Hi sifus,

Have some questions regarding to house loan and hope sifus can give some guidance.
Planning to get my first house soon.

Q1. Is it normal to sign loan offer letter before project obtained APDL?

Q2. Now economy is bad, if loan approved at 4.4% now. Few months later if (touch wood) economy turn worse, normally if apply loan during bad economy time, the interest rate will be higher or lower?

Q3. After signing the loan offer letter, changing mind of not taking the loan or swap to other better project, will kena penalty from Bank? If yes, how much will it be?

Thanks in advance.

Hi Madgeniusfigo,

Very much thanks for the elaborate explanation. I will keep in mind on your advise when we ready to purchase the house.

Hi,

Anybody know is there any bank can offer 90% for remortgage (free from debt) on 3rd house?

You can loan about 605k plus or minus depending on the rates you get.

Q1. Yes normal

Q2. if economy bad, the interest will normally increase as banks increase the FD rates. that's why got fixed rate offered if you afraid of increasing interest rate

Q3. You've already entered into an agreement, if you delay in signing the loan agreement, the penalty you have to check in the LO.

This post has been edited by lifebalance: Jan 11 2016, 03:40 PM

3rd property refinance = 70%, don't have 90%

Dear Gurus,

I am looking to secure a home loan, which is my first property. The developer Sime Darby don't have agent selling hence i need to look for my ownself for banker to finance. Contacted one of contact given, was told need to pay RM50 for CCRIS check? Is this true?

My details as follow:

1. Income RM7.4k (take home after deductions is RM6.1k)
2. Car loan repayment RM1020 monthly
3. Credit card debt RM14,000
4. Plan to use EPF for first home, Acc 2 around RM40k

Property:
1. Price is RM830,000
2. After developer discounts is RM745,000


Would I be able to secure this amount of loan? Any help greatly appreciated.

Hi bro, ur loan include 10% + 40k or this 40k is inside the 10% ?

If it's 10% + 40k then your loan just can pass, if it's the other way round then sorry ... very hard to pass, commitment too high.

CCRIS u have to go bank negara to print for FREE

This post has been edited by lifebalance: Jan 11 2016, 05:50 PM

Hi Keith,

I don't really understand the 10%+40k / 40k inside 10%?

Any way to reduce my commitments just by lowering my CC outstanding amount?

That means usually you pay 10% downpayment for the property, this 40k is used in this 10% payment ?

That means 10% of 745000 = 670,500

RM745,000 - 670,500 = 74,500, you're using the 40k in this 74,500 right ?

It will be good if you can use some money to offset the credit card outstanding balance.

Just found my note back from

Unit price is RM828,800
Developer discount is 5% and RM30,000 (so total discount is rm41,440 + rm30,000 = RM71,440

Price after discount is RM757,360
I need to pay rm5,000 as booking fees.

So, the 90% loan, is it 90% of RM828,800 or is it 90% of RM757,360?

How much CC outstanding balance should I clear? 2-3k enough?

90% of rm757k

Cc balance I think if you leave it outstanding 2 to 3k should be fine. Best if don't owe a cent

If you can reduce it then can pass loan already

My friend, Mr L has business derived income with nett profit varying from 10 - 13k per month (not yet minus tax)

Mr L has no commitments or loans

Mr L occassionally uses his credit card for purchases which he paid off almost immediatley

Mr L also has passive income derived from dividends and rentals amounting to RM 20 - 40k per annum

Mr L is interested to buy a comfortable home

Mr L is below 40 years old with no history of critical illnesses

Question from my friend, what is his max home prices that he can dream of?

Hi guys,

I would like to know the amount bank can offer for housing loan based on my income.

Gross Salary RM 2440
1 month bonus every year

Car Loan RM 425
Insurance RM 200
PTPTN RM 250
Credit Card Outstanding RM 3000

Partner Income
Gross Salary RM 2669
Non-fix allowance RM 300+
Contractual Bonus 2 months
2015 bonus 1.5 months
2014 bonus 1 month

Car Loan RM 550
PTPTN RM 350
Insurance RM 240
Personal Loan RM 450
Credit Card Outstanding RM 2000

If 2 of us would like to apply for First House Scheme (100% loan), what is the maximum amount we can get?

Thanks in advance!

About RM250k - RM390k, to be safe, try to get around 300k, going 390k would stretch the DSR very tight.

This post has been edited by lifebalance: Jan 11 2016, 11:20 PM

Hi, thanks for the advice.

If we clear our credit card balance and also personal loan, would we be able to get 400k loan? I do have a FD amounting 85k (joint name with mum) as well

Dear Chanlman,

1. Current market, there's few banks still offering good rate, UOB, AFFIN, RHB and Ambank. For the loan amount Rm400k. However, it really based on your profile income and debt commitment only I can suggest you with the right bank to finance with.

2. If you go through me, MRTA isn't compulsory, it is optionable. I would never force client in taking any deal that there aren't well informed and understood.

3. Yes, legal fees cost that I stated is just the ceiling cost, it can be negotiated.

4. If you need help, just contact me. I don't charge client on residential financing, so don't worry, I give my humble and holistic suggestion for the best packages.

Dear Progamer,

1. Based on your income Rm5000, I overstate your installment for housing loan and car loan. With this, your max loan eligibility is RM400,000

2. To be more accurate with my analysis, could you give me the actual credit limit (initial borrowed amount from bank) for housing loan and car loan?

3. If you plan to get loan of Rm400k and below for 2nd property with 90%, yes there's chances. However, before promising you moon and the sky, I would need to look through your ccris, ctos and income documentation before giving you my assurance.

4. My analysis is comprehensive and are within banks DSR guideline, you can look at bottom right section yellow highlight for max loan eligibility for each bank. Do becareful with someone overstating your loan max.

Dear ice-green-tea,

Q1. Yes and NO, some bank would only give financing when developer receive ADPL, some bank allows financing without ADPL. It really depends on the bank it self.

Q2. Now, we are based on base rate. Rate + spread = effective lending rate.

The safest measure is get the lowest spread rate as spread rate is fixed throughout loan tenure.

Bank nowadays are quite cunning, one month offering awesome base rate, next day, they will raise the base rate. Hence, you think you get the best rate but in actual fact it is a gimmick. What I recommend here is, go for the lowest spread rate, best service and packages. Rate are deemed to increase later on if economy plunge. Don't be surprised when your 4.4% rate became 4.5% in course of few months.

Q3. YES, you will get fined and penalty, because you need to compensate banks admin cost in structuring your financing. Penalty will go as low as RM2000 and as high as Rm10k. depends on the bank itself stated in your letter offer. Don't play play

Dear soulknight,

Just my 2cent. If you ever need help in financing your property, don't hesitate to contact me. I give my best service to you! haha