1. Yes, it will be a problem. Bank won't recognized 2 months income, moreover her first employment.

2. Thanks for the sharp eye, it should be RM470K

3. You can actually acquired this RM500K property with your own

just that only 2 bank is able to finance your loan. Hong leong bank berhad and RHB

If you want her name to be in the chargor, it can be done.

Borrower your name, Property Chargor you and your wife's name.



4. If you want more options such as AMBANK which is market's best rate. RM300K-500K you can get 4.4% rate (also depends on your financial profile). Then waiting for another months salary from your wife will be great.


5. Conclusion

-If you are at a hurry. apply with your own name.
-If you want much better rate, wait for your wife's 3rd credited income.

Let me know if you need more help

This post has been edited by Madgeniusfigo: Oct 21 2015, 10:19 AM

1. Interest calculation for most of the banks are daily interest calculation.

2. For full flexi, If you put Rm70k into the loan RM100K, account will show RM30K, the interest charges will be based on RM30K calculation.

3. Semi Flexi, if you put 70k into the loan rm100k, account will still show rm100k, but the interest charges will be based on Rm30k calculation

4. Remember on banks full flexi capping on the max amount you can credit into capital account to avoid penalty.

Is this stated in letter offer?

Daily interest calculation
1.Daily rest means daily accruing and billing at month end.

2. Monthly compounding if no payment
if no money credited into the account, hence the interest charged based on that month outstanding.

They is no guaranteed for loan rate in this market, as base rate is based on personal finance profile.

1. mortgage agent that overpromsied to get certain rate amount is fatal.

2. to be confident in getting a certain rate, we would need to look into your CCRIS, CTOS and your profile document before we can give you 90% assurance.

3. I can help look at your documents and will advise you on the range of the rate you will be receiving

4. The rate that are currently offer to you are really high, there's chances for you to get a lower rate though.

If you need more information, don't hesitate to ask

I will give you example on full flexi on under-construction property scenario.

Daily progressive interest Calculation
((X amount disbursement * interest rate%)/365 )* no.of days in month.

Example
Bank disburse 10% of rm500k loan amount
Rm50k

Full flexi, 30days in month of february

A) put extra rm50k money in capital account on day 1 till day 30
((Rm 0 *4.45%)/365 )* 30 = Rm0

B) put extra money in on day 28 till 30days

((Rm50k * 4.45%)/365)*27=Rm166.438

This is the different, for full flexi.

Dear awakener1986!

1. Usually for bank to finance extra entry cost is 90%+5%.

2. the 5% includes the following:

Subsales
a) Legal loan fees
b) Stamp duty loan fees
c) Valuation fees

or
another 5% for
a) MRTA
b )MLTA

Undercon
a)Legal loan fees
b) stamp duty loan fees
or
All free (cost all covered by the bank)
or
another 5% for
a) MRTA
b )MLTA

3. That's by far the extend of banks coverage for entry fees costs.

4. Other fees, you have to fork out yourself

a) Preparation of sales and Purchase agreement
b) 6% gov tax
c) Preparation of Loan facility agreement
d) stamp duty MOT
e) ownership title transfer cost
f) Deposit for water and electricity
g) Renovation and moving cost (some bank allows finance of renovation cost)
h) legal S&P fees


This post has been edited by Madgeniusfigo: Oct 23 2015, 12:28 AM

Glad that the information helps!

Dear Bibibear,

1. I have tabulated your loan analysis. Max property you could purchase is price around RM265,000 below.

2.Your income is less than Rm3000, sadly to say, your DSR calculation by the bank will be 60%, which is very low.

3. Search for property around this price and you won't go wrong.

4. May I know your PTPTN credit limit? Becaue bank has its own calculation on ptptn debt commitments

1. Full Flexi will be beneficial to business people who fully utilized it. Always with huge cash flow and crediting it into capital account to reduce interest charged on the outstanding amount for few days.

if you are business people with huge cash flow all the time, go for option #3

2. You see, redraw fees will be charged for every transaction for semi flexi. If you aren't frequently withdraw cash from the capital account after your credit into it, the withdraw fees isn't much of a factor.

If you withdraw 3 times over 35 loan tenure stretch (for emergency)

Option 1 will be RM150

Option 2 will be RM30

but

the 4.35-4.4% difference over 35 years loan tenure stretch will cost you (example Loan amount RM500,000) , you will be paying extra RM6451 in total.

3. Go for option 1, with all my blessings

4. last advise, you don't actually earn much from crediting cash into capital account..... but this will be another long story to tell..

Dear Spader,

1) For 5k net income, your max property is RM865,654



2) When your income hit RM6500 net, your max property to purchase reach 1million price.



3) Credit card is one of the cheapest unsecured borrowing tools you could use to boost your creditworthiness. CCRIS will show your repayment record from (hire purchase loan, housing loan, personal loan, ptptn, overdraft and credit card)

When you utilized your credit card for 6-12months time, bank would be able to assess your credit payment record. They will increase credit scoring to you as you have good repayment in CCRIS.

This will allow you to get higher chances for 90% margin of finance.

If your CCRIS is clean, no debt. Don't bang your head saying "why didn't I applied credit card ". Bank will also look at another factor if given CCRIS is clean. They will look at your saving balance in your bank statement, if it proves strong, your chances of getting 90% Margin of finance isn't faded.

1) Property price at which range you are searching for?

2) Depends what mindset you have. As an investor mindset, they would prefer dragging the loan tenure the longer the better and refinance and drag longer.
Yes, the amount of total interest you are paying is alot for 35 years, but look at it this way. Time value of money, the money right now worth more than future years down the road. Investor would prefer to not settle their property, as they will opt for capital appreciation and refinance cash out and reinvest. Settling the property too fast, will be a trade off as their cash will be inside the brick...

3) Changes on what specific you are asking? the installment or the total interest paid?

15 years installment will be lesser than 10 years installment.
15 years total paid interest will be more than 10 years installment.

1. if lets'say your property is RM500K and valuation only RM490K, you will need to fork out the extra RM10K down payment

2. Depends you at which stage of loan process.

a) If you had already signed Booking form and wish to cancel from the deal, yes you can
b) If you had already signed letter offer and wish to cancel from the deal, yes you can (just call the bank)
c) If you had already signed facility of agreement and wish to cancel from the deal, yes you can (but bank will charge you 1-2% penalty)
d) If your loan underwent disbursement, No you can't.

No sweat Hope that it helps

Dear Kingsora,

1. Great, at least you are being protected, if anything happen, will be refunded.

2. Now the rate runs like this
Rm300k - Rm500k LOAN will get 4.4-4.45%
Rm500k above LOAN will get 4.37-4.45%

3. If your CCRIS and CTOS record is great, income and DSR is within threshold. 90% is possible.

4. Here, I can't promised you with absolute result without first looking at your documents and CCRIS. After vetting your documents only I can give you my assurance.

5. If you need anymore help, just inquire.

Dear aredill!!

1. If you have a business sole prop or a director for a company. They will need the picture of your company signboard, whole building etc..
But, if you are just a normal employee, this wouldn't be an issues as the banks that I am representing doesn't require such documents.
Really bank to bank case basis

2. It would be more accurate if you could provide me with below details: (Give me the actual borrowed amount instead of installment your are paying)
Debt / commitment (borrower) "joint or indiv"
-Hire purchase loan (Borrowed amount)*
-Housing loan (Borrowed amount) (Joint or indiv)
-Personal loan (Credit limit)
-PTPTN (credit limit)
-Credit card (Outstanding/usage)
-ASB loan ( credit limit)
- Overdraft ( Credit limit)


-This will be more accurate in calculating your loan eligibility

3. Do you have any extra documents that can support your income?
. Supporting income (borrower)
-Tenancy agreement rental (6months)
"1.
2.
3.
4.
5.
6."
-ASB ( 2 years total bonus)
-Shares dividend
-Fixed deposit



4. If I process with the details given by you, Purchasing RM150K property will still be achievable. But only HLBB able to process your loan.
90% won't be a problem if your CCRIS and CTOS are clean and with no default or lawyer letter. (But I won't assure you this yet)




5. May I know, your Hire purchase #2. Borrower is under your name right?

This post has been edited by Madgeniusfigo: Oct 29 2015, 05:10 PM

Dear bro,

1. If that's what the bank wants, just give it in. No point arguing with them when you are expecting them to leverage on your property. It seems troublesome but you need to cash for financing. So just do it and remember to take a good selfie of yourself too (jk)

2. This will give me a better accuracy in calculating your loan eligibility =) no rush no rush

3.

4. Hahaha, On behalf of all the retail owner, thank you for your contribution.
If your ccris is crystal clean, bank balance amount is a deciding factor whether you get 90% or you doesn't
Some bank look at bank deposit balance quite seriously, so it is always a good idea to keep at least 20k in your saving account or FD.

5. Refinance cash out, DSR allowable is quite high as the cash out tenure for bank calculation is 10 years. So it really depends how much you wanted to cash out.
anyway, hope your loan won't get rejected.

This post has been edited by Madgeniusfigo: Oct 29 2015, 10:00 PM

Dear aredill
1. Congrate

2. That's the first step on the loan process, then lawyer valuer will get loan instruction and then signing of facility of agreement under lawyer purview and then etc etc

3. You will serve your loan during the first disbursement of the loan. (3-4 months, depends on the process and your property title and type)

4. Happy serving loan installment mate!

1. then there isn't much problem as the property is completed with CF.

2. Congrate on your property acquisition! haha

3. Did you take the MRTA?
I will recommend you to take MLTA which is much beneficial to you, if you need help, I could help you analyse which protection can benefit your profile in the long term.

1. Yes, the normal SOP only within immediate family members, BUT......... malaysia boleh, there's loop hole for this.

2. Only loan side of the fees will be factor into the loan amount. (legal loan, stamp duty loan and valuation.
It will be advisable to financed all together, as it will save up your entry cost.
Anyway, it really depends on your profile. Are you old school cash rich or are you an investor or a conservative home buyer.
-FOr investor, they will purchase property with the lowest entry cost, hence finance everything into it.
-For old school cash rich people, they would either pay everything by cash (cos they are rich ) and borrow as less as possible
-For conservative home buyer, they will finance everything into the loan because they don't have much cash or they pay off the entry cost themselves because the wanted to avoid extra interest charges.

My suggestion is, finance everything into the loan.

3. MRTT will cost depending on the loan amount and your age factor.

Example
Rm500,000 loan amount/ 35 years old/ 4.4% interest rate/ MRTT protection for 20 years.
- The lumpsum cost will estimated (RM14,000)

4. I would advice you to get MLTA because:






5. If you need help in designing MLTA for your profile. Don't be shy to ask me







This post has been edited by Madgeniusfigo: Nov 2 2015, 11:33 PM

Dear homeSeek,

1. You are 38 years old, if you are the sole borrower hence the maximum loan tenure will be 32 years max loan tenure.

2. Insurance will not be considered as your debt commitment for bank calculation.

3. Do you have any other debt?



4. Do you have other supporting income?



5. Based on the details given

- You can get max RM1,200,000 Property price
- Your DSR between 65%-59%
- Won't have a problem for property below RM1,000,000, but no promise as I need to go through your CCRIS and CTOS before I can give my assurance to you!