I have a question i'm curious about. MY friend (aged 23) was asking me if it was possible for his dad (aged 55) to take a housing loan and when he started to work he will take over.

As far as i'm aware, the retirement age here is 55 and most bank would not accept such proposition. But just wondering if there is a way around it?

Read on a few websites [at countries that has retirement age of 60-70), such strategy is possible. Will this be applicable here in Malaysia?

By the way, we still have about a year+ to study completion and plus time needed to get a job, so rounding it off to 2 years before he is able to take over (if the proposition is applicable).

p/s: as for what type of houses they are planning to buy if it works, it will be semi-D or a smaller terrrace corner house or any house really with area of 2000-3000sqft with a maximum budget up to RM350K. And im curious as to will we be able to get loans for those houses that are being auctioned? And can this proposition be applied as well?

Thanks.

Thank you. Friend's dad is earning around RM7000-RM8000. He doesn't really mind about the name changing. They want to buy a house soon but a little worried as their son isn't working yet. So, they wonder if there's a way for dad to apply for loan, and once my friend start to work, he will pay instead of his dad.

I see. So, its possible if his dad is only committed for the house. Then, once he start working, he can add in and help reduce it faster, right? I will let him know. By the way, the payment age till 70, is it accepted by all banks? If his dad gonna work like another 5 years, but in that time my friend would be able to find work and take over, would it work?

Thank you.

ya, i mean like my friend add in his salary for the monthly repayment [uncle RM2000/mth + friend RM1000/mth]. Just to clarify, assume that bank give 80% loan, that means 20% must be paid as downpayment right?