Hi michelle

If the developer only gives out free SPA. The other fees you need to borne would be the 10% downpayment for the property which is rm25,800 and also the loan agreement fee which about 3-4k which you have option to finance it into the bank loan.

This post has been edited by lifebalance: Mar 9 2016, 09:54 PM

Hi henshin

The term is called refinancing. I have to find out whether do you have any other property in hand which is still under housing loan. As long as you have more than 2 housing loan at the moment. You can only refinance up to 70% for the 3rd property.

Otherwise if not, you are able to refinance up to 80% of the MV

Feel free to let me know so I am advise you on the best refinance package.

If that's the case, why are you delaying to sign the loan ?

You will need to negotiate with the developer, just tell them that look I can't afford to pay the 90%. You will need the money to sustain, just let me off with my 10% and you can get another buyer.

Otherwise, you can try to get someone to buy over ur unit. Convince the developer that you have another buyer for this unit and can afford the 100% purchase price.

Hi,

The 50% rebate is upon your MOT as per budget malaysia 2015.



This fee is only applied to your S&P Stamp Duty so since the SPA is borne by the developer, it wouldn't influence you in anyways. You won't be getting any direct rebate from ur developer.

Lawyer's legal fees not affected by the MOT discount.

You may ask for discount but it's prohibited by Bar Council Malaysia. So you pandai pandai la.

This post has been edited by lifebalance: Mar 10 2016, 11:44 AM

If the title is under a commercial title, then the loan will be based on commercial rate and standard. Tenure will also be reduced to 25 - 30 years depending on the bank. Borrowing margin will also be lower.

Interest rate will depend on your credit scoring in the bank system and the loan amount you're taking with the bank.

Normally lesser loan amount = higher interest rate. Vice versa.

This post has been edited by lifebalance: Mar 10 2016, 01:50 PM

Also, regards to the MOT (Stamp Duty), you will only need to pay it later when the construction is complete and the developer is changing the master title to individual/strata title. From there, you are required to pay the MOT to transfer it into your name from the developer.

This is important in the future if you sell the property, it will be easier and you don't have to risk yourself with the title still under developer as some banks won't give out loan to property that is still under master title more than 10 years and worse if the developer is bankrupt already during that time. Feel free to contact me anytime for further advise.

Hi

Regards to mrta and MLTA.

MRTA
- one lump sum payment
- reducing coverage
- non transferable to other property, in other word burnt when you settle off the loan or refinance it
- no cash value
- no critical illness coverage

MLTA
- yearly premium thus cheaper than one lump sum
- increasing coverage
- transferable, thus you save cost
- cash value means you get cheaper ownership
- has critical illness coverage

If you need further details feel free to whatsapp me for explanation

This post has been edited by lifebalance: Mar 11 2016, 01:41 PM

Blacklist and bankruptcy check is normally done during the loan application phase before its sent for approval.

Checks will not be done after that.

The lowest interest rate at the moment stands around 4.4% to 4.55% depends on your credit score

Have to shop around

In anyways, the rate for both left and right can be increased by the bank anytime. Not just on the 0.4%

Assuming your loan is 35 years. Your installment should be 2366 if the interest rate is 4.5%

Putting 300k into the account would effectively means that your interest payable would reduce lower. A higher portion of your monthly installment from the 2366 per month will be used to pay on your principle rather than on the bank interest.

But you'll still be paying the rm2366 every month. Just that your loan tenure will be effectively reduced.

Before 300k
2366
491 goes to principle, 1875 goes to interest

After 300k
2366
1620 goes to principle, 746 goes to interest.

Effectively, you have reduced your loan by roughly 306+- months

This post has been edited by lifebalance: Mar 13 2016, 07:53 PM

Hi,

Your nett income include bonus is about 5632

For your max loan eligibility, it would be around 520k loan amount, purchase price around 580k

Feel free to contact me further for any discussion.

Yeap, 580k will be very max already. So maybe get around 570k to be safe.

Hi

You will need to provide these info for me

Gross pay
Nett pay
Rental
ASB
Bonus 2 years total

Commitment
House monthly
Car monthly
Credit Card outstanding
Personal Loan
PTPTN

Feel free to PM me the info if you need privacy.

Banks to banks have different criteria but most of them must have these in place

Eligibility

Individuals aged 18 years to 40 years only
Malaysian citizen only
First time home buyer only
Single borrower/customer gross income not exceeding RM5,000/month
Joint obligors gross household income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per obligor)
Payment amount must not be more than 1/3 of monthly income
Business owners/directors/partners/sole-proprietorship are not allowed
Property value from RM100,000 - RM500,000

In order to assess how much you can afford, will need you to provide me these info.

Gross pay
Nett pay
Rental
ASB
Bonus 2 years total

Commitment
House monthly
Car monthly
Credit Card outstanding
Personal Loan
PTPTN

Assuming if you want to only pay for 1000 installment. Assuming 35 years loan with 4.5% interest. Your loan amount will be RM210k or purchase price at RM234k

Some banks will take your commitment as 100% which is RM1000, some will look at it as RM500.

I will sort out for you which are the banks that does such things.

Meanwhile if you need any assessment on how much loan you are eligible, you can let me know again.

Dear Pink@pple,

Please becareful of certain advisors giving wrong info and accusing others of doing it. As I've stated earlier, your loan eligibility 520k maximum.

However I'll suggest to take a loan somewhere about 510k. Keep some buffer for things like insurance and legal fees.

Hi cybpsych,

Regards to your question, I've answered it earlier

MRTA
- one lump sum payment
- reducing coverage
- non transferable to other property, in other word burnt when you settle off the loan or refinance it
- no cash value
- no critical illness coverage

MLTA
- yearly premium thus cheaper than one lump sum
- increasing coverage
- transferable, thus you save cost
- cash value means you get cheaper ownership
- has critical illness coverage

Regards to your 2nd question
for MLTA, death/tpd benefit, how much do my spouse/nominee receives? if the prop is joint name (me+spouse), the spouse can get death/tpd benefit from MTLA?

Death & TPD Benefit will be paid out depending on whether you've bought the policy for the 1st or 2nd borrower.

E.g You took a loan for 300k under Borrower A & B, have 4 option
1. Get 300k MLTA for Borrower A
2. Get 300k MLTA for Borrower B
3. Get 300k MLTA for Borrower A & B
4. Get 150k MLTA for Borrower A & B

But I would always suggest to get MLTA for the main borrower (the one who forks out the installment)

However, if budget allows, you can always protect Borrower A & B for the full sum of 300k or 150k each.

for a 500k prop value, assuming MLTA 500k for Borrower A (main), what will happen if Borrower A tpd/deceased (per your suggestion to get MLTA for main borrower)?
For the loan taken 500k, the MLTA will fully pay off the 500k and the house you've purchased is debt free, meaning you don't have to serve the housing loan interest installment anymore

does Borrower B (spouse) get anything? Do Borrower A need to specifically nominate Borrower B?
premium wise, how much would that be for 500k MLTA?
Borrower B (Spouse) will get 500k if Borrower A nominates the MLTA to Borrower B instead of assigning it to the Bank's name so that the Borrower B can either decide to pay off the 500k entirely to the bank or continue to pay off the installment and use the money for something else.

The premium for MLTA is based on your age, gender, whether you're a smoker or not and your occupation. Feel free to provide me these info over here or via PM so I may quote it accordingly.

This post has been edited by lifebalance: Mar 15 2016, 09:28 AM