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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

cfa28
post Dec 12 2014, 11:45 AM

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QUOTE(chloelingeelin @ Dec 12 2014, 11:30 AM)
thanks for the explanation, appreciate it very much. Btw do you have any idea usually how long it takes for the bank to disburse the money after approval of refinancing?
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This question, we will need our sifu wild_card_my
wild_card_my
post Dec 12 2014, 11:47 AM

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QUOTE(cfa28 @ Dec 12 2014, 11:45 AM)
This question, we will need our sifu wild_card_my
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It depends on a lot of factors, from 1.5 months to 4 months based on my experience.

Factors include:

1. if the property is Master vs Strata/individual more paperwork to do for the lawyer
2. If the land is leasehold vs free hold, consent matters
3. The general speed of the lawyers themselves
4. The banks themselves, sometimes they can be very very slow
5. Valuers, just like lawyers work at their own speed flex.gif

Most importantly is that you get a lawyer that the banker/broker knows so that you can ask your broker to push the lawyers. If you try to push the lawyers yourself, they will bullshit you with this and that things that you also dont understand so you cant argue with them laugh.gif laugh.gif laugh.gif Lawyers can, on occasions be full of shit laugh.gif laugh.gif laugh.gif

This post has been edited by wild_card_my: Dec 12 2014, 12:03 PM
kitkat78_98
post Dec 12 2014, 12:33 PM

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QUOTE(wild_card_my @ Dec 12 2014, 11:36 AM)
The BNM ruling as practiced today, refer to the dates the loans are taken. 1st and 2nd property can be finance at 90% but it doesnt matter if you did not finance it at 90%, because the 3rd property will only be capped at 70%!

As such, to prove this to the new bank, all you need to do is to make them a copy of all your bank loans. The 1st and 2nd property (according to the date of the LO) can be refinanced to a maximum of 90%, while the 3rd property is now limited to 70%.
You got this right.
It depends on the bank, but I can confidently speak for OCBC and OCBC Al Amin... (eh.. which is your bank). The interest for this loan is based on daily-rest, that means the moment you make an additional payment (called advanced payment by OCBC), you would already save the interest for the next day onwards, for the amount that you paid in advance.

edit: But yo yo yo, please do call the bank to confirm ya. I cannot be liable for any misinformation here. I am confident of it though, just that it is your responsibility to confirm this with OCBC call center.

So yes, if you want to save the interest of 4.4% (whatever you housing loan rates are) on a daily basis, do go ahead and pay in advance. Every interest that you paid in advanced, is money saved! In essence, this is WAY BETTER than putting your money in FD smile.gif Also, all advance payment can be deducted automatically if you do not pay (or not able to pay) the monthly installment, say in the event where you go to vacation or something smile.gif

- Faiz Azmi (+6 013 369 3993)
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Thanks Sifu !. Mine is OCBC ( not the OCBC Al Amin)
wild_card_my
post Dec 12 2014, 12:37 PM

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QUOTE(kitkat78_98 @ Dec 12 2014, 12:33 PM)
Thanks Sifu !. Mine is OCBC ( not the OCBC Al Amin)
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Same thing for both banks! You can do advance repayment and it would reduce the interest from the next day. smile.gif

edit: eh but call the bank to confirm ya, because I do not have your LO on hand so I cant read or spell out the terms for you. But I know in general, the newer OCBC and OCBC AlAmin products can do this.

This post has been edited by wild_card_my: Dec 12 2014, 01:13 PM
asiatrader98
post Dec 12 2014, 01:55 PM

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hi would like to ask any good OD package (pledge the hse) excluding the 1% committment fee if more than rm250k TQ?
wild_card_my
post Dec 12 2014, 02:01 PM

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QUOTE(asiatrader98 @ Dec 12 2014, 01:55 PM)
hi would like to ask any good OD package (pledge the hse) excluding the 1% committment fee if more than rm250k TQ?
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I would save some of your time searching by telling you that AMbank, OCBC, Maybank, Alliance and HLBB (banks under our firm's panel) that all these banks got that 1% commitment fee for unused OD (or standby OD) that is more than RM250k.

So you can start your search at other banks now biggrin.gif
cfa28
post Dec 12 2014, 02:13 PM

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QUOTE(wild_card_my @ Dec 12 2014, 02:01 PM)
I would save some of your time searching by telling you that AMbank, OCBC, Maybank, Alliance and HLBB (banks under our firm's panel) that all these banks got that 1% commitment fee for unused OD (or standby OD) that is more than RM250k.

So you can start your search at other banks now biggrin.gif
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This 1% Commitment Fee is imposed by almost all Banks in MY (to add on to wild_card list is RHB, Public, Affin)

Even for HNW the Banks also charge the 1% Commitment Fee, for Super HNW I am not sure but my contacts with very big facilities (in the hundreds of millions) also get charged 1% Commitment Fee for their undrawn OD
asiatrader98
post Dec 12 2014, 02:55 PM

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QUOTE(cfa28 @ Dec 12 2014, 02:13 PM)
This 1% Commitment Fee is imposed by almost all Banks in MY (to add on to wild_card list is RHB, Public, Affin)

Even for HNW the Banks also charge the 1% Commitment Fee, for Super HNW I am not sure but my contacts with very big facilities (in the hundreds of millions) also get charged 1% Commitment Fee for their undrawn OD
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i think it is under BNM rules.. hmm.gif

if you want to get 500k OD unless you get one OD RM240k & another RM240k so n so cry.gif

any other way to get the cheaper standby fund by pledging the house?

This post has been edited by asiatrader98: Dec 12 2014, 03:01 PM
wild_card_my
post Dec 12 2014, 08:37 PM

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QUOTE(asiatrader98 @ Dec 12 2014, 02:55 PM)
i think it is under BNM rules.. hmm.gif

if you want to get 500k OD unless you get one OD RM240k & another RM240k so n so cry.gif

any other way to get the cheaper standby fund by pledging the house?
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Term loan with a full-flexi account could be a good idea too, depending on your situation. The pros and cons are clear though so I will not spell it out...

unless someone is asking
opera33
post Dec 13 2014, 09:15 AM

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Recently bought an Auction House in Cheras, RM242k.

This is my second house, as the first house loan is 606k (still in construction, released loan of 110k atm), and have a car loan @ RM900 / month, 3 years to go.

Net income @ RM5.3k, any possibility to get loan ? or any suggestion?

Thanks.
wild_card_my
post Dec 13 2014, 09:42 AM

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QUOTE(opera33 @ Dec 13 2014, 09:15 AM)
Recently bought an Auction House in Cheras, RM242k.

This is my second house, as the first house loan is 606k (still in construction, released loan of 110k atm), and have a car loan @ RM900 / month, 3 years to go.

Net income @ RM5.3k, any possibility to get loan ? or any suggestion?

Thanks.
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Hi, what is your original loan amount for the car ya? Are you looking at 90% MOF for the auction house? What is your gross income (including fixed allowances)? Any variable income such as bonus and commissions (what is the average commissions in the past 6 months?)

This post has been edited by wild_card_my: Dec 13 2014, 09:43 AM
cfa28
post Dec 13 2014, 10:04 AM

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QUOTE(opera33 @ Dec 13 2014, 09:15 AM)
Recently bought an Auction House in Cheras, RM242k.

This is my second house, as the first house loan is 606k (still in construction, released loan of 110k atm), and have a car loan @ RM900 / month, 3 years to go.

Net income @ RM5.3k, any possibility to get loan ? or any suggestion?

Thanks.
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Bro., what is the stage of your auction property.

For auction, normally u must be sure u can get loan before u even want to begin, cos if u fail to get loan, whatever monies u pay is burn.

Assuming your RM606K loan is about 30 yrs, the instalment should be about RM2.8K and plus your car, your total monthly loan instalment is close to RM3.6K

This is already almost 50% of your net pay.

Plus the new loan instalment of say just 1k, total will be close to RM4.3K to RM4.5K which is like 80% to 90% of your net pay.

This type of DSR is too high as u will have nothing left to eat.

Of course u can argue that in 3 years time, your car loan would be fully paid, salary will increase and perhaps the auction.house will be rented out.

But banks may give loan based on.worse case scenario.

But let's see what wild card says since he is the sifu. I am just a pessimistic borrower.

Hope your Loan and purchase will go through.

Where dis u buy the auction property. Can share some details for our learning.

This post has been edited by cfa28: Dec 13 2014, 10:09 AM
wild_card_my
post Dec 13 2014, 10:13 AM

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I, too, was wondering at what stage was he in for the procurement of this house. Has he paid the deposit yet? Those things you can't get back.

I didnt ask more because I am in the middle of replying to someone (with pictures and all, edit here and there) so got a little busy.
opera33
post Dec 13 2014, 11:19 AM

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Already bid successfully and paid 5% reserved price, just that might joint loan with others if that's the only option.

Initial car loan amount is 60k, 7 years loan at 3.2%.

House loan is at 40 years, 4.25%.

Bonus is 13th salary, so another 5.3k there.

wild_card_my
post Dec 13 2014, 11:26 AM

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QUOTE(opera33 @ Dec 13 2014, 11:19 AM)
Already bid successfully and paid 5% reserved price, just that might joint loan with others if that's the only option.

Initial car loan amount is 60k, 7 years loan at 3.2%.

House loan is at 40 years, 4.25%.

Bonus is 13th salary, so another 5.3k there.
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what is your gross income before you deduct any of your statutory deductions?
opera33
post Dec 13 2014, 03:56 PM

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QUOTE(wild_card_my @ Dec 13 2014, 11:26 AM)
what is your gross income before you deduct any of your statutory deductions?
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Should be RM65k this year.
wild_card_my
post Dec 13 2014, 04:08 PM

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QUOTE(opera33 @ Dec 13 2014, 03:56 PM)
Should be RM65k this year.
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based on my calculations, you are overburdened already. No new loans can be taken without letting go some of them. The installments for the 1st house will be taken in as a full amount by the other banks.

No choice but to rope other people into the loan.

user posted image
opera33
post Dec 13 2014, 04:42 PM

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QUOTE(wild_card_my @ Dec 13 2014, 04:08 PM)
based on my calculations, you are overburdened already. No new loans can be taken without letting go some of them. The installments for the 1st house will be taken in as a full amount by the other banks.

No choice but to rope other people into the loan.

user posted image
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Thx for the calculation, just another question, would it be possible to get my dad in as guarantor? He is 60, with annual tax filling 100k? Without any commitment.
Aik_FEI
post Dec 13 2014, 06:06 PM

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Hi

Property RM 892,000

Net income Rm 7800

Debt Total RM 2000

Am I able to purchase this property?

Any banker to introduce for guidance and service

Thanks and regard everyone. laugh.gif
KilJim
post Dec 13 2014, 07:24 PM

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QUOTE(opera33 @ Dec 13 2014, 03:56 PM)
Should be RM65k this year.
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That can't be your annual gross salary, if monthly net is already 5.3k

For net 5.3k your monthly gross should be around 6.2k = 80k annual gross with a 13th month salary

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