hi, my gross salary rm3k a month,

no fixed allowance but my yearly allowance around rm4k or 5k a year depends on the duration of offshore or outstation.

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:

Alright thank you very much. Appreciate it.

Looks like i can't afford a house in KL

is DSR 80% too optimistic?
some told me the maximum DSR is only 40%.

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

Hi, any agents for Standard Chartered or banks that can offer good rates available?

Calling all loan agents.

I m buying a sub sale for 555k. Pm me within the next 2 days if u are able to offer more than blr-2.4

Faiz, you've done a good job for my loan approval. I strongly recommend all the buyer to seek for a knowledgeable and responsive mortgage banker / agent. I've previously mess up my loan application because of sky & heaven promises by the previous agent and bankers though we're pretty confident with our DSR and clean record of ccris & ctos from my previous property.

Faiz will try whatever possible way to increase the chances for your loan approval, which we did with him and we manage to get it approve though. Not bad that even if it's midnight, he did his homework for me too.

You deserve a thumbs up from me, thanks ya!

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!

Hello all,

This is my situation, I have a house, recently completed, fully paid, with the title in my name, valued at 140K. I need a loan for 50K for home renovation.

No proof of income, pasar malam, small time business here and there.

Anybody got ideas, drop me a PM. we can discuss further. Btw, I am in Kulim, Kedah. Prefer solution providers from Penang, or Sg Petani or near about.

Thanks.

Hi, I am Vincent, I am mortgage specialist,

What you need to do is refinance your house and cash out the RM50K.

Did you filed income tax this year? if you got, then you can submit the tax form and declare that as your income.

Unfortunately, my office is in KL, so I doesn't fit as the criteria to be the solution providers. But you can always call for help from other LY-kaki.

Cheers!

Vincent

Thanks, I have actually nothing to proof my income, hence the problem. I could save up again, but would probably take another 3 years...

Hi bankers. I would like to enquire if its possible to apply for a home loan based on my current situation. I have been employed with a government agency this past year and half, and have just left my job at the end of may and I'm starting at a new private company from 2nd june onwards. I have my latest 3 months salary slip from previous employment as well as Offer Letter from new/current employer. Will that be enough for me to apply for a home loan? Ofcourse, I also have supporting documents EA forms etc.

I was told by a banker friend that the bank requires three months latest salary slip from current employer therefor I wont be able to apply for a loan now. Any truth to this?

Also, Im only interested in applying for a 50% loan as the other 50% will be paid as downpayment.

thanks!

should be still ok, but need you last year e-filing with tax payment receipt,and 1 month payslip with bank statement.
maybe you can pm me below information to calculate

1.annual income declared for last year income tax
2.current monthly net income
3.loan amount
4.you age
5.current commitment(housing,car,personal loan installment amount,and cc outstanding)

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.

I am thinking on this area as well, but setup an enterprise and hire my wife as an employee. Not sure what other documents would a bank need, KWSP? payslip etc....and how many months of bank statement, kwsp statements would be needed.

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

This should be no problem. Just that you have your previous company document and some supporting document should be no problem.

I'm Mortgage Adviser from CIMB Bank. PM me if you are interested on CIMB mortgage loan.

Hi all bankers, i have a question here. If i am interested to purchase a new property cost 600k (around 580 near 600). May i know how much min salary per month in order to qualified for the loan ?. Besides that, another alternative would be joint applicant or guarantor right? Please advise more information on this both alternatives. Thank you

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