So based on your payslip, your gross pay is RM3400 + RM800? And then there are other deductions like tax that comes in later correct? The bring-home salary is less than RM4200?

Regardless, I have made a short calculation based on the information. You are quite able to get the property, although I would recommend showing more income in the form of additional tenancy agreements or something.



I have just completed 3 loan applications for Eco Majestic's property in Semenyih. Allow me to help

Going to be rather difficult. I have assumed that your income from the freelance is about RM1000 a month... and included the rental income too at RM4500 a month. But the calculated commitment for the RM500k property itself is rather high.. your max loan amount is calculated as below:




Would you consider going for semi-flexi? You can do advanced repayment to reduce the outstanding interest but without the need to pay RM10/month fees for the full-flexi account.

Yes a number of banks allow this. This is called a third party loan.

Let me help you further as a mortgage broker, with my company we can help you apply for OCBC, Maybank, AMbank, Alliance, and recently we have just added RHB into our listing.

For the maximum salary allowed for installment, it depends on your nett salary in the first place. But for OCBC, if you earn more than RM9000 net, your debst-service-ratio is 90%; for RHB, for income between RM6000 to 10,000 the DSR is 80% and climbs to 85% for net income of more than RM10k.

My services are free of charge, I get my commissions from the banks. As such, I am more eager to get the cases through otherwise I would not get anything by the end of the day.

Hello, I am Faiz Azmi, a Mortgage Broker, we have multiple banks under our wings. My services are free and I only get my payment through commissions from the bank after acceptance of the loan offer from the clients.

For RHB, BLR - 2.4%
For OCBC, BLR - 2.35%
For Alliance, BLR - 2.35%
For Maybank, BLR - 2.4%

Documents required for mortgage:



This post has been edited by wild_card_my: Jun 29 2014, 12:00 PM

Hi,

Can you share with me each of your GROSS salary and the original loan amount of each car? Is there any other loans and income?

From my side, both CIMB and OCBC are able to finance vacant bangalow lot.

For OCBC, it is recommended to finance the lot along with the construction of the property as well so the bank will consider the property as a completed house and not as a vacant land. By doing so you will get a financing of 90% (for both land purchase and construction costs), BLR - 2.35% interest rates, as well as a tenure of 35 years.

Typically and with most banks, if you choose to ONLY finance the land purchase (no financing of the construction costs) then the tenure will be shorter, the interest rate will be higher, and the margin of advance will be lower.

If you consider zero-cost entry package as financing the cost of loan legal fees (loan agreement), stamp duty, as well as valuation into the loan (90% + xx%), then yes, such packages are available.

If you are going to purchase the land only without any plans to construct a house ANYTIME SOON, then CIMB would be your best choice in terms of:

1. Interest rates
2. Margin of financing
3. Tenure

If it is a land purchasing PLUS construction, OCBC would give you a better rate, however you would need to get all the plans and approvals during the application

You can give me a ring and we can discuss this further on the phone, otherwise just post the questions away and ill be happy to entertain you for everyone's benefits.

I just got off my handler and was quoted 90% for both land and building. It was OCBC AlAmin though, but this is okay, I will ask my handler again for confirmation.

This post has been edited by wild_card_my: Nov 18 2014, 09:23 PM

I double checked with my handler. You made me doubt myself. I was right, the land and construction MOF is as 90%.

Now the OCBC website may say it's 80% MOF, but I trust my handler more than the website that may be left unupdated by the webmaster - which is normal for a static site that has little to update.

Let me reiterate: The land + construction loan from OCBC has a 90% MOF/MOA

1. First you would choose the bank that you want to apply to. I can help with that. Usually my clients wouldnt apply to more than 2 or 3 banks at the same time though, since each application will be recorded in the CCRIS and in your future loan applications all the banks would be able to see this "application record" and you could be deemed as non-serious customer. Word of advice: apply to just a few selected banks for this purpose. Like I said, I can help with that.

2. The house valuation will be done by the mortgage agents. I can help with that. Just tell me the full address, house type, renovations done and for how much, and what is the expected value.

3. Cost would be the new Loan agreement fees, valuation fees, and loan agreement stamp duty fees. All this usually account to 2% of the loan amount. However, most banks would allow you to add these fees into the the loan, meaning your loan would be 90% + 2~% = 92~%

4. The whole process would take between 2 to 4 months depending on your luck, and the speed of the lawyers. I can help with getting the better ones. The cash-out will be in the form of a check or a bank-in to your account.

5. It depends on the loan amount, the higher it is the lower the rates. I can help with that since I am empanneled with multiple banks.

This post has been edited by wild_card_my: Nov 19 2014, 12:48 PM

Thanks for the backup.

Hi, you could ask your question here in detail and I will answer them point-to-point so everyone reading our exchange could benefit, or you could give me a call or send me a text and Ill explain to you privately.

1. It's normal practice for CIMB to ask for your savings account, and they will scrutinize it for whatever reasons they have. That's their way or looking into their customers' loan worthiness. But let it be known that this is not the practice of other banks. For example, OCBC, Ambank, and Alliance would not need to look at your savings/current account unless for some reason something is amiss.

I have had one client whose application to XXXX bank was rejected due to his wife (not an applicant) current account with the XXXX bank not meeting their criteria. I still cannot fathom why this XXXX bank needs to care about the applicant's wife's CA/SA account well-being.

2. Well what to do to get it approved? I don't know, best answer should come from the CIMB officer himself, but alternatively I would say to let me help you with the application to the other banks as I am empanneled to about 6 other banks.

3. Is this a sub-sale or a developer-new-house? Because there is no reason that you need to stick with CIMB

This post has been edited by wild_card_my: Nov 20 2014, 10:30 AM

Noted. Let me know if you need other help.

1. First you could contact a banker or a mortgage broker such as myself.

2. The person you contacted will need to value your house, you can get up to 90% of the valuation as your new loan. That figure minus your current loan outstanding would be your cash-out portion

3. If you are happy with that you could meet up with the person to draw up applications for a few banks (if you go to a banker you would need to meet a few other bankers as well)

4. Then sit back and wait until the loan is approved.

5. If you are happy with the terms, sign the letter offer and let the lawyer do their things.

I can be contacted from my sig below

I personally prefer the Chinese banks of Public Bank and Hong Leong. Ive had bad experiences with CIMB and (like usual) MBB.

But then again pretty much every service quality is tied to the type of branch that you go to. If you go to the branch where the manager really cares about their customers, then good for you.

My favourite PB branch is the one in Subang Jaya SS15. Hong Leong: Kota Damansara.

Having said all that, the best services Ive gotten are from OCBC Branches...maybe because there isnt too many people there? Haha

Yes, OCBC at 80% and HLB at 85%, both of which I can help with. Do provide the car loans' LO to prove the installments though.

However, since this is going to be a Joint-Loan, OCBC's DSR for 80% requires a minimum nett income of RM5000, of which you two is RM400 short.

As such, let me help you with HLBB application.

This post has been edited by wild_card_my: Nov 24 2014, 09:45 AM

Ive successfully worked on a number of 100% loan scheme with multiple malaysian banks, but this would be the first for a Malaysian working in Singapore. But I have asked my handler and the only requirements and limitations are listed in terms of salary, age, and house value.

Let me know if you need a mortgage broker to work with you on this matter. My consultation services are free by the way, I get my commissions from the banks.

Can you elaborate on the working condition of this foreigner? What kind of job he/she is working as?

I have done 100% loan before for a number of my clients, but at 110%? Well OCBC may be able to help you with that especially with its renovation loan. In that sense you can get up to 120% but they are of different terms, tenure, and interest rates.

Well.. that... can be arranged. But the idea is that the valuation of the property has to be higher than the selling price. It's up to the banker/broker like myself to persuade the valuer for a higher amount but the success rate cannot be guaranteed.

Loans are usually given at 90% of the house value, so if the property valuation is higher than the selling price, the amount of loan is also higher thus may be able to cover the selling price in total, or partially. But the selling price has to be agreed upon beforehand between you and the seller, in that eventhough the selling price stated in the SPA is based on the the increased value, when money changes hands it would only be based on the lower value (agreed selling price)

This is deemed illegal by the way, if you are going to do it you have to be careful and use a trusted banker/broker

This post has been edited by wild_card_my: Nov 26 2014, 05:39 PM