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

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

To pay back the monthly instalment is kinda waste because a big portion of your monthly instalment amount would be the interest that to be earned by the bank. Not to big offset your principal amount.

If your EPF has enough saving, try perform withdrawal money from account 2 for renovation.
Either to put the 111k at current account to reduce your loan interest, or put it somewhere else whereby you can earn > interest bank is earning from you.

However subject to your own survival in daily life. Can you survive if there is no one to rent your room? Can you survive if there is an emergency which you need to big cash?

Here's the calculation based on your figure given.

Current
Commitment: RM2035
Monthly Salary: RM 5100
Take home Salary: RM 3065 (after deduct the commitment)

If to clear off your phone loan using 111k
Phone: 285 x 11 = 3135 (clear off)
Commitment: 2035 - 285 = 1750
Take home salary: 3350

If to clear off both phone and car loan using 111k
Phone: 285 x 11 = 3135 (clear off)
Car: 750 x 5 = 3750 (clear off)
Commitment: 2035 - 285 - 750 = 1000
Take home salary: 4100

So the amount used from 111k = 6885. Left you with 104k.

Let say, you can find a tenant immediately agree with 1k rental per month (it won't be easy)
Now, you have:
Monthly commitment 700 + 300 + 3100 (Car + PTPTN + Home) = 4100
Monthly rental income = 1000
Take-home salary = 5100 + 1000 - 4100 = RM2000.

I do not know how much is your remaining balance of your PTPTN loan, so could not advise you to clear off. If it is within 10k and government is giving the rebate for full settlement, I would advise u to clear it off using the rebate.
But it is more than 20k, just continue to pay monthly as PTPTN loan has the lowest interest of all of your big amount loan.

If you do not have any saving on the renovation, you can use the rebate amount at a minimal cost. Like only to renovate the necessary. That furniture, you can buy it slowly.

Remaining to put it in the current account that tied to your loan account, to reduce the monthly interest of the home loan.

Then continue with higher salary job seeking. To cover your compulsory expenses on house.

The objective here is to release your monthly commitment for you to survive.

Again, the assumption here may not fit your current lifestyle, as I do not know your spending habit and other commitment such as buying pressie for gf, give money to parents, eat outside with friends and etc.

This post has been edited by ongonglai89: Feb 5 2020, 04:50 PM

Your main objective should focus on reducing monthly commitment in order for you to have cash on hand monthly.

I'm suggesting you clearing off RM750 & RM285 because these are the lowest commitment that could settle it fast without using lots of rebate money.

Imagine, when home instalment kicks in, and you still holding your existing commitment, it would be :
Car: 700 + 750 = 1450
Phone: 285
PTPTN: 300
Home: 3100
----------------
Total: 5135(Commitment) > 5100 (Salary)

5135 is to bear by you once you have your home key. You can't find a tenant immediate right after you owned the house.

Agree with this sifu. Do not borrow to invest and end up getting more debt on hand. But have more cash flow on hand to invest.

And not forgetting, your electric/internet/maintenance fee/ water bill that you have to pay monthly. These are the additional commitment that you don't even realise it.


Lastly, if you can go for a lower house price, it would be best.

No problem bro.

Very impressive saving you have there at the age of 28. Well, by putting your money in your sibling account, by law, the money is belong to your sibling. Not yours. So think again.

This post has been edited by ongonglai89: Feb 7 2020, 10:06 AM

Suggest to clear off your PTPTN loan and save RM230 monthly.

I think yes. The purpose of EPF is to help an individual to save money for retirement, not for interest earned in the short term.