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> Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!

wild_card_my
post Apr 10 2013, 02:17 PM

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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.

QUOTE(iceman2013 @ Apr 9 2013, 05:25 PM)
Hi bankers,

I'm looking for a housing loan for a sub sale freehold property costing 450k / 30 years loan. This will be the first time I'm buying a house.

My net income after deductions(EPF, Socso, tax) is around 4.8k. This is not inclusive of my sales commission which is variable each month.

Please pm me for more details or send me an offer. Thanks.
*
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

QUOTE(christopheryam @ Apr 10 2013, 10:35 AM)
I need OCBC banker advise.

1) if i have a loan of RM1.7mil with OCBC. if i early settle RM1mil into loan account, i still need to pay installment? or need to write in to waive installment?

2) since loan facility always on reducing basis, how can i know what is the max redraw-able limit i have?

3) if i would like to redraw, am i need to have a current account or saving account for OCBC to bank in money?

4) whenever i have extra money, can i just direct bank into loan account and how OCBC treat this money?ie i suka suka bank in RM10k via cash deposit machine..
OCBC direct reduce principal or treat as advance payment?
*
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
wild_card_my
post Apr 11 2013, 08:42 AM

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QUOTE(christopheryam @ Apr 11 2013, 01:02 AM)
Thanks wild card, very detail..

come back to no 1, if my loan is RM1.5mil, i made RM 1mil capital repayment. if i would like to enjoy the "flexibility" for not paying monthly installment, can i request not to pay monthly installment as long as the RM1mil can cover?
you know, like full flexi loan with current account, customer can enjoy leaving RM1mil in current account and he can even not visit the bank for 2-3 years. no need bother to make monthly installment.

no 2, any source for me to check how much max i can withdraw? ie internet banking, go over to counter to check.

no 3, the only way to do redrawal is walk in to branch to fill in forms? will OCBC staff request to do standard verification/ scan IC, thumb print?
i need to walk in to home branch or any branch also can do redrawal? can i fax the redrawal form to customer service department so i don't need to travel to OCBC branch?

lastly if my loan is RM1.5mil, can i do capital repayment of RM1.5mil, but still continue the facility? ie i might want to redraw few years later when i need money.

Thanks.
*
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
wild_card_my
post Apr 11 2013, 09:06 AM

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QUOTE(christopheryam @ Apr 11 2013, 08:53 AM)
3) what type of verification to be done? are you mean that for each redrawal i will need to go to the branch and talk face to face to the staff that i want to redraw, then the staff will let me fill and sign the redrawal form?

or OCBC will call up to verify?

anyway to make the redrawal fast and easier? is personal banker/ priority banker able to make it less hassle to visit the branch?
*
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.
wild_card_my
post Apr 11 2013, 09:23 AM

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QUOTE(christopheryam @ Apr 11 2013, 09:13 AM)
thanks bro..

recently a lot of OCBC al-amin branch set up. can i walk in to OCBC-al-amin for my conventional loan purpose?
*
Oh yes, OCBC Al-Amin is expanding rapidly. rclxms.gif notworthy.gif thumbup.gif

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
wild_card_my
post Apr 11 2013, 11:16 AM

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QUOTE(koinibler @ Apr 11 2013, 10:25 AM)
As far as I know, advance payment on OCBC loan will also help to reduce the interest. I thought its one of the different of OCBC loan compare with other bank, since OCBC loan is not a semi flexi or full flexi (although it called itself semi flexi loan) since it has both criteria.
*
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
wild_card_my
post Apr 11 2013, 12:13 PM

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QUOTE(koinibler @ Apr 11 2013, 12:09 PM)
Its actually a discussion with other forumer too.
Proceed here and have some though. Btw, I'm just a borrower waiting for my loan with ocbc to be approved.
More info is better.

http://forum.lowyat.net/topic/2255456/all
*
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.
wild_card_my
post Apr 11 2013, 01:41 PM

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QUOTE(koinibler @ Apr 11 2013, 12:20 PM)
Its just 1 page thread.
If you still need to skip, maybe you can start at the middle of the thread aka after 10 post.
*
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
wild_card_my
post Apr 11 2013, 11:14 PM

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QUOTE(christopheryam @ Apr 11 2013, 07:15 PM)
i am curious, if i didn't write down on the cheque 'capital repayment' or 'advance payment' OCBC will treat as what?
*
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.

QUOTE(christopheryam @ Apr 11 2013, 07:25 PM)
i got additional question: if my loan is RM1.5mil, i paid RM 1mil as 'advance payment', can i convert 'advance payment' to 'capital repayment'? then i can withdraw from 'capital repayment' then.

this shd be workable right? but how to do this? go to the counter? or write in letter?
*
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 notworthy.gif
wild_card_my
post Apr 12 2013, 08:26 AM

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QUOTE(christopheryam @ Apr 12 2013, 12:05 AM)
I understand very well on 'capital repayment' and 'advance payment', but i still strongly believe that there is a way to change from advance payment to capital repayment.

scenario, if i am a new to OCBC bank customer, taken a loan of RM1.5mil, ya i though OCBC loan is semi flexi, i go and write a cheque to dump in RM1 mil.

so OCBC will treat as 'advance payment'. After few month, i visit to the bank, hey i am new, i don know anything, the RM1 mil i need to withdraw..

OCBC definitely have a way to handle this right? to change 'advance payment' to 'capital repayment'.
*
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.
wild_card_my
post Apr 12 2013, 12:29 PM

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QUOTE(komha6767 @ Apr 12 2013, 12:09 PM)
Hi Banker,

I got 2 case which is low cost flat with master tittle at rawang, 1 loan 65k and another 1 loan 75k, which banker is nearby that area can help me do the case?

Thanks
Regards
*
How old are the flats ya?
wild_card_my
post Apr 15 2013, 12:59 AM

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QUOTE(komha6767 @ Apr 12 2013, 03:25 PM)
Bro, more than 10 years already.. >.< only CIMB can do only as i know..
*
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!

QUOTE(alwyn75 @ Apr 13 2013, 11:05 PM)
Dear mortgage officers,
i 'm looking for someone who could provide me the current market value of property after i provide those necessary information. please provide your contact number here, thanks in advance.
*
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.

QUOTE(HotGimmick @ Apr 14 2013, 09:29 PM)
Hi, would like to know what are the details that banks need to verify with employer? Will the bank divulge to the staff answering the call that we're applying for home loan etc?
*
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?
wild_card_my
post Apr 16 2013, 12:39 AM

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QUOTE(HotGimmick @ Apr 15 2013, 06:34 PM)
Thanks. Got a lot of kepoh OLs got time to layan and insist the bank to tell them more info instead. doh.gif
*
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.

smile.gif Good luck with your loan search!
wild_card_my
post Apr 20 2013, 12:11 AM

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QUOTE(Ricky300 @ Apr 19 2013, 11:55 PM)
Gross

DIBS for 4 years. Meaning to say in this 4 years, I'm not required to pay a single cent. (under con)
*
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.
wild_card_my
post Apr 20 2013, 12:24 AM

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QUOTE(Ricky300 @ Apr 20 2013, 12:15 AM)
Nett is 4.2k
Car loan amount was 45k, outstanding 28k
DIBS instalment is 1.2k (Joint name) start repaying 4 yrs later
*
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 smile.gif What is your age ya?
wild_card_my
post Apr 20 2013, 12:41 AM

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QUOTE(Ricky300 @ Apr 20 2013, 12:32 AM)
Not paying until 2016

27
*
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.

user posted image

This post has been edited by wild_card_my: Apr 20 2013, 11:01 AM
wild_card_my
post Apr 22 2013, 05:14 PM

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QUOTE(Dark Devon @ Apr 22 2013, 04:30 PM)
Hi everyone, I'm looking to purchase new development v12 Phrase 2 Sovo by LYL group. Looking for 300k package. Self employed and having bank statement for submission.

Please contact me through dark_devon@msn.com or pm me. smile.gif Seeking for best solution. Thanks.
*
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%


wild_card_my
post Apr 23 2013, 01:48 PM

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QUOTE(lp83 @ Apr 23 2013, 01:30 PM)
Hi, I would like to re-mortgage my house to finance about 50K, for 5 years tenures.  The property value about 140K, bought 10 years ago, have fully settled previous housing loan. 

I am interested in Alliance or OCBC housing loan package.  Please pm me for more loan package details.

Thank you.
*
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?
wild_card_my
post Aug 23 2013, 01:17 AM

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QUOTE(edthrax @ Aug 20 2013, 04:33 PM)
Hi, I'm looking to finance my house in saujana rawang, zara housing project under glomac.

House retail at rm856k, looking to finance at RM645k which is around 75% MOF.

What's the best rate you agents can give ? Looking for 35 years tenure and my age is 30. Should be no problem to get 35 years.

Preferably a Full Flexi loan with current account.
Pls PM me with your offer.
Thanks.
*
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.

QUOTE(chaostan @ Aug 19 2013, 11:49 AM)
Hi Bankers,

I'm planning to buy a subsales terrace house @ RM448K in Sg Long. Please furnish me the best morgage loan from your side. I wish to have the maximum loan amount for the property and would prefer CIMB Bank as my priority as most of my transaction is via this bank. I also wish to have the facilities of all the fees (eg: SP, Legal fees and etc..) to be absorb part of the loan and also include the renovation fees as well. Please PM me the best suitable package on this. Location CIMB prefer in Klang Valley.

P/S: Other banks may consider too!

Thank you
*
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!

QUOTE(baka.bakashi @ Aug 16 2013, 08:32 PM)
Hi guys,

Need your help for my plan to refinance a double story house.

Owing bank about 210k and market price of the house is around 450k (browse through mudah and iproperty so not sure it's 100% reliable or not)

Plan to refinance for 20 years with the excess money for other investment and house renovation.

Please advice your bank package for a 90% loan if possible.

TQ in advance
*
Hello Mr. Baka Bakashi, I hope that is not your real name biggrin.gif

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 smile.gif

QUOTE(chris251285 @ Aug 16 2013, 04:55 PM)
Hi singdreams, thank you so much !

OD means overdraft right ?
Credit Card, just now CIMB calculate based on my total limit  shakehead.gif
personal loan , minimum would also translate to monthly repayment right ?
home loan - how do they measure or calculate based on years left ?
*
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. smile.gif

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

QUOTE(bladekiller @ Aug 16 2013, 09:37 AM)
Hi loan agents

Background: A sold property (soho) to B to settle some biz transaction. B instructed to put C's name under the property.

C wants to take up a loan (re-mortgage) at a price below the market value of the property.

Question:
1. Does the normal mortgage loan package applies?
2. Please offer me your best rate+package and all T&C/benefits. (looking at longest tenure, 35 yrs & low entry cost if possible)
3. Does 1st time homebuyer still applies to C?

Info: Net salary around 2.7k (after less EPF, tax,SOCSO, car loan).

Please PM me your offer to the above.
*
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.

QUOTE(shanelai @ Aug 16 2013, 12:11 AM)
Hi banker, I'm looking for a banker to apply for my housing loan with purchase price of RM1.09m. It is a rush transaction and I plan to sign the application form by this Saturday (17/08/2013) at KL. I will prefer Flexi loan and 90% margin with longest tenure.

Interested party kindly drop me an email with your offer(best interest rate and relevant good offer) to shanelai@msn.com.

Thanks.
*
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.
wild_card_my
post Aug 23 2013, 01:36 AM

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QUOTE(ed1torz @ Aug 22 2013, 12:58 AM)
I'm planning to buy my 2nd house
Age:1982
Stop paying EPF 3++ years

Location: Klang Parade Area, Selangor
Prop Type: Sub-sale DSLH
Loan Tenure: Looking for highest loan tenure possible (35yrs?)
Loan Type: Full flexi loan
Purchase Price: RM400K
MOF: looking at 90-95%

Existing have 1 house loan with STD CTD with commitment of monthly ~2k

Please provide loan package. Thanks.
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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

QUOTE(cwhong @ Aug 22 2013, 12:38 AM)
I have a property A, still service the loans and planing to sell the property A and buy property B. the value of prop A around 370k and the props B about 460k, to avoid the troublesome of loans applications can i just transfer the loans for props A to B ? Using the same bank which serve my loans currently.......

Is this workable......? Thanks
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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"

QUOTE(pakutekan @ Aug 20 2013, 09:53 PM)
Im buying a new house with the price of 305k, for those who has any great offer for the loan package, kindly pm me.  biggrin.gif
Prefer 100% mof. Btw this is my 1st house. icon_question.gif
Tq
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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 smile.gif

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 rclxms.gif

QUOTE(ju146 @ Aug 12 2013, 10:57 AM)
Hi guys

I got my loan package below, is that good?

Property value = 360k
loan amount = 324k
BLR-2.35
locking period 3 years
bank = Alliance
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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

QUOTE(lpuiman @ Aug 11 2013, 05:02 AM)
Hi. Me and my partner ( both fresh graduate with working experience > 6months) are planning to buy a subsales house in cascadia lake vista at rm 480, 000. Heard from the agent the current bank evaluate at around Rm 520000. Just wondering whether is there any possibility to obtain 100% loan of rm 480, 000. Pls advice and pm me ur package.

Total net income after epf = Rm 4335
Total monthly commitment = RM 600
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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.

QUOTE(alwyn75 @ Jul 18 2013, 12:05 AM)
Dear mortgage advisors,

Good day to you,

I would like to ask a few questions before i refinance this house (mortgage already fully settled).

1) Can i refinance it but keep the money in the bank until i found the right property to buy? Would there be an interest charges or any hidden charges?

2) Currently the house under 2 names, my wife and me . Can i refinance it under my wife name only? If yes, how much she can refinance? let say, my house bank value is RM250K, she can only refinance half of it (RM125K)?

3) Method of calculating the fees for transfer of title, loan agreement, legal and service fee, all are the same as buying a sub sale property?

4) Normally how it will take to refinance a property or to get the money?

5) What is the bank value for this property?
Property address: 30 Jalan SG 9/10, Taman Sri Gombak, 68100 Batu Caves, Selangor.
Built up: about 770sqft, 14' x 55'
Double storrey terrace house, 3 rooms 2 bathrooms
Kitchen and toilet extended (only ground floor)
Built in kitchen cabinet

If you need further information, please let me know, thank you.
*
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%? biggrin.gif

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.
wild_card_my
post Aug 23 2013, 12:49 PM

Financier Gone Wild +60133693993
*******
Group: Senior Member
Posts: 4,376

Joined: Jan 2003
From: Kuala Lumpur

QUOTE(scone black @ Jul 19 2013, 03:21 PM)
Hii..i still find for Loan...

Double story terrace house
Rm140k
KL

-i got copy of grant to check market value..

pls help...

tq.
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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.

QUOTE(purni @ Jul 29 2013, 12:24 PM)
Hi,

I need icon_question.gif

I wan to buy a service apartment at Old Klang Road

Can somebody help me its my first house.

But the banks say that my age (24) is underage for a loan.

I want to apply loan with my boyfriend. Can someone help me..

together our salary RM6000++

Property Price RM 409,000

Under construction.
If someone can help me get a loan, please contact me at purni_rios@yahoo.com...
URGENT...documents all ready...please help
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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.

QUOTE(yeh_chiam @ Jul 29 2013, 03:38 PM)
Dear All Finance Adviser,

I'm about to getting my first house, the value of the property is RM700k, landed terrace house located in Taman OUG, KL.

My parent will be funding me for the downpayment 10%, so i will load up to 90% and 30 years (or more?).

My monthly income is RM4k, and i still paying my car load RM700 per month, but left only RM13k to pay off.

I do have other income like annual bonus and monthly claims, allowance.

My EPF account 2 now is RM17,935.01, and can i use it to top up as downpayment? or any option?

i know that my income probably not eligible to get house for this, but any option? or like join name or what?

If you have any advise or package please PM me for more info.
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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 smile.gif

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