Need some help here. I am trying to purchase my first house for my own stay at the moment. I wonder if my DSR is eligible for loan approval.

Property Price: RM565,732
90% loan: RM509,159

Salary: RM3500 (increased to RM4000 as of Jan 2016)
Fixed allowance: RM500
Commission: RM500-1400 (varies)
Bonus: RM3500
Total Gross/Annum: RM60k
Total Nett/Annum: RM50k ---> (based on my latest EA)

Current commitment:
1) Car loan - RM890
2) PTPTN - RM205
3) CC - RM6k outstanding

Any expert care to help me in calculating my chances? Should I go ahead and try or no need to waste my time and booking fee?

Many thanks to the both of you for the speedy responses.

I'm budgeting about RM3.5K in monthly installment for a property. Not sure how much of a loan i would need.

@ madgeniusfigo

The fact is i've got no savings. They all went to beer So what would you reckon the my chance would be now? Although i should be able to free up quite a bit of cash (at least S$900) after my final loan installment in the coming month. Not sure if this would help but i actually don't contribute to Malaysia's EPF.

Also, may i please clarify on the provision of loan documents in Singapore? I don't actually have any meaningful loan taken up in Singapore. The most i've ever borrowed was this S$10K loan last year which i repaid over the last 11 months with a final installment to go. Is the repayment advice/statement any good?

Many thanks again. Very much appreciated.

Many thanks again for the information!

Dear nxtpg,

1. Walk in into the bank branch and inform them that you wanna settle the housing loan. THey will provide you form to fill in to get the redemption letter. take maybe week-month.

2. Sometimes there would need a lawyer to facilitate the settlement, so it is based on bank to bank basis.

Dear DriksoN,

1. Your actual gross salary is RM5K or 4K as per latest?

2. Do list down your Commission for 6 months, for more accurate calculation
FEB 2016:
JAN 2016:
DEC:
NOV:
OCT:
SEPT:

3. Bonus Rm3500 is for which year?

If your bonus is performance bonus, do provide 2 years of bonus total 2015 and 2014

Debt
4. Your car loan initial total borrowed amount from bank is how much?

DO provide me with above details for accurate analysis.
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However, as per vague details I have right now, putting every income at minimum, analysis for max loan eligibility as per below.

1. Max loan is RM615,000 for HLBB, the rest of the banks max loan eligibility do look at right bottom corner yellow highlight.

Hi, thanks for the initial calculation. Appreciate it.

To answer your question.

1) My current basic is RM4000+500 (fixed allowance, both included in EPF).

2) My commission is as follow.. Again all is subjected to EPF as well.
Feb16: RM1000
Jan16: RM1000
Dec15: RM605
Nov15: RM250
Oct15: RM215
Sept15: RM1115

3) Bonus RM3500 (13 month) is for 2015 as I am only 2nd year into my current job. No performance bonus yet for first year. However, I also received a RM850 for selling my annual leave back to my company on Dec15 and it is also subjected to EPF reduction.

4) Initial amount of car loan is RM90,000. Currently it is at around RM77,000.

Btw, is PTPTN included in CCRIS as well? And this property that I'm purchasing is still under con and completion is 2019. Thanks in advance.

Hi

Based on your point 1, 2 & 3

Loan is able to pass

PTPTN had been included into CCRIS.

Since it's an undercon project, I will need you to let me know who is the End Financier of the property as some banks will only finance that project.

Feel free to drop in your documents for the processing, you may whatsapp me @ 016 332 3290

What do you mean by end financier? The property is developed by Binastra. Project is Citizen @ OKR.

Hi, thanks for the initial calculation. Appreciate it.

To answer your question.

1) My current basic is RM4000+500 (fixed allowance, both included in EPF).

2) My commission is as follow.. Again all is subjected to EPF as well.
Feb16: RM1000
Jan16: RM1000
Dec15: RM605
Nov15: RM250
Oct15: RM215
Sept15: RM1115

3) Bonus RM3500 (13 month) is for 2015 as I am only 2nd year into my current job. No performance bonus yet for first year. However, I also received a RM850 for selling my annual leave back to my company on Dec15 and it is also subjected to EPF reduction.

4) Initial amount of car loan is RM90,000. Currently it is at around RM77,000.

Btw, is PTPTN included in CCRIS as well? And this property that I'm purchasing is still under con and completion is 2019. Thanks in advance.

You're welcome, I look forward to hear from you soon trance00

Dear Trance00,

1. all went to beer... hahaha , I do have this issues before! hahaha. I think we can click very easily.

2. For repayment RM3500/month, 4.5% interest and 35 years loan tenure. Purchase price of the house would be RM820,000 , Loan would be around RM738,000.

3. DO provide any loan documents or debts that you have before that in Malaysia or in singapore.

4. Any supporting income would be welcome:

a. Fixed deposit
b. Shares dividends
c. EPF
d. Bank statements summary

5. Anything related to payment of the loan would help you in securing your loan, do provide along.

6. 4. Background (borrower)
a. Occupation
b. age

7. in case worst come worst scenario, any family members in malaysia whom have debts, would be able to joint borrow with you or act as guarantor?

Many thanks again to the both of you. Maybe we'll get in  touch for a deeper discussion when i visit end March. Cheers

You'll be dropping by KL ?

Yeap. Gonna look for a house.

Many thanks again to the both of you. Maybe we'll get in  touch for a deeper discussion when i visit end March. Cheers

Dear yunbo,

1. There's lots of factors for bank to reject financing.

a. bad area
b. developer insolvent
c. hill slope
d. near graveyard
etc etc

2. Before placing any booking form fees or downpayment., you can request banker to help you check whether certain area able to finance the property or project.

3. after you getting the green light, only then you secure the housing loan, then only you pay for the downpayment.

4. Nothing to worry, if you have done all the prep and homework. If you need any assistant in this, just give me a friendly call 016-868-1373

what does mortgage officer look at for the credit analysis for DSR when Borang BE is involved?

Wow I didn’t know near to graveyard also can affect the loan application. That’s a new insights. Thanks for sharing that bit.

Now I wonder, how about “ghost house”?.. let’s say someone committed suicide in that property, and it’s in the news.. will that affect the loan application?

Another thing, is it true if the property is already more than 10 years master title, it is a bit difficult to get loan?

I’m curious about the calculation of income. Will the following items be included in the calculation of income?

1) part time work: No EPF contribution. No payslip. The only proof is the organization sends email to notify that the money has been banked in. And it is a quarterly payment.

2) annual cash dividend such as Amanah Saham