My house no loan. Its inheritance from my family.

Yeah. Thinking to took back ASNB loan too. Need to see better bank rate for asb loan next january

Invest your cash somewhere. Don't let your cash sit in your bank account doing nothing.

There are a few good writeups on investment tools around this forum. Stashaway, FSM etc, go spend sometime and browse the topic.

Unfortunately no. Card is almost fully utilized (each card credit limit is 6000). Although, thank you for the support

Noted on that. So it's not that wise to pay the same for both ya.


Thanks for the suggestion guys. Really appreciated it.

There should be one card for normal regular usage, and it's outstanding balance is always paid in full on due date.

When the card is fully paid on due date, there is no interest incurred on any new transaction on the card.

If the card is not fully paid on due date, every new transaction on the card will incur daily interest... from the day the transaction was done till the due amount is fully paid on due date.

So if you have only these 2 cards, fully clear one for normal usage. And stop making any transaction on the other card.

Usually the high outstanding balance incurred on a card is from an extraordinary and unexpected expenditure. As in your above post, it will take about 10 months or maybe longer to slowly pay back the borrowings.

If the high outstanding balance is due to monthly accumulation and growing bigger every month, then the card is for making ends meet... I would wish the card holder good luck that he comes into good fortune and able to clear his debts soon.

Hi Lowyat,

I am currently in a dilemma should I be buying a property that priced as below:
Property Price
RM 814k (Before Rebate)

Rebate
RM 57k
RM 54k
RM 4k (Referral)

The rebate will be credited into my bank account as cash, which can be use for Renovation and covering for monthly installment for at least 21months (1.75 years)

I am planning to use 35k to renovate.

Current Salary - RM 5100 (After Deducting EPF)

Current Monthly Loan Repayment
Car - RM 700
Car - RM 750 (Ends in 5 month time)
PTPTN - RM 300
Phone - RM 285 (Ends in 11 month time)

Should I buy this property and use the rebate to pay off monthly installment for 1.75 years and work hard to ensure I get a higher pay by the end of 2021 to start paying the installment with my own salary? I also planning to rent out 1 room which yields around RM1000.

RM5100 - loan commitment (RM 2000) = bal RM3100

Home Loan Calculator
https://www.calculator.com.my/home-loan-cal...or#.XjkZarNuKUk

This post has been edited by MUM: Feb 4 2020, 03:18 PM


Attached image(s)

dunno how your rebate will offset / being counted on for reno.. as my buddy, who's also house hunting, told me financiers are MINUSING the rebate, then on the loan on % that net amount.
ie. Selling Price LESS rebates = Net Price, which is the 70%-90% is what the financiers are offering him

just sharing what i saw ya, dont shoot the messenger

The rebate amount I shown is after deducting the 10% downpayment taken from the rebate amount...

Based on my understanding, I just applied for a higher amount of loan from bank to pay for the down payment for a property valued at 600k+

yup, understood - that's what the sales agent / property developer tells U.

that's what my buddy was told too, then when he went to hunt for financing... the financiers took the "higher amount" LESS the xx% rebate = net amount,
then offered 80%-90% on that net amount.

U managed to get the 80%-90% loan on the "higher" amount? if so, i guess my buddy's financiers & mortgage brokers sucks heheh. Pity

Based on the calculation given by the property developer, the developer will take 10%(down payment) out of my total rebates of 25%, then the rest of the percent will be rebated back to me.

I belum try apply loan lagi la, but I ask them a lot of question since this is my first time buying. Do you have any tips/articles to recommend for first time buyer?

This post has been edited by jeffboon97: Feb 4 2020, 05:39 PM

Worked for two years, still don't think I have the financial stability to start owning a house. I think I'll rent and interest in the stock market instead m

Just curious, if the rebate will be credited to you, in that case aren't you paying interest for the so called rebate as it will be priced into your loan amount?

Did you take consider of your living expenses?

If SPA is at rm814,000 and loan at 90% is Rm732,600.

The net price of the house rm699,000 less loan rm732,600 = rm33,600 to paid back to you.

Did you miscalculate?

No developer will pay back cash to customer as rebate. All will only offset the house price. Unless you pay cash 10% downpayment first then it only will make sense that the developer refund you back the so called "rebate".

Some developer appoint 3rd party to sell their project, so just beware.

This post has been edited by rapple: Feb 5 2020, 09:55 AM

hahaha, I am aware of this.


Not high living expenses, my highest "living expenses" is my car installment which will be paid off before I get VP of the house.


I tripled confirm with my developer agent, the figures I shown here are incorrectly. I still will be receiving 111k cashback

Take 17% rebate out of 814k, then minus 10% out of the 17% for downpayment, then take 8 % out of 675k(after deducting 17%)

The remaining 7% and 8% rebate masuk my pocket.

This post has been edited by jeffboon97: Feb 5 2020, 10:44 AM

How much RM do you want to borrow from the bank?
How much RM income will you be reporting to apply for that loan?
What is the max loan duration can you be eligible for that loan?
what is your loan commitment in RM at the time of loan application?

Dunno if I have any misunderstanding. It seems like you are borrowing a full loan to cover off everything ,rather than developer rebate it by offsetting the house's price.

Meaning to say, in bank's record, you are borrowing 814k. And only 7%/8% masuk pocket, the rest is to the developer. Betul kah?

This post has been edited by ongonglai89: Feb 5 2020, 01:39 PM

Hmm based on my understanding and my own calculation,

I'll be borrowing 90% which is RM 732600 then developer they "discount" the unit to RM 621570.40(nett) as this is their package.

Then I use RM732600 - RM 621570.40

the rest is rebate?

814K - 732k = 82K -> this is rebate that developer gave to you. If only you didn't pay anything to developer for house's deposit.
732k - 621570.40 = 111k -> this is you borrow money from bank. You need to pay back the interest for 111k portion.

Unless you put 111k in your current account to reduce your loan interest. Then you will be benefited from the cashback. Otherwise, it doesn't seem worth it.

This post has been edited by ongonglai89: Feb 5 2020, 02:29 PM

Thank you brother, well understood.

I am aware of the 111k "rebate" is actually the money I loaned from bank. But I am basically use this amount for renovation and pay back the monthly installment which is kinda funny (stupid). But I am planning to rent 1 room out to reduce the monthly installment. As I will be treating it as own stay also...