Bro, can explain a bit how possible way 1 works? Refinance both into 1 loan or? Sorry noob here

Hi madgeniusfigo or anybody that can help,

I would like to know the amount bank can offer for my 2nd property housing loan based on my income and my wife

Gross Salary RM 5200
2015 bonus about about 4 month

1st house loan RM500k (under my name) will be paying RM2.3k per month (currently paying interest as house undercon)
Credit Card Outstanding RM 3000 (target to pay full by Feb or March)

Partner (Wife) Income
Gross Salary RM 3700
PTPTN RM10k paying RM200 per month
Personal loan RM15k paying RM280 per month

What is the max value of house that we can get?

Thanks in advance!

Hi,

Market value more than RM450k, but I plan refinance for 400 or 450k..
What's the interest rate ya?

Thanks
Chan

Dear,

My bad, my sentence structure is crappy that cause confusion! haha

when you have existing 2 housing loan A and B, and you opt to refinance cash out either loan A or B. You will still be eligible for 90% margin of finance.

Thanks! any lower interest??

Dear Lucifah,

1. To be more exact and accurate with my loan analysis. May I know Rm10-13k did he issued as director fees? - as profit after minus all expenses

2. Is his company an enteprise, sdn bhd or llc? - enterprise, hence the profit is added to personal income

2a. How many years has his company established - > 10 yrs

2b. what's his director shares in the company? - sole proprietorship, hence 100%

2c. What's his business nature? - retails

2d. Did he pay income tax form B? - around rm 17 - 22k per year after all eligible rebates and reliefs

2e. Does he issue director fees for himself? - no

3. To determines his income from his business, I would need to calculate based on hos company bank statement credit balance.
Could you list down his company bank statement monthly credit balance?

Month of
12 : roughly 70k
11 :  80k
10 : 70k
9  : 90k
8  : 60k
7  : 120k (raya time)
Question seems lengthy, but this will help determined how much income can be derived from his company.

Thanks for the options.

But 3rd housing loan will still  be 70% mof right?

Seems like only option 2&3 I guess

What about IHC? Are there still around or it can't be used no more?

Dear,

1. If you opt for zero entry cost, HSBC, the rate will be 4.6-4.7%

2. If you opt for other banks rate, it will be 4.4-4.45% rate. However, other banks would allow you to finance your legal fees, valuation into the loan amount too. You can finance max 5% of your loan amount ( 5% x Rm400k loan =RM20K). You can finance total 20k of your legal fees + valuation into your loan amount.

Dear Lucifah,

1. If derived income from your friends company banks statement, his income is around RM8K/ month.

2.More than 10 years of business establishment, it shouldn't be a problem. Good foundation

3. Paid tax, very good.

4. With Rm8k income and only with credit card. His max loan eligiblity is RM800K. Safest is RM800K, banks credit scoring for enterprise is usually lower.

Dear Madgeniusfigo,

How to finance legal into loan amount for sub sales? How bank disburse money to lawyer? As far as i know there will be two layer, SnP lawyer and Loan document lawyer? I am a bit confuse here? As for your example, if 5% x Rm 400 k loan = 20k. if 20k is more than enough for legal fee, how bank may give back the extra to us?

Dear,

1. Yes, 3rd housing loan will definitely be 70%

2. IHC, yes it is still around, but less bank allow IHC financing. Moreover, IHC financing, banks required all the directors to be as the borrower and SPA.

3. IHC suitable for commercial purchase, if residential purchase only entitle for 60% of margin finance. Hence, doesn't worth it.

4. You still have option, to use family members name with 90% quota left.

Bank only able finance legal fees for bank loan legal side. For subsales you can request to finance loan legal fees and valuation fees in maximum 5% from the purchase price. Some bank nowadays is smart they need submit finance loan legal fees along with lawyer firm quotation.

Can buy up to 660k

Dear,

1. Bonus 4 months, is this contractual bonus or performance bonus?
If Performance Bonus, can give me 2 years 2015 and 2014 income

2. PTPTN loan, if your wife didn't owe ptptn more than 36months, it won't show in the CCRIS and added as debt.

3. Without the details from point 1 and 2, I have tabulated your loan analysis, your max loan eligible (without bonus included) is RM637,000 from HLB, and other max loan eligibility from other banks do look at bottom right section yellow highlight.

4. 90% margin of finance shouldn't be a problem, given that your CCRIS and CTOS have no issues. I need to look at it including your income documents before I can assure you of any promises.  

Hi Guys, I wish to refinance my mortgage loan. Currently I own 2 houses (2 mortgage is OCBC and UOB).

I wish to refinance my first house to margin 90%. Is it possible?

Any banker can make it margin 90% on refinance mortgage pls pm me.
My favorite bank as below:
-OCBC
-Maybank
-Public

Thanks.

Hi,

Thanks for reply. Loan legal fee need 20k for RM 400k house? Why so expensive? I thought it will be 0.5% of loan amount? Does it include stamping fee?

It doesn't sound logic loan legal for 400k prop need 20k. It's around 6-7k only. while valuation fees is around 1k+

Hi, May i know for property price at RM 560 K what will be the estimated SnP + Loan legal fee and all stamp duty?

Dear Madgeniusfigo,

How to finance legal into loan amount for sub sales? How bank disburse money to lawyer? As far as i know there will be two layer, SnP lawyer and Loan document lawyer? I am a bit confuse here? As for your example, if 5% x Rm 400 k loan = 20k. if 20k is more than enough for legal fee, how bank may give back the extra to us?