Hi.. i would like to ask a question about refinancing.. i am nearing my fifth year of my financing..when i bought my house the value of the house qouted by bank was 250k and the loan approved was 230k if im not mistaken.. if for instance now the house is valued by banks around 350k for example..if i would like to do refinance in order to cash in on the extra 150k..is it posibble? I bought my using under 3 names,myself,wife and my father in law as me and my wife combined salary was not enough at that time.. how ever now our combined salary is nearing 9k in a month so i decide to try to do a refinance if posibble

This post has been edited by nuar1984: Jun 20 2015, 09:16 PM

But cash out refinance only max 10 years

So now will refinance under two name? Instead of 3 name now?

Cash out portion dsr will count base on 10 years however monthly repayment can push until maximum loan tenure, depends with your age.

Yes..2 names.. cashout portion will count base on 10 years? Does it mean i need to wait for 10 year or ? Im sorry but i dont know much about these things..could explain further if you dont mind..

This post has been edited by nuar1984: Jun 20 2015, 11:37 PM

Semi flexi paying extra via internet or machine wont reduce principal?? Is this confirmed?

Hi sorry. would like to ask if I can qualify for this house loan

My salary + spouse salary at 7.6k. Bonus is confirm in our contract of 5 months every year

House value at 900k with down payment of at least 100k ( can be up to 150k).

We both have 2 cars. One is at 80k for 9 years repayment at 800 (750+ actually but I pay 800 every month) for a year. Another is 90k loan 3 year ago but fully paid off via cash last month.

My spouse has a house under his name but it's a family house. Fully paid with No repayment needed.

Was planning to do a 30 year loan or 25 year loan if possible.

Is it possible to obtain Loan? Cause I'm worried That the bank may say that I 4k monthly installment ( which I calculated based on 4.35% br at 780k loan amount).

I am also worried I can't get 90% loan because my spouse is considered this house as a second house. For me is the first house

how do I best secure the loan?

Btw. I'm 26 and my spouse is 25.

Thanks in advance!

This post has been edited by kanzakicyn: Jun 21 2015, 12:30 AM

Cash out portion commitment will count base on 10 years. But loan repayment can pay by maximum tenure. For example base on your current commitment and you salary if your income afford to pay the cash out portion with the calculation of monthly repayment base on 10 years then you're entitle for refinance, if not the cash out portion might need slash the margin to lower portion to match with your commitment. Maybe you can direct call me for explanation 010-7732628.

Yes most bank need advance inform regarding on this or else they will just treated as advance payment. You normally bank into your loan account?

Since both so young can apply for loan tenure max 35 years without any problem. If base on interest rate 4.35 is quite risky as its only special offer rate for those first grading. Try count base on rate 4.5 for this loan figure. And normally the lowest appeal rate for this loan figure should be 4.4. Salary 7.6k for both is nett salary after deduction of epf sosco and pcb? If yes should be ok within border line.

Yes, I bank in directly into the loan account using internet banking.. but when I calculated the interest they charged me, it looks like my extra payment did reduce the principal before taking into account the interest calculation.

That's why it confuses me since I keep hearing need to give advance notice in order to deduct principal..

If Internet banking direct bank into loan account, should have minus principle. Unless some client bank in the money to standing instruction account and thought can minus interest from the account.

I suggest that you check with your banker. It could be either the principal has already been repaid by the extra funds or principal remain the same as per your loan amortisation schedule but interest is calculated based on the remaining principal less the advanced payments.

Hmm so whats the difference between the two in terms of total interest charged over the loan tenure? I suppose is the same but the second one loan tenure still the same not reduced?

Yes, I share the same view.

Hi all sifu,

I'm currently 26 and would like to know, whether is it okay for me to buy a house with a asking price around 620K. It is still under developer unit. so, the all the other fees are foc.

Down payment - Rm62K

My details
Gross income :RM3,700 (3 years working)
Fixed commitment: Car Rm660, 9-years tenure. balance around 50K-ish
ASB Rm1200 monthly for 25 years.
Phone bill Rm120
Credit Card Balance: Rm5K

Spouse details
Gross income :Rm5,153.98 (12 months working)
Fixed commitment: none
ASB Rm1200 monthly for 25 years.

Possible for me to make this joint loan? Anybody know whether we will be eligible for this. btw, my spouse is gov staff UD41.

Any advice is much appreciated.

Regards,
Sherxez

Hi sifus,

How does the 50% stamp duty discount for first time home buyers add up with the 20% stamp duty discount for islamic loans? Do I get 70% discount?

There also seems two be two kinds of stamp duty, one for MOT and one for loan. Are the discounts applicable for both kinds of stamp duty?

Dear Sir,

Your DSR is 76%
Income 5k above DSR can not more than 80%
Yes, you can joint loan with your wife
Bank not only check income, but also other criteria, like CCRIS track record and CTOS record..

Good morning all,

need some advices from the sifus...

Planned to buy a condominium and i have 2 options.

Property 1 Purchase price: RM590K
Property 2 Purchase price: RM720K

Down payment 10%

My details
Gross income around RM9500 (13-month Salaries)
Car Loan RM1393
Housing Loan RM1000 (2 names)
Credit Card Outstanding around RM5000 (as of now)

I'm looking to refinance existing housing loan (market value RM380K outstanding around RM154K) to cash out RM100K (for the new purchase 10% down payment)

I have another property (market value around RM400K) fully paid.

need some advices from the sifus if i'm going the right direction (refinance and cash out RM100K from the existing loan to pay the 10% down payment)

also to check if i'm eligible to a loan for a property RM720K with 25 years tenure.

Thanks in advance!

This post has been edited by 1888: Jun 27 2015, 11:13 AM

Gross income around 9500 i assume your nett income after epf socso and pcb deduction is around 7500.

From the cash out part since bank negara had set new rule all cash out from refinance will count commitment base on 10 years that side already took your commitment around RM1960

i don't think after refinance you're entitle to buy either one property above, even property 1 also over your dsr limit. I will advice joint name in this case.

Base on my calculation, both income is above dsr 70%, i will advice lower loan margin by put more down payment.