QUOTE(TeeKanne @ Jan 27 2018, 07:38 AM)
Hi,
I am buying my first home. I thought I could get a full home loan since my credit report is quite good. However, just applied one of the major banks but my loan was only 90% approved. Can you sifus teach me how to get 100% loan? I really jaga my credit history but still cannot get 100% loan. Anyone can PM me if this is against the thread rule.
Secondly, is there like some sort of tier in loan. Above 500k can get full loan?
For 100% loan, please find the criteria below.
WHO CAN APPLY
Malaysian citizen
First-time home-buyer
Individuals up to age 40 years
Single borrower gross household income not exceeding RM5,000/month
Repayment / payment of total financing obligation amount must not be more than 60% of the net monthly income
MINIMUM LOAN AMOUNT RM100,000 (exclusive of MRTA).
LOAN MARGIN Up to 100%
LOAN TENURE
Minimum: 5 years
Maximum: 35 years or age 65 whichever is earlier
ELIGIBLE PROPERTY
Residential properties located in Malaysia
Minimum property value of RM100,000
Maximum property value of RM500,000
Owner occupied (buyers are required to reside in the property)
FINANCING REQUIREMENTS
Installments payable via monthly salary deduction or standing instruction
Compulsory Fire insurance/takaful and
- Saying your net income only capped at 60% only and no default payment in banking facilities. Hence. it is not advisable to apply 100% loan unless you have criteria above. Standard procedure suggested applicant should apply for 90% loan margin and bank DSR calculation shall follow to its original criteria instead of capped at 60% DSR. This will give you more allocation of your income towards new commitment.
QUOTE(mv_wong @ Jan 29 2018, 10:54 AM)
I would like to ask, are
all bank's full-flexi, semi-flexi home loans that allows one to pay more in advance in order to reduce interest has a capping that we can pay?
I've checked that HLBB has 30% (semi-flexi) and 70% (flexi). and Citi is 70%.
Is it worth going full-flexi although we may not need it, in order to get a higher capping?
It depends on your financial position. If you very often withdraw/deposit then full flexi will meet your purpose. If you are salaried employee just to place extra money to deduct interests then semi flexi is a better choice. Semi flexi will require account holder to notify bank for withdrawal as the money only deposits in loan account, bank will take approximately 5-7 working days to work out withdrawal via cheque or online banking.
Please find comparison as below.
Full Flexi:
1) Loan Account will be linked to Current Account/Saving Account with cheque book (optional).
2) Interest is based on current outstanding minus any amount payable to the loan. (E.g : Current O/S - credited amount x Interest payable/100% / 365 days) Some bank practice 360 days instead.
3) Account opening fees at RM 200 + 6% GST.
4) Account maintenance fees at RM 10 +6% GST.
5) Withdrawal/Deposit of money can be done through over the counter, cheque, ATM or online banking.
Semi Flexi :
1) Bank will request customer to setup a Saving Account link to Loan Account through Standing Instruction (SI).
2) Prepayment or capital payment can be done.
3) Prepayment, placing future repayment to Loan Account and it has to be multiple of your monthly repayment. This will not revoke interests saving on Loan Account.
4) Capital repayment, placing extra payment to Loan Account to reduce principal. Some bank will require you walk in branch to fill up service form.
5) Withdrawal/Deposit of money can be done through over the counter or cheque.
This post has been edited by ngph988: Jan 29 2018, 12:24 PM