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 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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Madgeniusfigo
post Jan 30 2016, 10:47 PM

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QUOTE(cclay @ Jan 30 2016, 05:58 PM)
Still owe PBB principal around RM 380K. Property worth about RM 550K now. Can only refinance to 20 years only..
What's the option, bro?
*
Dea cclay,

1. The total cash out if based on 90%, it will be RM550X90% - 380K =RM115K max. Given market value is RM550.

2. 20 years? means your age is around around 50.

3. I would need below details, to calculate your max allowable cash out amount:

CODE
1.Borrower
a.age
b. No. of borrowers
c. no. of housing loan

2. Income (borrower)
a. Gross salary
A:
B:
b.Variable income for business (6months latest)
"1.
2.
3.
4.
5.
6."
c. OT
d. Fixed allowance
e. Variable Allowance (6months latest)
"1.
2.
3.
4.
5.
6."
f. Bonus contractual (1 year bonus amount)
g. Bonus performance (2 years bonus amount)
h. Comission (6 months, each month amount from the earliest)
"1.
2.
3.
4.
5.
6."

3. Supporting income (borrower)
-Tenancy agreement rental (6months)
"1.
2.
3.
4.
5.
6."
i. ASB ( 2 years total DIV)
j. Shares dividend
k. Fixed deposit

4. Debt / commitment (borrower) "joint or indiv"
a. Hire purchase loan (Borrowed amount)*
b. Housing loan (Borrowed amount) (Joint or indiv)
c. Personal loan (Credit limit)
d. PTPTN (credit limit)
e. Credit card (Outstanding/usage)
f. ASB loan ( credit limit)
g. Overdraft ( Credit limit)

4. Background (borrower)
a. Occupation
b. age
c. currently staying at?

5. Property
a. purchase price
b. subsales or underconstruction
c. freehold or leasehold
d. 1 borrower or joint borrower
e. Strata title or master title
Madgeniusfigo
post Jan 30 2016, 10:50 PM

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QUOTE(netcrawler @ Jan 30 2016, 11:29 PM)
For ZMC package at 4.99% interest rate, what is the monthly installment for 25 years
with loan amount 650K (310K cash out)?
*
Dear

If based on refinance cash out RM650K , 4.99%, 25 years loan tenure.

Your installment would be around RM3796/ month.

For the next 25 years, your interest rate will be 4.99%, when property market is in bull scene, rate is low, your rate will forever fixate at 4.99%, which eventually will force you to refinance and incur additional legal charges and so on. Think twice before opting for fixed interest rate.
netcrawler
post Jan 30 2016, 10:56 PM

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QUOTE(Madgeniusfigo @ Jan 30 2016, 10:50 PM)
Dear

If based on refinance cash out RM650K , 4.99%, 25 years loan tenure.

Your installment would be around RM3796/ month.

For the next 25 years, your interest rate will be 4.99%, when property market is in bull scene, rate is low, your rate will forever fixate at 4.99%, which eventually will force you to refinance and incur additional legal charges and so on. Think twice before opting for fixed interest rate.
*
I'm also not the fan of fixed interest rate. What are lower rates for refinance in market curently? For ZMC and Non-ZMC?
lifebalance
post Jan 30 2016, 10:59 PM

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QUOTE(netcrawler @ Jan 30 2016, 10:56 PM)
I'm also not the fan of fixed interest rate. What are lower rates for refinance in market curently? For ZMC and Non-ZMC?
*
For lower rates then you can opt for normal banks refinance but the catch is the 310k extra cashout will be based on 10 year calculation. So if that doesn't break ur DSR then you're good to go. Otherwise, AIA offer a good alternative.

ZMC or no ZMC, banks will always get back to you if you choose to move to another bank in a short period of time.

If you want proper advise it will be much better to look in all your overall budget.

Feel free to PM me if u need to share P&C info.
netcrawler
post Jan 30 2016, 11:07 PM

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If we choose refinance for a house, would the DSR calculated based on current house
installment (house to refinance) + refinance amount ?
lifebalance
post Jan 30 2016, 11:09 PM

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QUOTE(netcrawler @ Jan 30 2016, 11:07 PM)
If we choose refinance for a house, would the DSR calculated  based on current house
installment (house to refinance) + refinance amount ?
*
Current outstanding loan x interest rate x 25 year
+
Cash out balance x interest rate x 10 years
cclay
post Jan 31 2016, 12:59 PM

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QUOTE(Madgeniusfigo @ Jan 30 2016, 10:47 PM)
Dea cclay,

1. The total cash out if based on 90%, it will be RM550X90% - 380K =RM115K max. Given market value is RM550.

2. 20 years? means your age is around around 50.

3.  I would need below details, to calculate your max allowable cash out amount:

CODE
1.Borrower
a.age
b. No. of borrowers
c. no. of housing loan

2. Income (borrower)
a. Gross salary
A:
B:
b.Variable income for business (6months latest)
"1.
2.
3.
4.
5.
6."
c. OT
d. Fixed allowance
e. Variable Allowance (6months latest)
"1.
2.
3.
4.
5.
6."
f. Bonus contractual (1 year bonus amount)
g. Bonus performance (2 years bonus amount)
h. Comission (6 months, each month amount from the earliest)
"1.
2.
3.
4.
5.
6."

3. Supporting income (borrower)
-Tenancy agreement rental (6months)
"1.
2.
3.
4.
5.
6."
i. ASB ( 2 years total DIV)
j. Shares dividend
k. Fixed deposit

4. Debt / commitment (borrower) "joint or indiv"
a. Hire purchase loan (Borrowed amount)*
b. Housing loan (Borrowed amount) (Joint or indiv)
c. Personal loan (Credit limit)
d. PTPTN (credit limit)
e. Credit card (Outstanding/usage)
f. ASB loan ( credit limit)
g. Overdraft ( Credit limit)

4. Background (borrower)
a. Occupation
b. age
c. currently staying at?

5. Property
a. purchase price
b. subsales or underconstruction
c. freehold or leasehold
d. 1 borrower or joint borrower
e. Strata title or master title

*
Cashout will be based on 90%?

I am 38 this year. Max until 70 years?
lifebalance
post Jan 31 2016, 02:42 PM

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QUOTE(cclay @ Jan 31 2016, 12:59 PM)
Cashout will be based on 90%?

I am 38 this year. Max until 70 years?
*
Cash out will be 80 - 90% as banks are tightening now

Age to apply is 35 years or up to age 70
echoesian
post Jan 31 2016, 07:52 PM

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What do you mean by cash out?
lifebalance
post Jan 31 2016, 08:18 PM

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QUOTE(echoesian @ Jan 31 2016, 07:52 PM)
What do you mean by cash out?
*
Cash out meaning that previously you took a loan with the bank at 300k for example and you've took the loan for 5 years and now you have probably paid down to 250k but at the same time your property is valued higher than previously meaning about 600k now.

You are entitled to loan 90% of 600k now which is 560k and the cash out portion would be 560k minus 250k and you will have cash out of 310k.


This post has been edited by lifebalance: Jan 31 2016, 08:22 PM
Madgeniusfigo
post Feb 1 2016, 01:10 PM

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QUOTE(cclay @ Jan 31 2016, 01:59 PM)
Cashout will be based on 90%?

I am 38 this year. Max until 70 years?
*
Dear,

1. CASH OUT Margin of finance highest will be 90%, some bank offer 85%, some bank offer 80%. Depends on the bank

2. Yes, max age loan tenure is 70 years old, hence 38 age this year, your max loan tenure is 32 years old.
Madgeniusfigo
post Feb 1 2016, 01:21 PM

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QUOTE(echoesian @ Jan 31 2016, 08:52 PM)
What do you mean by cash out?
*
Dear echoesian,


CASH OUT

1. is to withdraw money from your property due to price appreaciation.

Example.

2011 bought Property RM500K, 90% Loan Rm450k

2016 Property price RM800K, 90% loan is RM720K

2016 you still owe the bank of outstanding balance of RM400K

Cash out amount is RM 720K-RM400K = RM320K

You can cash out max RM320K from the property.

2. Cash out usually comes from refinance, when you remortgage from Bank A to Bank B, you can opt for cash out to withdraw the cash for own use.

3. The purpose of cash out is for emergency use, investment, or renovation. etc etc
iamoracle
post Feb 2 2016, 02:18 PM

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QUOTE(Madgeniusfigo @ Feb 1 2016, 01:21 PM)
Dear echoesian,
CASH OUT

1. is to withdraw money from your property due to price appreaciation.

Example.

2011 bought Property RM500K, 90% Loan Rm450k

2016 Property price RM800K, 90% loan is RM720K

2016 you still owe the bank of outstanding balance of RM400K

Cash out amount is RM 720K-RM400K = RM320K

You can cash out max RM320K from the property.

2. Cash out usually comes from refinance, when you remortgage from Bank A to Bank B, you can opt for cash out to withdraw the cash for own use.

3. The purpose of cash out is for emergency use, investment, or renovation. etc etc
*
What about cash out via mortgage top up method? I understand the same bank will create a separate account for the mortgage top up.
Can I reduce the outstanding in the mortgage top up account using EPF account 2?
lifebalance
post Feb 2 2016, 02:22 PM

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QUOTE(iamoracle @ Feb 2 2016, 02:18 PM)
What about cash out via mortgage top up method? I understand the same bank will create a separate account for the mortgage top up.
Can I reduce the outstanding in the mortgage top up account using EPF account 2?
*
You can top up with the same bank, subject to the previous Loan Agreement interest rate.

You can withdraw from your account 2 to pay off the existing loan so that you may borrow more, but take note that the new loan cash out calculation is based on 10 years repayment so it might break your DSR, consult a mortgage planner to look into your financials.
megahertz
post Feb 2 2016, 02:26 PM

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hi guys, sorry if wrong topic, i need to find MRTT for my house loan.
prefer Etiqa, can any 1 here help me via pm ? thanks guys
cwkhang
post Feb 2 2016, 08:19 PM

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hi, loan amt 600k, 35 years

would like to hear some advice on choosing between,

Maybank offer BR 3.2 + 1.25 = 4.45%
RHB offer BR 3.9 + 0.50 = 4.40%

This post has been edited by cwkhang: Feb 2 2016, 08:23 PM
lifebalance
post Feb 2 2016, 08:29 PM

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QUOTE(cwkhang @ Feb 2 2016, 08:19 PM)
hi, loan amt 600k, 35 years

would like to hear some advice on choosing between,

Maybank offer BR 3.2 + 1.25 = 4.45%
RHB offer BR 3.9 + 0.50 = 4.40%
*
What u want to hear ?
cwkhang
post Feb 2 2016, 11:34 PM

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QUOTE(lifebalance @ Feb 2 2016, 08:29 PM)
What u want to hear ?
*
take maybank because lowest BR 3.2% + 1.25%
or
take the lowest interest rate 4.4% but higher BR 3.9% RHB

This post has been edited by cwkhang: Feb 2 2016, 11:35 PM
lifebalance
post Feb 3 2016, 07:31 AM

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QUOTE(cwkhang @ Feb 2 2016, 11:34 PM)
take maybank because lowest BR 3.2% + 1.25%
or
take the lowest interest rate 4.4% but higher BR 3.9% RHB
*
Either way still the same because both rate will increase over time. Left and right side. Remember you are applying for a fluctuating rate not fixed rate. The banks can increase the rates anytime subject to 3 months notice in advance.

So take the lowest one for now which is rhb.
Jasoncat
post Feb 3 2016, 07:33 AM

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QUOTE(lifebalance @ Feb 3 2016, 07:31 AM)
Either way still the same because both rate will increase over time. Left and right side. Remember you are applying for a fluctuating rate not fixed rate. The banks can increase the rates anytime subject to 3 months notice in advance.

So take the lowest one for now which is rhb.
*
Subject to 3 months notice in advance? I don't think so.
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