KV? you mean JV? Or you mean JL (joint-loan)? What is it~~~~? Sorry for asking, getting a little confused here...

If what you meant was JL, what is the loan amount of the first property ya?

Hello, can you tell me the ORIGINAL LOAN AMOUNT of the PL, Mortgage, and HP (if any)?

Also, what is the OUTSTANDING AMOUNT for the CC?

PTPTN and Insurance premium, as well as other non-banking related commitments (TNB, Syabas, Along, MARA, etc.) do not factor in the calculation for commitments

edit: Eh......!!! PTPTN recently have been added into CCRIS records... I... need to read up on this a bit.

According to this, 500k PTPTN borrowers would have their PTPTN loans added into the CCRIS. How to calculate these loans as commitment... I admit that this is still quite new and I haven't gotten my hands on this information. Will update you all when I do. But if the PTPTN is less than RM50k, shouldn't really affect the loan application too much, I am saying this based on if you were to calculate the PTPTN loans as personal loans.

http://www.utusan.com.my/berita/nasional/s...ai-2015-1.21095

Since you mentioned that your mom would be putting a downpayment of about RM200k... With you as the sole borrower, then according to my calculations you may actually get the loan. However, everything will be subject to the credit controller's approval. I'd be happy to work with you in procuring the loan.

Do note that since you do not have any repayment records (from the banks), typically your loan would only be approved with a margin of financing (MOF) of 80% or below. However, since your mom is already paying half the price of the property, your margin of financing is already at 50%.



Yes, I would recommend that you remove the name of the second borrower since you wish to remove him/her name from the title.

1. Depending on the bank, you could simply purchase the portion of the second borrower's outstanding (Current outstanding divided by two)

2. In the event that bank does not allow you to do that, you could simply refinance the whole loan package under your name alone, while at the same time changing the names on the title; whether or not you will be taking the cash-out depends on your choice.

Which bank is the property encumbered to? Is it still under Master title or already broken to Individual/Strata title?

Actually, whether or not the loan details is captured in the guarantor's CCRIS depends on the bank. In some cases, the bank insist that guarantor also acts as the joint-borrower, in this case, the information would be captured in the "guarantor's" CCRIS.

However, more banks that I know of (the ones that I do) do not capture the loan information in the guarantor's CCRIS, as such, he or she is free to be the guarantor for many many many loan applications~!

So if... well like I said, this is just me speculating without a straight answer from my Relationship Managers, that the reason why they need the guarantor to have at least 2 housing loans is to make sure he is a genuine guarantor that is not a guarantor just for the sake of the 2 applicant applying but the loan only appear under 1 person's name...

Very difficult to explain, I also just speculate only at this point.


Faiz Azmi +6 013 369 3993

This post has been edited by wild_card_my: Dec 14 2014, 02:54 PM

Not necessarily, the banks' rate is already set at the board rate. I understand that she is the joint-owner of the house, that means there will be your name and your mom's name on the SPA correct?

However, the loan application will be only under your name correct? This means the bank will only look at your income and commitments.

And as I have calculated above, your can probably get the loan if all you are applying is less than RM220k (the house is RM400k and your mom is already paying RM200k as the downpayment correct?)

All looks good, my number is at my sig below if you need to contact me directly.

Running up close to the GST implementaion in April, business has increased as people are trying to avoid paying the GST, although, in my opinion, the price is the price and it will correct itself before or after the GST.

But moving beyond that, loan application will only get more stringent as banks are now being more careful about lending their monies. However, the would be borrowers shouldn't be discouraged as the banks have a full set of guidelines that we can follow; they spell out the requirements such as the types of income, documents, as well as types of properties. If you qualify through their requirements, there is little reason for them not to give you the loans because they need to create a balance between getting the right customers as well as doing business.

How do they do it:

a. Demand a full, complete, fault-less to a point set of documents from the customers
b. Be more particular of the properties that they would finance. A number of my applications were rejected due to the negative factors of the properties; the same negative factors that would not have mattered just 3 years ago (since I financed a number of properties from the same area from the same banks)

A note: BNM being more and more stringent is good for the industry. It would weed out those who are not serious when providing the service, and to avoid a property bubble (and burst); thus providing a nice and stable industry. I am in this for the long run, a bubble that may burst is more detrimental than a nice and steady growth.

This is a good question, ill try and keep it short. And keep in mind that each bank has it's own terms and policies, I can only speak on behalf of the few (5 banks) that my firm is empanneled to.

There are many types of CTOS disputes, but for the purpose of explaining, Ill limit it to just 2 types of disputes:

1. Dispute with general companies like: telcos (used to be that telcos report to CTOS, but now they have their own system in place), personal lenders like AEON/Singer/CourtsMmoth, gyms, majlis perbandara, TNB, Syabas, etc.

So when it comes to disputes with these general companies, all you need to do is to settle the disputed amount, and get the settlement letter from those companies to show that you have settled the account. During the application, print out the CTOS record, along with the settlement letter for your banker/broker to include with the application.

2. Dispute with banks (!!!): Late interest payments, credit card outstanding that you have not settled, for amount below RM30k, hire-purchase balance, etc.

CTOS dispute with banks carry a lot more weight. Each bank would have different policies, but with OCBC/AlAmin for example, any CTOS dispute (with another bank) below RM2k is ok; as long as you settle the amount and prove it with a letter of settlement, they may (!!!) consider the matter closed, and proceed with processing your loan applications.

But if the amount is higher than RM2k, OCBC/AlAmin would only consider processing your loan application if the settlement has been done after more than 1 year ago. So if you are planning to buy a property, and have CTOS dispute with banks, you better settle it today because the longer you wait, the more time you need for the cool-down period to end.

Keep note that each bank has different policies when it comes to CTOS disputes, including the cool-down period and minimum limit for the dispute to be seriously affecting your application. In short, to answer your question, CTOS disputes with general companies don't affect you application as much as CTOS disputes with banks.

Also, everyone can call me Faiz Azmi, or Faiz if you consider me a personal friend. Azmi is my father's name

I have never received such messages, but I can imagine that what they would be doing is to consolidate all your loans into 1 mortgage account, with the house as collateral. Essentially they are asking you to let them help you refinance your house. They would also probably extend the tenure of the mortgage to the maximum possible tenure of 35 years or until you reach the age of 70.

If that is the case, then "I also specialize in this debt consolidation matter". Refinancing is a valid financial maneuver, but you should only do it if you know what you are doing. Start asking questions if you need to know more - should you do it? In what ways will it benefit you? Will it affect my future borrowing power?

Are they legal? They are probably bankers or brokers such as myself. Offering prospects to refinance their house is legal, but the method they used to market their services may actually breach the Personal Data Protection Act (PDPA). You won't see me messaging the public about these "offers". It's just not my style...

As for CTOS/CRIS, if what they do is to refinance and consolidate all your debts to one mortgage account, then the effect of CCRIS/CTOS is just like if you were to apply from the banks/(or myself) for a refinancing. in fact, it may actually be better to consolidate your account (such as CC, HP, PL) into one mortgage account due to the lower interest.

If during the loan application, you declared that the property to have its own individual title (As opposed to Master title), the bank would like to get their hands on that so they could charge the property (and hence, the original individual title) under their care.

Hello,

1. Can you give me the friend's GROSS INCOME? That their basic + fixed allowance.

2. How much is the original loan amount for the car ya?

3. Have he/she received any dividends on the FD in the past 1 year?

The friend is rather over burdened. But it's do-able. Cutting it close though, since if the net income falls below RM3000 then this is not possible. ANy bank for any applicant that earns less than RM3000 a month would get a DSR of just 60%



This post has been edited by wild_card_my: Dec 16 2014, 10:26 PM

Yes, it does help. Should be around this much. Everything is subject to approval by the credit controllers ok:

No. Not that I know of.

Perhaps. But I cannot speak for banks that I do not represent, nor the products that I am not well versed in for fear of spreading misinformation.

This post has been edited by wild_card_my: Dec 16 2014, 11:50 PM

It depends. If you can give good reasons, then the credit controller may consider it. Especially if the amount is very small. Like for some company, claims are paid in cash, not banked in. So there will be discrepencies between the 2 documents (pay slip VS bank statement)

On the other hand, you could also use these combination of docs: pay slip (With EPF deduction) that tally with the latest EPF statement



Faiz +6 013 369 3993

Hello, can you share with me your GROSS INCOME? That is your income from the payslip (basic + fixed allowance)... don't deduct anything. I will calculate your eligibility from there.

Keep note that the new rule is only used in terms of calculating whether or not you are eligible for the cash-out refinancing. However, once you do get the offer letter, the repayment will still be based on 35 years. I made a typical calculation, RM630k, for 35 years, and below is the result. Of course your case would be different since the interest rate would differ a bit, but it wont get too far off from what calculated.

Loan amount - RM630,000.00
Loan tenure (years) - 35
Interest rate - 4.50%
Monthly installment - RM2,984.71
Total payment over loan tenure - RM1,253,576.38

Faiz +6 013 369 3993

This post has been edited by wild_card_my: Dec 17 2014, 05:59 PM

Many banks share the same set of valuers, overlapping their empaneled valuer list with other banks. If other banks can't get their valuers to match the asking price, the same may happen with OCBC valuers too.

Keep note that the new 10-year refinancing rule is only used in terms of calculating whether or not you are eligible for the cash-out refinancing. However, once you do get the offer letter, the repayment will still be based on 35 years.

This applies to both conventional and islamic loans.

If you need to refinance, I can help you with that. My services are free, I get my commissions from the banks. Have a good day.

Currently only HSBC that I know of that can do a completely free moving cost. However, the interest rates are also a little higher. May I introduce my HSBC banker to you? And at the same time I do recommend that you try at least 2 other banks that offer financing of the moving cost.

Once you do get all 3 LOs, you can do the comparison yourself which one to sign.

Of course, I can help arrange everything, from the HSBC banker to application to 2 other banks under my firm's own panel.

Faiz Azmi +6 013 369 3993

Understood, you want a standby cash for use when an investment opportunity presents itself.

If you choose a flexi account, then there wouldnt be any problem with that at all. But entire fund? No, once your loan balance clears finishes it will automatically settle the account.

If you are taking out RM500k, I suggest that you leave RM50k loan balance when you dump the money into the account, keep the RM50k cash somewhereelse.

This post has been edited by wild_card_my: Dec 18 2014, 02:48 PM

I hope my business wont get affected too much in the impending doom. But people still need to buy sell houses anyway... The Real Estate agents should do well.

Yes, in this case, you still need to pay the agreed installment amount of RM2.4k every month, however, the chargable interest would be reduced since interest is calculated based on the balance which is just 50k, as such, a bigger portion of your RM2.4k installment will be used to repay your already very low outstanding balance.

Yes, before you finish paying all of your balance, you OUGHT TO apply for a withdrawal (With OCBC, Minimum withdrawal is RM5k, and there is an RM10 fee for each withdrawal), otherwise, once the outstanding loan balance is reduced to 0, your loan account would be automatically closed.

As mentioned above, your RM50k balance will be reduced as you pay your installments; as such, your monthly interest payments will also be reduced...

This is true. And what kochin is doing is option "B" for a semi-flexi loan. He will make that RM450k payments as part of the CAPITAL REPAYMENT, but the installment is still based on RM2.4k (his example), but the chargeable interest calculated each day is now reduced, and makes up only a small portion of the monthly installment.

Anymore interested in reading more on this can Google search: AMORTIZATION

going for an appointment. Will return to see wonderful discussions tonight.

This post has been edited by wild_card_my: Dec 22 2014, 09:26 AM

Eh.. of course the banks need to see where your money is coming from. So I would still need to see the income documents

Here is the list of documents, some of them optional.




p/s When KLCI drops till 1200 points, unit trust consultants will be out in force to ask people to buy when it is "low"

This post has been edited by wild_card_my: Dec 18 2014, 03:48 PM