Your current new loan will be 3rd housing loan which is only eligible for 70% margin max.

In order to obtain higher margin, the housing loan that you joint name with your brother must be taken out from the facility before you start to apply the new application. Otherwise, same issue which is 70% only

FYI, bank only refers to CCRIS report, which it shows how many housing loan you have instead of how many properties you owned.

Thanks

Hi Zenjet,

based on your info given, your profile is eligible on max margin which is 90% and below is how we conclude:
Income : 5000
Commitment: 883 + 400 + 1629 (based on 333K loan amt @ 30 years tenure) = RM2912
DSR = 58.24%
Bank guidelines: <70% (MBB, OCBC, HLBB, Alliance, AIA)
Of coz, it is still subject to your credit checkings.

Thanks

Hi zeroshiki,

My advise to you:
1. Loan amt of RM270K (90% on RM300K property), monthly repayment is RM1321 + existing Ploan of RM280, your DSR is 64.82% which is exceeds the banks guidelines (income <3500 DSR allowable is only 50%). Also, 1st home scheme has never been approved in the market (or at least on my hand for these years - 8 years)

2. Joint name for application is always advisable, but not to forget to take into consideration on the credit background, quota for next property in the future (in order to get 90% margin & not falls under 3rd HL group), capability, etc before making the decision to joint name

3. 100% for 1st home scheme is never the reality to be frank..hence, marking up the property price is 1 of the options but subject to value is obtained, owner is agreed to pay the extra tax on RPGT on the additional sum on the mark-up (if the owner falls under this category to pay RPGT), lawyers know how, etc. Otherwise, some banks do offer 90% + 10% renovation loan / contingency loan (normally BLR+0% for 10 years tenure) such as OCBC, HLBB & Alliance bank (of coz subject to management approval, but still higher chance than 1st Home Scheme).

Thanks

Sure zenjet!! Thats how the banks do their DSR calculation for each individual..of coz they have their own guidelines based on diff income group. For your case, your income is above 5k hence, those banks mentioned can tolerate till <70% on your overall commitment.

FYI, i'm the authorized licensee from those banks..thats i know better..hehe!!

Agreed!!

But if you are entitled for 35 years tenure, then still at the border line. Also, you must be a degree holder (or higher) in order to obtain max margin & max tenure as you have no borrowing records. For your case, recommended Alliance & OCBC

Hi Bryant,

For your case, your DSR is 52% if you are entitle for 35 years tenure, most of the banks can only tolerate for 50% DSR max for such income range. But for your case you might be able to try with Allinace & HLBB.

can pm me for more info & assistance.

Thanks

not necessary..just declare in the application form will do. Thanks!

pm me if you need further assistance

Hi,

1st of all, your loan eligibility is not an issue based on this info given.

1) Different bank has their very own costing matters and also packages to suit the current market trend. Basically, those offers - BLR-2.4% or BLR-2.3% are pretty standard nowadays. The rate that you mentioned above is the effective rate after BLR (base lending rate) minus off the offer from individual bank say -2.4%, which is equivalent to 4.2% (BLR = 6.6%). BLR is, as we all know is set by Bank Negara Malaysia taking into consideration of the economy factors, cost-of-fund, etc.

2) If less say you have accepted HLBB offer, you can have 2 options where: 1) open a separate current acc / savings acc to form the standing instructions to auto-debit your monthly installment (of coz, there must be sufficient fund in the acc to auto-debit the monthly installment); or 2) direct payment to the loan acc via ATM, online banking, counter, etc

3) Obviously it is an under-con property. Hence, during this period of time, the construction is in the progress. Depends on the progress of the construction, if the construction up to say 20% in April, the developer will bill the 20% to the bank for release of the sum (i.e. 20% x RM600,000 price = RM120,000). Thus, the bank will release the 20% sum = RM120,000 to the developer and you will be start paying the progressive interest based on RM120,000. Technically, you are paying roughly RM120,000 x 4.2% / 365days x 30days (no of days for the particular month starting on the day of the loan release)....it may sounds so complicated but its all about logical sense

4) Say, assuming you have a total loan sum of RM500,000, in the near future you are planning to pay a lump-sum of RM100,000 to your loan acc. It is allowable without any notice required to the bank. Hence, your "outstanding" is RM400,000 at this moment and the effective interest rate of 4.2% will only charged on the RM400,000 instead of the principal loan of RM500,000, which in turn you are saving from your interest charged. With this lump-sum of cash, you have the options to continue paying your monthly installment regularly and lead to shorten your loan tenure; or you can stop paying your monthly installment up to 50 months (assuming your monthly installment is RM2000, RM100,000 / RM2000 = 50). It works exactly the same regardless of the amount that you dump-in or any form - lump sum or monthly basis (i.e RM20K in 1 go)

This is just a bigger picture on how you can save further from the interest charged. However, there are other options where you can have a structured acc for the "interest savings" purpose and on top of that giving further peace-of-mind to cancel-off the loan immediately if any unwelcome events happen.

Hope the above address your concerns.

And do pm me for more info or clarification needed. Thanks

PANG
012-2484383

Nope..bank only refers to the HOUSING LOAN appears in CCRIS report, not the numbers of the property that you owned..