Rate is quite good from CIMB, perhaps you may appeal for lower rate. Any MRTA attach with this application?

MRTA/MRTT may varies from bank to bank's quotation as they are collaborate with different insurance companies.

PBB, MBB, HLB and RHB been giving good interest rates (4.5% - 4.6%). You may try these banks to get desired package.

As for waiver, you'll enjoy RM 5,000 waiver on SNP stamp duty whilst RM 1,500 waiver on loan stamp duty.

If purchase price below RM 300k, you'll enjoy 100% waiver.

For self employed, bank will use 6 months company bank statement and income tax to derive. Not to mention, bank will require at least 2 years company establishment.

Sole prop could write any amount in pay slip hence bank will need company bank statement to justify business income. Come to ground, if you're sole prop and also receiving salary with EPF contribution from other company, some banks do accept dual income.

If you wish to know more about your loan eligibility, do share us your monthly commitment and company turnover & income declaration.

For new refinance the max loan amount RM 350k shall deduct the existing loan RM 279k (total loan amount).

The new cash out amount (RM 350k - RM 279k) will shown as term loan 2. And commitment will follow 10 years DSR calculation.

That's right, new cash out portion (RM 71k) will use 10 years DSR calculation.

Hi,

Need following info to simulate loan package and your loan eligibility.

- Type of property
- Any title obtained? (Individual or Strata title)
- Single or Joint name on both SNP or loan
- What's the current loan outstanding?
- What's the current market value in surrounding?

1) Borrower info

Age
Occupation
No of borrower
Single/joint borrower
No of housing loan on hand

2) Income

A) Salary earner
Gross salary
Allowances
i) Fixed (average in 3 months)
ii) Variable (average in 6 months)
OT
Bonuses
i) Contractual (total amount in 1 year)
ii) Performance (total amount in 2 years)
Commission (average in 6 months)

B) Self employed
- Sole proprietor / partnerships / Sdn Bhd

6 months company bank statement(credited amount)
i)
ii)
iii)
iv)
v)
vi)

Income tax declaration
Net Profit/Loss shown in past 3 years audited report (optional)

3) monthly installment

Housing loan
Hire purchase
Personal loan
ASB loan
PTPTN loan
Credit card
Share margin
Other term loan
OD

4) supporting document

Rental
Savings
Fd
Asb dividend
Shares
others

This application will be treated as 3rd party application.

Original :

SNP : A+B
Loan : A+B

New :

SNP : A+B
Loan : A

Hence the monthly installment RM 2,500 will be solely on you + other existing commitments to against your current net income.

May I know what's the purpose of refinance? Cash out? Debt consolidation? or remove borrower's name?

If you wish to proceed 3rd party application, I'll need following info to calculate your eligibility.

1) Borrower info

Age
Occupation
No of borrower
Single/joint borrower
No of housing loan on hand

2) Income

A) Salary earner
Gross salary
Allowances
i) Fixed (average in 3 months)
ii) Variable (average in 6 months)
OT
Bonuses
i) Contractual (total amount in 1 year)
ii) Performance (total amount in 2 years)
Commission (average in 6 months)

B) Self employed
- Sole proprietor / partnerships / Sdn Bhd

6 months company bank statement(credited amount)
i)
ii)
iii)
iv)
v)
vi)

Income tax declaration
Net Profit/Loss shown in past 3 years audited report (optional)

3) monthly installment

Housing loan
Hire purchase
Personal loan
ASB loan
PTPTN loan
Credit card
Share margin
Other term loan
OD

4) supporting document

Rental
Savings
Fd
Asb dividend
Shares
others

Which bank property currently charged to? MBB, CIMB and HSBC has privilege where you park RM 200k into loan account, it will alter your monthly installment.

If your current bank is none of the above banks mentioned , then it is best opportunity to refinance your property.

Entry cost would be loan legal fees + valuation fees + stamp duty, you may choose to finance into loan or self pay.

Max loan eligibility = Market value x 90% (given your housing loan is only 2 and below)

For instance, your market value is RM 800k and your loan margin is eligible for 90%

Hence your max loan amount = RM 800k x 90% = RM 720k

RM 720k - RM 650k = RM 70k cash out.

You may choose to cash out from refinancing. RM 70k will base on 10 years DSR calculation to calculate as new commitment whilst RM 650k will base on 35 years/til your age is 70 years to calculate commitment.

This post has been edited by ngph988: Mar 9 2018, 10:36 AM

Please find DSR range as below.

70% : RM 769,478.40
75% : RM 846,763.11
80% : RM 923,867.82
85% : RM 1,001,062.53

Above simulation derived from core income and bonus against your car loan and housing loan.

Different bank will have different DSR calculation. I'll need to check your income document, CCRIS and CTOS before finalize my findings.

May I know if you're purchasing undercon projects or subsale? If undercon projects you'll have limited selection on financier.

Yes, you may. This is a free market

Please find the max loan eligibility base on DSR calculation.

DSR
70% : RM 1,405,156.98
75% : RM 1,505,525.33
80% : RM 1,605,893.69
85% : RM 1,706,262.04

Simulation base on 35 years repayment and interest rate is 4.5% p.a.

Since you're salaried employee, I suggest you to take semi flexi unless you often withdraw/deposit money regularly in/from your loan account.

Full flexi will require RM 200 + 6% GST setup fee and monthly maintenance fee is RM 10 + 6% GST.

Differences between conventional loan vs Islamic loan
- Islamic loan has no lock in period in general (except RHB)
- 20% waiver on loan stamp duty fees
- 20% additional charges on Legal fees due to Syariah compliance.

For conventional loan, if you have fully settle loan in lock in period you'll be liable for penalty charges.

May I know if you're intend to purchase undercon or subsale? And also your current age?

CIMB should be floating rate. Only AIA and MBSB (financial institution) offering fixed rate.

The rate will subject to your loan amount and scoring. How much is loan amount?

Bank will have risk assessment toward your application. For the scoring, no one knows how to calculate except credit officer and system itself.

I guess your application is under RG 3. Middle range

Commercial usually get higher rate than residential as nature of property is for business usage. Max tenure under commercial title is 30 years for individual application. Company application will be up to 25 years max.

Well, is a standard rate among the banks.

More or less info from lifebalance. Full flexi or semi flexi will subject to your cash flow management. If you are often withdraw/deposit cash, full flexi will best option.

Take note that if you're under RHB Islamic loan, they do have lock in period. Generally, there's no lock in period for Isalmic loan.

Sorry, probably you'll find mortgage broker or insurance agent here. Rarely direct banker will come here and provide a general guideline to netizen.

SNP fees

Legal fees - according to transacted price.

Stamp duty - SNP price or market value, whichever higher.

Let us know if you have any doubt

You could get better rate. Maybe around 4.6% to 4.7%