So if the owner is selling to me at 215k, is it possible for me to ask her to make the SPA 238.88k (10% higher) and then I can get technically 100% loan? (Zero downpayment)

Say the owner owes me 30k, is it better for me to:
1. Ask her to use the 30k for downpayment (21.5k) and legal fees (~9.5k) and then I just loan the bank for 193500

or

2. Do the above, ask owner to give back 30k, mark up SPA then do 100% loan. And use some of the 30k to pay the extra taxes and legal fees. Then balance, put into other investment.

1. will give a lower monthly commitment and 2. will be higher. ~rm100.

Which one is better? Please advice. I can negotiate with the owner since she is my mum.

This post has been edited by Cubed1437: Feb 15 2015, 06:56 PM

All the better to structure the arrangement to suit your requirements.

Either way is doable. Only thing left is for you to choose which option. Personally I'd opt for better cash flow. Just make sure you're financially discipline and aware of investment risk.

Good luck!!

Yesterday i just book a new house launching using my name(abu) with rm2000 booking fee.
Everything when fine up until now. But suddenly i question myself.
I gonna used my wife(siti) loan(goverment loan).
so the question here is, is it ok?? Booked under abu name but used siti's loan.
The house obvioisly under her name.

Please clarify for me. Really need to know this ok or not..

i already open a thread but i think better ask here as this is loan specific thread.
hope somebody can answer me.

any banks offering zero moving cost promotions? I am currently talking to HSBC and was wondering are there any other banks.

Booking no problem, it is just a mutual understanding between you and the developer. You can easily switch the booking to your wife name before the sigining of S&P

From your description, your credit score may not let you get any or much loan. because total servicing loan should be less than 70% of your income (DSR). I would suggest you clear of both your credit card debt and personal loans first. After that you can get maximum mortgage loan of up to 45% of your income (70-9-16)

This depends on your income level. Banks have different DSR/commitment guideline for different income range.
Generally it will be around 70%/80% for gross income above 5k, it can go up to 85%/90% for gross income above 10k. For your credit card outstanding, take 5% of the total O/S to become your monthly commitment. If o/s same as your income, then it will be 5% as well. So 16+15+9+5=45%. You do the calculation.

You will have to surrender your existing MRTA. If you refinance to another bank, if you want to be covered, yes, you will need to buy a new MRTA or MLTA. But why you want to refinance to another bank, if you wish to obtain additional financing you can top up your loan with the existing bank and remain the existing MRTA.

The premium depends on the amount covered and tenure covered. No high or low.

If you cancel it then you will not be covered.

Hi guys,
I have a question. I saw a couple of houses and am very interested to get it, but I realize I have not yet calculated my affordability. Can I have your help to check my scenario out and see if I can really afford it?


Property Value - RM1.5M
Property Age - 2002 (probably some major renovation needed)

Gross Salary - Mine (RM62k per year) Hers (RM60k per year)
Commitment - 1x car loan (rm1.7k per month)
Monthly jointed expenses = RM2k
Age - 34yr old

Scenario - This house is for long term own stay to start our family and we are first time homebuyer. But due to our salary over the range and our age does not quality for the "my first home" program.


Do u think we can still borrow at least 90% of RM1.5M? We do have a fair bit of money from our KWSP which we can withdraw to pay the 10% downpayment.

But roughly how much would be the "excess" fees that we still need to pay? (e.g legal fees, renovation costs, furnitures)

note: didn't know buying a landed property might be quite headache >.<

IMHO, you are overstretching your monthly commitments

What is your take home pay - less EPF, Tax, etc

If you take a 90% loan of RM1.5 mln = RM1.35 mln @ 4.5% for 35-years = RM6,400 per month. + RM1.7K for car loan + RM2K in joint expenses = RM10,100 which is already almost your Gross Pay

Also, you need some savings righ for emergency / one-off expenses / year end expenses

This is something you can afford to buy but CANNOT afford to maintain.

Was in the same shoes - saw a Semi D that I really loved but after crunching the numbers - cannot afford to live

Agreed. I'm not optimistic that the financiers will approve the loan.

thank you bro >.< I also expected so..and sadly its only a double story terrace house, we have been renting condo for over 4 years already, and though of moving into a landed which is convenient for both of us working area (bangsar and 1utama)

we were deciding on a rm900k (ttdi ascencia) or the rm1.5m(landed) but i guess, we are better off buying the condo instead within rm900k, should be sufficient for us to use?

Hmm RM900K property - say you take a RM800K loan @ 4.50% for 35-years = RM3,800 per mth + RM1.7K for Car + RM2K = RM7,500

That is also almost no room for any emergencies, sudden expenses, etc

Helloooo,

Thinking of buying a property in the range of RM1mil - RM1.5mil, combined loan.

Me and my hubs gross salary = RM14,400
2 Car loans (me and my hubs) = RM2k
House loan (me) = RM900
Insurance = RM200

Would like to know maximum loan amount we can stretch to apply that financier can easily approve?

Thanks guys

hi guys....

i and my brother jointly bought a house in 2014. Im planning to sell my share to him for a profit so i can get my own house.

How do i sell my share for a profit to him and get my name cleared of the loan and house?

Im gonna get married soon so i need to get a house on my own....

Please advice...thx

Hi All,

I am in the midst of considering which bank loan package at the moment for my first house. I have applied for many banks (Not all of them) via contact from my agent so far, three replied but not much detail I got here cause I wasn't sure what is the correct questions/checklist when looking at the loan package. Three more banks pending due to their internal arrangement. Anyone kind to guide me where or what to check in mortgage offer letter? Such as MRTA (Some included some are not), Flexi / Semi-flexi. I understand about the BR and Spread terminology, but not different kind of packages.

Thanks.

This post has been edited by WallChecker: Feb 22 2015, 12:19 AM

Some basic stuff eg tenure, loan rate, margin of finance, lock in period, any incidental charges (be it one-off or recurring), penalty for early settlement, how flexible is the withdrawal of excess funds through internet/over the counter/cheque for the flexi loan, and any additional specific condition.

I was offered a loan package by UOB. It was a weekly replayment schedule. I was told there are no extra payment e.g. 48weeks per annual. The weekly replayment reduced interest. How is it possible to reduced interest and loan period without paying more?

so meaning, whatever it is, eventhough the tenure for my personal loan and credit card debt are ending soon (aug 2015), the banks still consider that as my 'future' commitment as the house installments only to be served after the house completes? They don't consider my EPF 2nd account, which upon signing SNP, I can use that to offset all current debts?

bro Fat3Twister, 70% - 45% = 35%. so only 35% of my net income or gross income?

anywayyy thanks a lot guys!

don't have the details or your offer letter, but I suspect the interest is calculated daily rest, and since you are making 4 payments a month, the interest will go down compared to 1 lump sum a month.

However are u sure it is only 48 payments? (1 year got ~52 weeks). I suspect they are asking u to make payment at fixed dates (1st,8th,15th,22th)

Re-reading your question - are u asking for ways to further reduce interest?