quota full is the bank's part leh... not your fault also.. go for other banks... more than 10 banks available.

+1

All family members quota full. You want to be my gurantor? lol

Try many bank already. Not bank's quota but mine

may be it's time to stop

settle your car loan and/or provide tenancy proof for your apartment... and you might have a chance...

Temporary no $ to settle car loan. The latest apply loan's first payment is after 3 years. Why the bank so tricky

Just need some opinion of sifu here:-

Currently I just bought new property and I can only get 70% due to bank negara 70% LTV. (I already have existing two housing loan)

I plan to finance 30% different by top up from one of my existing property (occupied myself) which still serving under flexi mortgage loan with Bank A.

Calculation of top up :-

Current market value RM900,000

Margin of finance (estimated at 70%) RM630,000

Less : Existing flexi loan outstanding RM390,000

Maximum amount top up by Bank A RM240,000

I have two option for top up :-

a) Overdraft at BLR +1%

b) Term Loan at BLR - 2% and lock in period 3 year

Irrespective whether which option is choose......2nd charge will be created to the existing property by Bank A.

Btw....I haven't apply the loan yet for the new property. Should I wait the above top up approved by Bank A then after only go for apply loan. Or the other way.

Do any sifu can advise pro and con of these options. Tks.

This post has been edited by scongi: Oct 17 2013, 12:20 PM

yea..i got a friend 5k income own 3 props.. one of the prop is sustain with rental...
as long as you can get enough down payment..

Hi bro, interested.. mind to share?

What is your debt service ratio (DSR)?
Although your loan amount is small (RM180k), if the period is short, your monthly commitment will be high. There might be a chance your application for your RM600k loan will fail.

How much is your current monthly commitment for your mortgage loan and hire purchase loan?

I've done a short calculation for you, will surely burst, your commitment.
Assuming a max of 35 years for your 1st home loan of RM180k, your monthly installment should be around RM820.

For you hire purchase, 9 years, will be around RM800/month.
Add together the latest loan, assuming you take 90%, which is only RM540k, even if max of 35 years, min will be RM2.3k, if the rate is BLR-2.4%.

If you put together all your debt, it will be RM800+RM820+RM2,300 = RM3,920.

The maximum DSR for most people will be 70%.
RM3,920/RM5,000 = 78.4%.
And that's based on the calculation that RM5,000 is your nett salary, after the necessary deductions (income tax, EPF contribution). If you work backwards, for you to be able to get the RM540k loan, your net salary must be RM5,600, which should equate to a gross salary of RM6,500.

This post has been edited by DrPitchard: Oct 17 2013, 01:03 PM

actually, i own 4 properties when my salary was <5k few yrs ago (take home roughly 4.2k). One is own by me alone & other 3 jv w siblings who has similar income like me (<5k). The total loan for my portion alone dat time was 700k. Of coz im not buying all 4 in one time but one after one. I go to the same banker which i think dis may help as well. So i think the key is to rent out ur property 1st, keep gd track for ur loan, gd relationship w banker.

This post has been edited by phengeon: Oct 17 2013, 01:10 PM

+1

if buy new prop / undercon quite hard to accumulate fast coz need to wait for cons to be completed in order to release some DSR by renting out..if buy sub sale at hot location (easy to get tenant) i think this the best way..

dont know abt banks rejecting tenancy aggrement, coz my banks ask for it too..i think maybe just can leave that bank and move on to others

Thank you bro DrPitchard.
My current mortgage loan is RM802 (rent out RM700). Car loan RM1100 (finish at Aug 2015).

My gross is <RM5K. I need to hv a nett loan of RM600K not RM540K, whereby the new property is around 690K. Any ideas/ tactics how to make it success the loan

you can under 2 condition.
1) you declare the rental as part of your income yearly. which takes time.
2) you need to make sure after refinancing, the rental yield would justify the additional monthly repayment.

Last month. D rental of my existing property was taken into consideration.

Investz bro

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This post has been edited by Spritzz: Oct 17 2013, 02:28 PM

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Basically, he is more to conducting courses and training on choosing right property, in right time at right price. Also, teaching the investment skill (e.g how you can own more than 5 properties? how to deal with financial/bank loan?) More practical and with real cases.

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I don't want to see brother here, buying a depreciation instead of appreciation property. We have hard earn money.

my 2 cents.

high interest on it.
can i have more info pls?