Hey guys, I am back. I am sorry to everyone for the lack of responses over the past many weeks. I was out of commission and now am back in business. ASK AWAY.

Hello Iceman

1. For this property, at 90% loan, your loan amount would be RM405k

2. On top of that, you can get UP TO 4% of your legal, valuation, and stamp duty fees included into the loan.

3. Sales commission, if properly documented (commission slips AND reflected in the bank statement), 80% is recognized by OCBC as NETT INCOME

Hello Christopher,

1. It depends on your facility agreement stated in the offer letter and to a larger extent, your loan facility agreement. But a typical account will require that you pay the scheduled installment rate; following your situation, from the date of RM1 million CAPITAL REPAYMENT, for each of your installment the percentage that goes to pay the OUTSTANDING BALANCE is higher than the percentage that goes to pay the INTEREST.

Your loan tenure is automatically shorten this way too.

2. Max redrawable is the amount that you have put in. Minimum per withdrawal is RM1000 and with incriment of RM1000. So let's say you have deposited RM26000, you cannot take out RM23,500, you can take out RM23,000 or RM24,000

3. Yes, unfortunately they have changed the rules. You need to have OCBC's savings or current account. On the up side, you will get your money quicker this way. There is a special condition that they will issue a cheque if you can prove that you cannot open an OCBC account - if you are overseas, etc.

4. If you deposit the money into your account through Cash Deposit Machine, the money will be considered as ADVANCED PAYMENT. This way you do not need to pay your monthly installments for the months that can be covered by your ADVANCED PAYMENT. This is good for those who are working for an extended period overseas or on the oil rigs. For the money to be deposited as CAPITAL REPAYMENT, you need to do it through the counter or by using a cheque and write in the back FOR CAPITAL REPAYMENT ONLY

Edit: For ADVANCED PAYMENT, it does reduce the capital, so there is less chargeable interest out of every installment. This way you do not have to pay monthly installment as long as your advanced payment can cover for your installments. At the same time, your capital is reduced according to the amount you have paid in advance. The only caveat is that the money for advanced payment cannot be reduced.

Additionally, OCBC's flexi account has no RM10 charge a month, so you would save a RM4800 over the course of 40 years.

I hope I have answered your questions.

This post has been edited by wild_card_my: Apr 11 2013, 01:38 PM

Hello,

1. If you want to choose not to pay any monthly installment, you would need to state the payment as ADVANCE PAYMENT. By doing so, the payment [s]will not help reduce the interest payment made into the account,[s] will reduce the capital and you do not need to pay your upcoming monthly installments. However, the money that you put in as advanced payment cannot be redrawn. In short, the RM1mil you have deposited into the account can only be either:

a) CAPITAL REPAYMENT
b) ADVANCE PAYMENT

And not both at the same time. Of course, you can choose to split the money.

2. Normally I would say to go to the counter to check, as for the internet banking, I am not too sure. But I will get back to you on this.

3. Yeah, they would need to verify you for security purposes.

4. Once the loan account has reached 0 balance (no more outstanding amount), the account will be closed. So my advice would be to deposit not RM1.5 mil into the account, but to short it by paying perhaps RM1.4million and making sure that your monthly installments in the months that follow would not result to the closure of the account through completed payments - you can do this by withdrawing some of your deposits before that happens and the outstanding balance would jump back up.

This post has been edited by wild_card_my: Apr 11 2013, 01:40 PM

2. You can use internet banking and phone banking to know how much WITHDRAWABLE CAPITAL you have

3. Verification in the sense of IC and thumbprint, the usual stuff. And yeah, one filled-up form for each withdrawal, meet the teller and hand it to him/her. They will verify you and you are good to go.

As for the personal banker or priority banker, I am not too sure. Perhaps you can arrange something with the priority banker.

Oh yes, OCBC Al-Amin is expanding rapidly.

And yea, as a OCBC conventional customer, you can walk into any OCBC Al-Amin branches to perform this withdrawal request.

edit: And to OCBC Al-Amin account holders, you can walk into any OCBC conventional branches to do the same!

This post has been edited by wild_card_my: Apr 11 2013, 09:28 AM

That may have been a different product. But as far as I know, the advanced payment does not help reduce the interest charges for your installment.

Edit: I am mistaken. After rechecking it turns out that the advanced payment DOES reduce the capital and thus reduce the chargeable interest. The only difference at this point is that the advanced payment is not redrawable while the capital repayment is redrawable

This post has been edited by wild_card_my: Apr 11 2013, 01:34 PM

Which post does it start at? That is quite a long thread I do not know which post they started to talk about advanced payment etc.

Ah you are correct. After further checking, I found that I have been misinformed. I have edited some of my posts in response to that. Advanced payment can be used to reduced capital, only caveat is that it cannot be redrawn.

This post has been edited by wild_card_my: Apr 11 2013, 01:42 PM

Sorry if I have confused you.

The default payments are going to be Installment OR Advanced Payment

Meaning if you pay cash through cash deposit machine, use a cheque without writing any special instructions, bank-in using online payment, pretty much everything, the cash will be used to pay the INSTALLMENT, and if there is any balance, will be treated as ADVANCED PAYMENT (which can reduce the capital outstanding, but cannot withdraw)

Now, if you want to make a CAPITAL REPAYMENT (which is used to reduce the capital outstanding, and is withdrawable), you need to either pay at the counter, or drop a cheque into the cheque deposit machine with the special instructions written on it as: FOR CAPITAL REPAYMENT ONLY

I hope that clears everything up, sorry for the confusion caused.

1. Ah, well that is the thing, payments made as ADVANCED PAYMENT cannot be withdrawn. The advantage is that the outstanding capital is reduced (so your interest charges per month is lower, but the installment is still the same), and you do not need to manually pay your installments since your ADVANCED PAYMENTS will be "eaten" up as your installments.

If you are planning to withdraw it, you should do a CAPITAL REPAYMENT. The advantage would be that your outstanding capital is reduced, and the money is withdrawable. But you would still need to pay your installments okay? It will not automatically be eaten up by the installment payments.

I really really hope that this clears everything up

That sounds about right. In normal circumstances, the advanced payment stays as that and not withdrawable. But if you speak with one of the officers, I am sure there must be a way to solve the issue.

How old are the flats ya?

Yes, you are correct. When it is more than 10 years but still with Master title, it gets a little difficult.

Good luck with looking for the financiers!

Hello Sir,

You can call me at 016-7033992, and my name is Faiz.

Best if you can prepare the:
1. Address
2. House type (condo, terrace, semi-D, etc)
3. Land size (if any)
4. Built-up area (the floor size of the property)
5. Any renovations done to the house? Please include extensions, wardrobe, and kitchen cabinet if any.

It depends. For some banks, they would not give a phone interview if:

a. The pay slip shows the company is a Multinational Company (MNC)
b. Letter of employment and confirmation is given.

It really depends on your luck too, if they suspect something amiss, they will call. But who in the company has the time to layan them?

I see. Well the bank has to do their due diligence. But when it has enough evidence that the client is not lying to work in the company he claim to be working for, then the bank dont have to waste their own time to call the client's employer.

Good luck with your loan search!

For a more accurate calculation, please share with us the NETT salary. NETT salary is calculated by taking the basic salary plus the fixed-allowances, and deducting TAX and EPF only.

1. So the house is a joint-loan?

2. May I know what is the original loan amount for the car?

Thank you.

1. Ah, so currently you are not paying for any installment for the house as it is still under DIBS correct?

2. Sorry that I forgot to ask for your age. That matters quite a bit What is your age ya?

Okay, based on my rough calculation, it would be difficult for you alone to take out a loan based on the commitments you already have. Now I have included the commitment for the housing loan (with DIBS) in your commitment calculation because the bank will see the loan entry in your CCRIS. There may be a chance that you could argue that the monthly interest payment is covered by the DIBS, but this may not always be successful

Maximum loan amount that you can roughly (and pending approval) take is RM325k

Do you have any bonuses in the past 6 months? 80% of the gross bonuses can be considered as NETT income, thus increasing your possible loan amount.

Thank you.



This post has been edited by wild_card_my: Apr 20 2013, 11:01 AM

Hello, yes my bank is an EF panel for this project. Since this is a commercial title project, the rules are a little different:

1. Loan tenure is 30 years max or until you are aged 65 years old
2. Margin of Financing (MOF) is 85%

Let's do this.

But if it is bellow RM100k total loan, the rate is only BLR -1.8%, if it is above 100k, the rate is 2.2%

What do you think?

Hello,

The house is called Zara-0 isn't it? A bunch of bungalows in Rawang? Yeah I have processed some of the loan applications for buyers there. Our banks are panel for this house, so no problem.

1. If this is your 1st or 2nd house, it shouldnt be a problem to get 75% loan

2. Yes, you can get 35 years, the maximum tenure

3. A fixed best of BLR-2.35%, but it can get better depending on your risk profile. Will need to apply you to several banks though.

Hello Chaos Tan!

Well allow me to showcase what I can get for you. I am not from CIMB, but I think that is okay because it is good to open yourself up to good and better offers isnt it?

1. As far as rates are concerned, I can get up to BLR-2.45% but that would depend on your credit profile as well.

2. But at the price you are getting, I can confirm you can get AT LEAST BLR-2.35%

3. Maximum loan amount? Well you can get 90% of the house price, plus 4% for the loan agreement, as well as up to 10% for the MLTA

4. Renovation is where OCBC excels. You can get up to 30% of the house price to be you renovation loan. Out of this 30%, a portion will be personal contingencies (you can withdraw this as cash and spend as you like), while the rest will be renovation loan that require a registered renovation-people to withdraw on your behalf after getting your green light.

5. The renovation loan will be rated at BLR - 0%, so it is effectively 6.6%, tenure of 10 years

6. So for your house, you can get RM134,000 as your renovation loan

Thank you!

Hello Mr. Baka Bakashi, I hope that is not your real name

1. Sure I can help. But the selling price on Mudah/iprop etc. is usually inflated because they expect buyers to nego, regardless, for a loan application, us bankers would need to use a valuer's service to get the loan amount. I usually get a matching price although it can never be guaranteed

2. 20 years? Okay, If you are younger than 35 you can refinance all the way to the maximum of 35 years. Actually, with flexi-accounts, it can be said that it is better to refinance/finance for the longest possible tenure, but pay as if you refinanced/financed the property for the target tenure - doing this will end the tenure to 20 years, and not 35 years, since all the extra money goes into capital repayment. You will get the benefit of being flexible that way.

3. Renovation! Sure, with OCBC/Al-Amin, you can get up to 30% of your house value as a renovation loan, with a maximum tenure of 10 years, and rate of BLR - 0% = 6.6%

4. 90% loan should be fine as long as this is your 1st or 2nd house only

Ah yes, different banks have different ways of calculating your current commitments. But from a couple of banks that I know of:

1. For a number of banks that I know of, personal loan will be calculated based on 8% interest per annum, capped at 7 years. Calculated as if it was a hire-purchase loan, so if your personal loan limit is RM50,000

8% x RM50,000 = RM4,000
RM4,000 x 7 years = RM28,000
Total payments: RM50,000 + RM28,000 = RM78,000

Calculated personal loan monthly payment: RM78,000/84 months = RM926/month

I am not saying which bank calculates like this ya, but just saying how it is.

2. For a number of banks that I know of, HL loan will be calculated at the rate of the BLR, with a tenure of 30 years!

In conclusion, banks have differing methods of calculating the DSR. You would probably have a good chance if you try to get it from banks that offer high DSR rates

For example, OCBC offers:

Salary < RM3000 = 60% DSR
Salary RM3000 to RM8000 = 80% DSR
Salary > RM8000 = 90% DSR

1. Yes, C will have to buy the house from A

2. With OCBC/Al-Amin:

a) Rate will depend on the laon amount (which includes the lawyer and insurances if you need them)
b) Tenure will be 35 years max, or until you reach 70 years old whichever is earlier
c) Entry cost: the Facilities Agreement legal fees can be covered into the loan, the insurances can be either MRTA or MLTA and OCBC does not force you to take either insurance, it is up to you. She is responsible only for the SPA fees

3. Yes it does, and if you want to purchase it as the First-time-home-buyer scheme, it will have to be priced at RM100k to RM400k. Her salary is within the acceptable range for the scheme, she can probably get 100% loan if she does apply. But with the scheme, nothing else can be included into the loan, such as the legal fees and insurance has to be paid in cash.

But hey, since she is buying the house below market value, dont go for the 100% loan and just go for the 90% one.

I hope that helps.

Ah, Shane Lai, I must have missed you.

If it is not too late, OCBC offers:

1. 35 years tenure or until you are 70 years old

2. 90% margin if this is your first or second house

3. Rate of BLR - 2.35%

4. Option for a renovation loan of a maximum of RM200k, at the rate of BLR - 0% = 6.6% for 10 years tenure

If you are still available and interested, i'd like to help with the application.

Thank you.

Hello!

1. Since your age 31, you can borrow all the way to maximum tenure: 35 years. To those who do not know, for most banks, you can borrow for the maxim of 35 years AND until you are 70 years old.

2. Full flexi it is.

3. MOF: 90% it is if this is only your first or 2nd house. With OCBC and OCBC Al-Amin, you can get up to 4% extra financing for your lawyer fees, as well as 10% for your insurance.

SO you have stopped paying EPF? Are you running your own business? Are you living based on salary (or director's fees) or commission?

Thank you

It depends, some banks allow upgrades while others do not. May I know which bank the house loan is under?

Alternatively, you can sell the current house now, and once you get the Sales-purchase Agreement (SPA) between you and the buyer of your old house, you can use that document as PROOF that you have sold the house, and the bank for your new house will say "Oh, you have sold that old house, so this loan commitment for the old house in your CCRIS can be ignored"

Hello, I have PM-ed you but I will also post it here for the benefit of EVERYONE

1. The price range for a house for the first-home-scheme (Skim Rumah Pertamaku) is from RM100k to RM400k. So you are good there.

2. The age limit for the scheme is 35 years old, have you reached 35 yet? No? Good

3. The loan tenure will be limited to 35 years, AND until you are 65 years old.

4. For a single applicant, the maximum gross salary that you can have to qualify for the scheme is RM5000, and if you join it with another person, the maximum is RM10,000 for both persons

5. The loan rate will be the same as our other loan facilities, no penalty for those asking for 100% loan

Did I miss anything? Call me if you are interested in my service. I'll explain till you have no doubts

It is not that bad, but with OCBC Al-Amin

1. You would not have the locking period at all

2. You have the option of 30% Renovation loan, rate of BLR - 0% = 6.6%, and 10 years tenure

3. Up to 10% of the house price can be used for your MLTA insurance payment, or that OCBC does not force you to take any insurance at all

The house price limit for 100% loan is RM400k, so your house price is out of the range already.

Your total net income of RM4335 is within the guidelines for 100% loan.

Good day to you too, I hope this reply gets to you in a timely manner

1. Of couse you could. In fact, don't put it in a bank, put it in a higher yielding havens like short-term fixed deposit, or Amanah Wawasan, or if you are a Bumi, in the ASB! If you keep the money in the savings account, you will get what, 0.2%?

2. Yes you could! This is called third-party financing! And she can finance it to whatever value she wants. If the bank value the house at RM250k, she can refinance it at RM100k, 200k, or the full 90% of RM225k!

3. Transfer of title? You are not sellign the house so there wont be that. There will be no SPA as well, only Loan Agreements between you and the bank! The house will still be yours and your wife's only that your CCRIS will not be affected, and only her income and commitments will be looked at by the bank.

4. Ah, this is a hard question to answer, but I'd say from the day of offer letter acceptance to cash in hand ranges between 1 and a half month to 3 months depending on factors like the old bank (they hate when you refinance), pejabat tanah, the new bank, and the lawyer.

But hey, since you already have the house paid up, I would say it will be pretty quick because you have no "old bank" to slow you down. It is just between the new bank and you!

5. Ill need to check on this, but since I am this late replying your message, if you already have refinanced that it's all good for you. Drop me a line if you haven't, then I can value it for you

Thank you.

Hello, I hope I got to you in a timely manner

1. Sure, I can help with refinancing the house

2. Get me the full address, house type, and if there is any renovation done to the house. Please state the age of the house as well as if the property is MASTER or already converted to INDIVIDUAL/STRATA title.

Thanks.

Hello,

1. 24 is certainly not underaged for a loan. That banker is being ridiculous!

2. If you can give me a list of your commitments per month in detail, then I can give you a rough figure as to how much both of you can loan.

Thanks.

1. I recommend getting a tenure for as long as possible. With flexi loan payback, it is possible to finish your tenure just as long as someone who did initially choose the shorter tenure, but during the course of the loan, you can have the flexibility to pay a little less in case of emergency or if you have a business you want to set up and require a little cash in hand

2. Fixed allowances and annual bonuses within the past 6 months CAN be included into the housing loan income calculation

3. Yes, EPF account 2 can be withdrawn to buy a house, either for downpayment or to lower your margin of financing (MOF)

4. Your income... is that RM4000 before you minus EPF and TAX of after you minus the items? I did a rough calculation, at RM4000 income (i consider this as net income for this calculation), after applying DSR of 80% and deducting your car payment, you can borrow up to RM545,000 MAX. So you are short by a little bit there.

Joint-name would be prefarable