hi found that the bank panel is bank rakyat,

any bank rakyat banker can pm me, or anyone knows of any banker from bank rakyat pls pm me their contact

thx

good afternoon..
i am so much lacking of knowledge in field of housing loan.
i am buying a house at 600k. And i applied housing loan with two banks. They have given me the offer, but i really dunoe which offer is better ><

Bank A offer me a 90% loan (without mrta) at interest 4.4%, loan tenure 35years, monthly installment at 2530.

Bank B offer me a 89% loan (without mrta) at interest 4.45%, loan tenure 30years, monthly installment at 2690.

Can u share me the advantage and disadvantage of this two offers? Hehe or more directly which offer to choose.

personally, i got no problem of the 1% difference in down payment. What are the other factors to consider in selection?

I am so stressed now

Thanks for your reply.

Hi.

If 1% downpayment isn't a problem for you.

Bank A offer me a 90% loan (without mrta) at interest 4.4%, loan tenure 35years, monthly installment at 2530.
- Lower installment, higher interest paid to the bank overtime due to loan tenure up to 35 years

Bank B offer me a 89% loan (without mrta) at interest 4.45%, loan tenure 30years, monthly installment at 2690.
- Higher installment, lower interest to the bank overtime due to loan tenure up to 30 years

If forking up 2690 is not a problem for you monthly, then go for Bank B, if the extra 160 a month is a crunch to your monthly budget, you may opt for 2530.

Depends also on loan facility, if you're on a full flexi loan, you may opt to dump in extra cash to lower down the interest paid to the bank. Bank B will definitely be the choice if you can afford it as effectively you've shaved off 60 months off your loan.

I dun have much saving will saving amount affect home loan application?

The savings have some effect to the loan in the event the case is not strong to get the loan through, but it's not one of the major factor unless you're talking about savings above 10,000,000 and buying some property around worth around 500,000.

Hi,

I'm planning to purchase a commercial property using my company, currently only one years old. May I know which bank still can provide Full third party corporate guarantor for the purchase ?

Thanks in advance.

1 year old company can't apply loan bro, need atleast 2 years, some banks 3 years.

Dear mangoproperty,

1. Borang Be act as a supporting document whereby it helps to justify how much income you made throughout the year and other side income include. So the DSR will be based on how much income you reported for your tax.

2. Usually, Payslips, bank statement and EPF are used instead of Borang BE. Borang BE will be useful for certain cases.

Dear yunbo,

1. Usually ghost house doesn't really affect the bank financing, only if the bank or the world knows that particular property is haunted. Hence, the underwriter who is going to approve you loan will seek second thought of rejecting the loan.

If it is not made public, usually it doesn't affect the loan

2. Yes, if the property is still under master title, bank would be reluctant to finance you the cash. So it would be hard for you to sell the property or buying this particular property. Because the title owner is still under the developer, whereby more than 10 years still haven't divide the ownership to strata/individual title. Something must be wrong.

Dear Yunbo,

1. This consider as freelance job, this would be very subjective. The only way to proof your income is to show your nature of job, the voucher, bank statements, receipt. To proof the income does exist. However, this is case by case basis.

2. Yes, this is included as income. Usually bank would consider this as income if you could provide 2 years of amanah saham dividend.

Dear hhy,

1. It is quite obvious for this selection. Bank A offer is the best:

a. Full 90% margin of finance, hence you won't need to top up extra cash for the down payment.

b. interest is the lowest among the two. This is self explanatory

c. The loan tenure is the longest. Longer loan tenure spread would lower your monthly installment. You would have more cash flow monthly compare to shorter loan tenure.
If you feel that the interest charges will be high, you can actually pay the exact same installment as Bank B and the interst charges and loan tenure will be the same as B.

You can shorten the loan tenure by paying more extra installment. Hence, longer loan tenure will reduce the monthly fixed installment payment.

Hence, at least you are paying less fixed monthly installment RM2530 COMPARE to Rm2690

2. Factors to consider



This post has been edited by Madgeniusfigo: Mar 2 2016, 09:47 PM

Dear Siawei,

1. it will affect the outcome if given that your DSR is very high and bank considering other factor to conclude decision to give you good or bad rate.

2. However, no worry for this, we can just chose not to show bank how much saving you have. SImple..

Dear mangoproperty,

1. Do you have company before this? How long is your previous company and how many years is the establishment?

2. Full third party corporate guarantor. You are saying

SPA: You
Borrower: You
Guarantor Company?

or

SPA: You
Borrower: Company

As mentioned earlier, my loan has been approved. But right now there is no urgency in getting the money - most likely i need it only end of this year. The bank has been persuading me to sign the LO now to secure the terms and execute the legal part in Aug. The bank will need few months for finalization and disbursement. Is this advisable?

the LO will expire within 2 weeks - 1 month. After this period, your offer letter is considered void and will require to re-apply again. If you only need the fund by December, you should only apply it around Sept and the funds would fully disburse by December.

The disbursement factor also depends on your title whether it's leasehold or freehold. Leasehold will normally take a longer period of time due to the lawyer need to get the permission from the government for you to charge the title to the bank.

But apparently the bank officer said that so long i sign the LO now, i am secured with the loan and its current T&Cs. They will get the lawyer to KIV (up to one year) the legal part until my instruction comes in. If there is a change in the bank's T&Cs, those will not affect me since i have signed the LO (even though it has yet to execute legally).

This post has been edited by Argiope: Mar 2 2016, 11:45 PM

Since this is a refinance case, you may be allowed to hold the loan prior to the instruction from the lawyer to the bank for the disbursement, but I am not sure since you're going to put it on hold for 8 more months with the reason that you don't need the loan. You will need to get the advise of the lawyer you're appointing on this. Different banks have different guidelines. If the UOB banker mentioned you can do so, please double confirm it with the lawyer.

yaya good analysis for me but throughout the whole process, the banker never mention about the flexi loan thingy. So i guess i should direct ask him tomorrow. but the lawyer is from bank side, how we can secure the plan i am getting is full flexi loan?

You can check in the letter for things like prepayment and any penalty charged against you if you put in extra money into the account to a certain extent. You may also check if you're required to open a current account and maintain a fee of rm10 every month.

fully flexi
- borrower can pay additional amount anytime to knock off principle to save interest
- borrow can issue cheque to use the money in the loan - the money (principle) that the borrow has already paid. note that by taking out the money, interest will be charged based on the amount taken out
- need to pay RM10/month as there is a current account linked to the loan account
- good for people who need high liquidity of cash very often

semi flexi
- borrower can pay additional amount anytime to knock off principle to save interest
- borrow can only take out money with written notice to the bank. approximately ~5 working days of processing. note that by taking out the money, interest will be charged based on the amount taken out. each withdrawal will cost a fee of rm50 (whatever the bank want to call fee as)
- NO need to pay RM10/month, as no cheque book or current account involve.
- good for working class who often have additional saving, have bonus or kena lottery occasionally so that can dump in the money to knock off interest.

SPA: own company
Borrower: own company
Guarantor: other non-related company.

No company before this, the first and only company age one year.

This post has been edited by mangoproperty: Mar 3 2016, 11:57 AM