just thought of asking this today

2 months ago (July) I applied for a joint loan with my sister (amount 649k). I've done my own calculations and can foresee that me and my sisters income deducted commitments should be able to fulfil the loan repayment without issues

applied for maybank however the response is application rejected due to my sister's company being only 2 years old and she was just granted car loan on June...

is this something that banks would consider? the car loan part maybe but I never knew the company's age plays an important factor as well. furthermore its already 2 years+ and not exactly newly established

Ok make sense

I'm going to reapply for another joint loan with her soon, this time lower amount. And her july payslip shows that she was being paid bonus. Will this be a more convincing factor for the banks?

Also avoiding Maybank this time

Hi guys.. Would like to get your feedbacks.

If you already having 1 property which still have outstanding loan with bank, and now there is a 2nd property which after considering all commitments and other basic living expenses which you believe you are afford to own.

(1) Would you consider buying despite that will put you into almost a total of 1 Million debt with the bank ? Is it common nowadays an individual has 1M debt with bank ?

(2) If buy, will you feel pressure "Sei lor.. owe so much money with the bank, don't know when only can pay off...?" / "Don't know one day will lose my income sources or not...?" (should be quite a secured work, just sendiri think till very worst scenario)

(3) if buy, what is the best way to manage the loan of both unit? Treat 2 individually? Or any bank can combine into 1 to get lower monthly repayment commitment?

Note: 1st property is unable to rent or sell out due to location issue.

Hi Sifus,

I'm a newb first time buyer and I'm eyeing a 450K new project as a first house (staying, not investing). I've got some questions which I hope you guys can help me with.

Here's my profile:
Age: 27
Salary: 5.5K (monthly base pay, I presume bonus and allowances doesn't count?) from MNC
Working Period: First job, 4 years
Commitments:
- PTPTN (RM209 per month, 12 years left)
- washing machine (RM130 per month, 11 months left, not sure if this counts)
- no car loan
- 2 credit card combined limit RM7500, never overdue
1. I am prepared to down payment 10%. So for 90% loan am I applicable?

Yes

2. Is a guarantor absolutely necessary for a housing loan?

You only need to joint your income if your income is insufficient to support the loan.

3. After this housing loan, will it affect my ability to take another loan for renovations? Or can the renovation be under housing loan too?

Renovation is usually cash basis, suggest you to buy fully furnished from developer as you can finance it into your loan

4. From scrolling through the this thread, the interest rate everyone's getting varies quite abit. Before I go talk to banks, can I get an estimate of what interest rate I should be looking for for my application?

2.9-3.1%

5. Lastly, just to get opinion. What is the maximum property price I can reasonably target when I go look around?

Just because you can borrow x amount does not mean you have to buy x amount property. Fundamental of the property is still very important.

Thanks in advance!

Is there an option to only insure one of the borrowers?

A bit confused now because i submitted for PBB also, and it seems they can cover either both or only one party

But for affin case its default cover both

That 3k nett means my employment income, and if the bank ignores my biz income then yea you're right, that's 600 balancing from my employment income

Obviously with that income itself banker would not have submitted my application, let alone the response from bank asking for joint borrower

But my biz is running for more than 2 years which mean i have YA18 and YA19 borang B ready

Hi guys,
I am planning to purchase a property under my wife's name. This will be her first property. However the loan has to be under both our names as her salary is not sufficient. This will be my 5th property, so will it be possible to get 90% loan if the property is only under her name and the loan under both our names?

Any experience after signing acceptance letter from bank and signed loan legal documents all settle but loan haven't disbursed yet because buying subsales leasehold serviced apartments.

Can I go get personal loan?

SGD 3k income wanna loan RM100k 5years repayments

If SPA just 1 person name, A
Then joint loan 2 person A, B

In future, A want buy another house. How bank evaluate A? Base on the house ownership or the loan?

Also, if SPA 2 person name A, B
In ccris record, person A will be show he already own a house is it? Even though the house is 2 person name?

Two eventualities:

Assuming my MRTA fully covers the loan: if I die, the bank pays off the property, my family gets my house.

Assuming my MRTA does not fully cover the loan: if I die, my family can choose to top up the remainder not covered by the MRTA insurance, and get my house or, decide to not get my house, and let the bank auction my property off.

My question is....As I don't have any dependents and it's my first property, would it be okay to have a lesser MRTA (therefore paying less to the bank monthly) and would this risk-taking be sensible? Or do you guys feel that this is a foolish notion at trying to skimp money?

As a licensed financial planner, I would ask questions to my client , like in your case:

1) Why you take personal loans at the first place?
Do you aware of high interest rate of personal loans?

You are paying quite high monthly.

2,) Do you live with expensive lifestyle and untracked spending habit?

Credit card outstanding of RM16K can lead of 18% ++ interest rate per annum.

Both personal loans & cc loans are unsecured loans. Both are high interest rates that made your money become smaller without you realised for it.

3) Do you have cash reserves that are liquid? How many months?

4) Your loans covered with MRTA?

5) Where are your investible assets? Any other life goals?

6) Income replacement and critical illness already got sufficient coverage?

My advise is to check your financial health status whether you have holding power and on track for your life goals.

Dear sifus, I am 21, first time homebuyer here. May I know whether it's possible for me to get mortgage loan of RM490k (I have 0 commitment and no credit card) under sole name at this juncture, with net income of RM3k. Currently interesting in a property located in PJ with that price due to its strategic location (very near to my work place). I want to do some research on eligibility of loan before placing the booking fee.

Yea good question. Because I was thinking that the housing instalment would cost me RM1.9k-2k, my personal spending does not exceed RM700 per month based on my past trend. It would be tough for me for the first year where I could barely spent out all my available income (while considering utilities) and also might need to cover the deficit from savings (my parents are also encouraging me to get a property at the early age and they will give me necessary finance assistance but I try my best to avoid this in the first place). I am confident that it would be very comfortable to me for this after suffering until next year October which I am expecting an RM1000 increase in salary like others for same rank in this year.

Property Financing: RM375,000 (100%)
MRTT Contribution: RM3,460 (cover 100k, 30 yrs only)
Valuation Fees: RM1,251
Legal Fees: RM8,600
Total: RM388,311

Tenure: 35 yrs

Rate: 3.50%

Monthly payment: RM1,604.85

ok? 1st house .. 100% loan

edit.. usually mltt how much ah. n can i say no to mrtt n just take mltt for 100% coverage?

would prefer to have cash in hand..

oh since i want to take mltt i thought its their product can just simply tukar2.. rupanya cannot 🤣

mltt how much ah usually for this kind you know ah?

We did submitted the application for mortgage.
I’m just wondering, my husband receive a message from the bank this morning that the application is being processed but at the same time the pending application from this particular bank is removed from eccris. It mean the application is declined or what?

I paiseh every time also ask my agent because he told me once actually it doesn’t matter whether the bank listed my application on ccris when I apply.

full loan only applies to first home buyer?

Bank officer says I need to physically go see her for the loan offer letter. Can’t send electronically. Now is cmco, I can’t go.

I want to study the t&c before signing. I’d prefer to have a copy given to me.

Is this normal or not?

Is all conventional loan now consider Semi Flexi ?

Cause I referring to the bank LO and it doesn't show the word Semi Flexi and I afraid it's a TERM LOAN and I can't make extra payment to reduce my principal amount.

If I bought a Under Construction condo which's expected to be ready by 2021 and has signed the SPA in Dec 2020, will the bank quietly bill me and backdated the progressive interest from the very beginning ?

so its true. lets say seller listed at 450k, market price is 500k.

My mark up loan is 500k, the additional 50k is returned to me right in the form of cash?

But I still need pay interest on the additional 50k?

interesting...

So it really depends on the bank appointed valuer i guess..

So the loan must always follow bank valuer's final figure right.

But what if the 90% of the final value is also above selling price? The excess will return to me right.

Selling price 450k, valued at 550k, 90% of 550k is 495k, so the excess (495k - 450k = 45k) is returned to me right..

hi sifu,
1st time home buyer here

want to ask question

1.it is true that nowadays BANKS ( HLB,MBB,PBB)  wants customer  got saving at least 10% from house price? mine got 3.25% from HLB  due to not enough savings .MBB  still processing.CIMB & UOB  got quota for housing loan,currently full said  by my agent.

2.already 2 week,only HLB  contact me,other bank no response,can i approach bank by myself?

Hi, sorry for the very noob question. First time home buyer here.

I just got a housing loan 514.8k (35 years tenure) at 2.89% interest rate with MRTA (coverage for first 20 years) premium of 8k+ financed into the loan. I received a letter from the insurance company and noticed there is a 7% interest rate. What does this mean? I thought the interest rate for the MRTA premium will follow the same 2.89% for my original loan amount and not calculated separately?