of a broker. A broker carries so many banks to provide solutions to the clients as not all banks have the same terms, rates, and calculations of the net income and commitments. As such, by approaching the broker, one could see solutions from multiple angles than by going to just a single bank officer.

Any other brilliant questions MNet? You seem to be very interested

This post has been edited by wild_card_my: Jun 9 2014, 08:10 AM

They will find out not just your CC debt, but all of your debts in the form of their:

1. Type of debt (hire purchase, term, property, personal, CC)
2. Original loan amount
3. Outstanding balance (your CC o/s balance will be stated here, unless you fully settle your CC statement every month)
4. Repayment records

Hello, you can get around this much, as long as your loan repayment record is good. So at RM330k loan, your property price should be about RM366k.

Do you have any bonuses, dividends, and other fixed allowances? Those can increase your net income thus increasing your maximum loan amount:

If no other income, my calculation posted earlier could very well reflect your current situation It's not bad, although you may need to lower your target house price to RM360k.

Hello,

Can you share with me you outstanding balance for the home loan (joiunt name) and credit cards?

Also please share the original loan amount for the personal loans.

I will need these information to accurately calculate your maximum loan amount based on your salary and commitments

No problem. Let me know when you have paid the booking fees, I will help you with the best loan offer available as a mortgage broker.

THanks.

Hello, thanks to your low credit utilization, it is safe to say that you can borrow this much:



Based on my calculation, due to your low credit utilization, you can get the loan you want subject to approval by the credit controller.

But to answer your other questions:

1. It is possible to calculate based on the new job's salary provided you have at least 1 month salary and attach a letter of appointment with your new salary stated in the letter.

2. As for refinancing... once the new financing has taken place, the calculation wil be different. So you better act fast before the refinancing is reflected into your CCRIS that the other new banks will see when you are ready to refinance.



This post has been edited by wild_card_my: Jun 16 2014, 08:46 AM

As long as there is a supporting documents to prove the income then you are good to go. Supporting documents can be in the form of EA form, Borang B/BE, payslips and differ from bank to bank.

Most banks will treat these income as full if you can show the payslips and money banked into your account (bank statement). Some banks like OCBC can take the EPF statement in lieu of the bank statement, while Maybank will insist on the client providing the EPF statement.

I can do a number of banks local and foreign including OCBC, Maybank, Ambank, Alliance and have a strong network with other capable bankers like the ones from RHB, CIMB, HLB, Bank Islam and more. If you think my service is good, I can help you connect with these other bankers that I have specifically chosen to serve my customers. In a way I can provide you with a one-stop mortgage service.

This post has been edited by wild_card_my: Jun 16 2014, 03:02 PM

Hi, just to be clear, can you provide me the gross salary and any fixed allowance available?

Also for the commitments, are the numbers in the brackets the original loan amount or the current outstanding balance?

This post has been edited by wild_card_my: Jun 17 2014, 05:47 PM