coolster,

commercial property?

Nope. applying for new condo loan. quite shocking though

Coolster,

80% apply to individual case by case or across the board for all borrower ? new or secondary properties ?

I thought when bank is borrowing less meaning only genuine cash strong buyer r eligible, not those zero entry flipper, how come u said bubble burst mari ?

2 questions:

1) How good is your financial standing?
2) Is the 80% of property price based on after discount price?

What condo is this? Easier to provide answers if we know which condo specifically

I am first time buyer. Been to those 3 banks to apply loan (local bank). Then the loan officer said 90% financing is no more, now maximum is 80% even for first house. I was like shocking and asking since when. Then they said starting this year.

The new condo is in shah alam. Financially i am really good without any car or house loan before. zero monthly commitment

This is new. 3 questions:

1) What is the loan amount?
2) What are the 3 banks?
3) What is the name of the condo?

500k.. rhb, cimb, maybank..

That is the problem. You do not have any track records in CCRIS. If your salary is low, some banks don't even want to consider your case. No loan does not mean a good thing.

What is your net salary ? If it is botherline case, bank will definitely reduce their risk by reducing LTV

Exactly, no commitment isn't a good thing from bank's point of view.

I think in his case, it may not be that reason. If this happens to all banks, then it is something new. Otherwise, they will just tell u that u dun hv much credit history. And at least one of them will try to get the business.


This post has been edited by gspirit01: Jan 10 2014, 05:55 PM

Net salary around 8k++

U r entitled for more than 500k loan for 30yrs, unless your age is too old.

I am only 26 la anney.. Where got old..

Beats me. Can't think of any other reason!

Ya, 8k+ shouldn't be a problem to get 90%. Try foreign banks. They have better appetite

Unless you are saying 80% of gross price. Then yes, because starting 1/1/2014 bank can only offer loan based on net price. Good to hear banks follow strictly BNM ruling to reduce speculation. Only eligible people with at least 15% of purchase price can buy property. This should be the proper way in property investment. Previously fresh grads with 3-4k salary already able to buy property

Just got confirmation from Rhb officer that they are still providing loan margin of up to 90%+5%.

This post has been edited by MaxKHOO: Jan 10 2014, 06:29 PM

Ya, BNM still hasn't changed the ruling. 1st and 2nd residential prop still 90%. Most probably it is because of the 10% discount developer offering which is taken into consideration by the banks, so bank said it is 80% now

I think this is probably the reason or his prop is valuated lower. But i was wondering y all the bank officials told him that way.

Other financial reasons I can think of is his RM8k salary include a large portion of commission which is not fixed. Other months his income could be RM4k only or even less. So the bank only consider his worst monthly salary when offering the loan. If this is still not the reason, then it must be non-financial reason. It could be his attitude is bad, talk impolitely and pissed off all the loan officers. Or his look is so bad that the bank officer refuse to offer a good deal just joking. Otherwise, the other reason will be he is just trolling here

Non fixed income was another one that i thought as well. How I wish I got 8k+ when I was 26.

Here is the podcast of the interview that I listened to while I was driving yesterday. Superb information!

http://www.bfm.my/ringgit-sense-property-b...ent-140109.html

I like the part when the interviewee commented that, other than sentimental reason, there isn't much reason to buy prop when it is so expensive.

Enjoy!