Shouldn't not be a problem... your gross income minus car loans and current house loan is 11500, I think your insurance no need to take into account. So 70% of your GDV is 8050, this is the maximum monthly installment the bank allow to loan you. So working backwards assuming 35 years of loan tenure at 4.4%, you roughly can loan up to 1.72 mil

First question – Is Property already completed or still under construction. If still under construction, you will need Developer consent for any name change and most Developer do not entertain, so you may have to wait until its completed.

Can I also assume that you and your Brother also took a Housing Loan together? In this case, its so simple as you will need the Bank consent and also what your Brother wants to do with the house.

Just to give some hypothetical numbers – and assuming its already completed.

House bought in 2014 – at RM500K
90% loan at RM450K
Market Value now at RM580K

Does your Brother have the RM40K (being RM580K – RM500K = RM80K * 50%)

If you want to sell your so-called 50% share and your Brother wanna keep the house, then does your Brother qualify for the RM450K Loan based on his sole salary. If your Brothe salary cannot support the Loan, the Bank will not agree to remove your name from the Loan and you’re stuck with your Bro until the House is sold or Loan is repaid

Prepared simple flowchart for you.



Attached File(s)
 Flowchart.pdf ( 36.52k ) Number of downloads: 41

Its not that I disagree with cdspins but there is a difference between being able to qualify for a Loan to buy a house and able to keep up with the monthly instalments and maintain a minimum standard of living and also have some savings.

What is your other household expenses and what can you able to save right now. Assume that you can’t rent out the current house and want to keep it, can you afford 2-Loan instalments.

Also, bear in mind, what is your current take home pay. With a gross salary each of say RM7,000 a month, your EPF deduction is about RM770 and tax is about RM450 per month, so your take home pay is only about RM5,780 * 2 = RM11,560 per mth – 2K for Car Loan – RM900 Housing Loan = RM8,660 – RM200 for Insurance = RM8,460, say RM8000 per mth

Then how much you spend on Food, petrol, house maintenance. Easily between RM2K to RM3K per mth right?

So, you have left between RM5,000 to RM6,000 per mth in surplus cash. Is this correct

If you take a RM1 mln Housing Loan at say 4.60% for 35-yrs, the monthly instalment is RM4,800 per mth

If you shorten the tenure to 30-years, the instalment is about RM5,130 per mth

Remember, its about maintenance of the Loan, not qualifying for it which is more important

I used the calculator below

http://www.cimbbank.com.my/en/personal/pro...s/homeloan.html

This post has been edited by cfa28: Feb 23 2015, 01:49 PM

cfa28 is very considerate, breaking down your expenses and advising on a more comfortable financial scenario for you so that you do not become a mortgage slave.

My numbers means while is just in terms of maximum loans amount. I seriously advice against maxing it out.

Of course Bro, there is always a Max scenario and comfortable scenario. Everyone has different spending patterns

There are people in F&F saying that monthly salary of RM10K can afford BMW, RM7K can buy Camry / Accord, etc

Redirecting here as this is a dedicated Mortgage Tread.

Hi all...need some advise before approaching banks..me and my wife is planning to buy an apartment (thinking to buy from current house owner - currently renting)..value should be around 180k-200k..the thing is, i am under akpk

we were thinking to mortgage my wife's land (under her name) to bank to secure a housing loan..is it possible? the land is a tanah pertanian..about 1 acre plus

wife salary is only 2k without commitment..can i help out by withdrawing my account 2 kwsp?

2k salary should be no problem for the apartment loan if apply under your wife name but depends on bank.

may i know what's your current interest for your both units? so easier for me to do comparison.

I have no interest, you need to tag original poster poorguy2020

Ops sorry just notice

Not sure if this is the right thread to ask,

Anyway, can anyone advise on how the GST is going to impact on Legal Fees, SPA stamp duty, loan fee..
Thanks in advance.

if my wife apply loan for the apartment, can i withdraw my epf to reduce the loan amount?

total legal fees, spa legal fees, valuation fees all will charge 6% GST applicable for commercial title not for residential if not mistaken

This post has been edited by ims2628: Feb 24 2015, 08:13 PM

Can.

EPF Website here

http://www.kwsp.gov.my/portal/documents/10...13_Jun_2014.pdf

One spouse can withdraw from EPF to help the other spouse to reduce the Housing Loan

Refer to the above doc.

Thanks to https://forum.lowyat.net/index.php?showuser=581831 " cfa28 "

This post has been edited by ims2628: Feb 25 2015, 09:15 AM

Currently, lawyers already charge 6% service tax even with GST there will be no major difference in prices.

thanks..but the link is broken..
as far as i understand, if the house loan is under both name (joint loan), can withdraw from kwsp...but i am under akpk which afaik i cant make loan untill i settle the programme..

try this link http://www.kwsp.gov.my/portal/documents/10...13_Jun_2014.pdf

lack of 10% downpayment.
possible get 100% housing loan?

Two way,

with agree of the owner, make up in the Sales and Purchase agreement, but must make sure able get value for the unit you want to purchase, or withdraw from KWSP,

no bank provide 100% housing loan nowadays, but some might offer 10% downpayment with personal loan + 90% housing loan