Dear,

1. For islamic loan, there's a few products out there in the market.

-For islamic loan there's 2 package for it, that is Bai Bithaman Ajil (BBA) and Musyarakah mustanaqisah(MM).

Your HLBB would be MM

For BBA there's a max cap amount that you pay.
example
RM200K LOAN/ 5.5%/ 30YEARS =Installment RM1135.58

Total price to be paid is = RM1135.58 X 30 =RM408,808

-This price stated in the contract will be the absolute price, the fixed profit has added into the total payable amount. For loan settlement, for usual loan, you will just need to pay off the outstanding balance stated in the bank, but for BBA product, the total final price has been stated in the contract, hence when fully settle, BBA will gives away rebate on the selling price which is equivalent to profit not realized. There isn't any clear formula for the rebate though...

Musyarakah mustanaqisah
-tries to be the complete and newer version of islamic loan
- it is similar to conventional loan in terms of interest calculation, interest rate, early repayment and capital repayment. The difference is this loan is a Profit loss joint venture for you and the bank. Starting 10% (DP) will own by you and 90%(bank purchase) own by the bank. Throughout the loan tenure of paying installment, bank will act as leasing you the property, you will slowly pay the installment(rent) to the bank and slowly owning more %shares of the property.


2. For the difference between conventional loan and islamic loan

-It's pretty much the same thing but with different expression
- for the lock in period issue, islamic loan doesn't have lock in period but certain banks had lock in period, so kinda quandering issues
- Yes there's a capped on the interest rate 9.99% for islamic loan
- 20% more on the legal loan fees, as more paper work have to be done via islamic loan
- syariah compliance
- Most of the banks offer only semi flexi for islamic loan though...

Dear yee88,

1. Since you have paid off the debt cleared, your debt will be gone the next month around 11th. However, do inform the ptptn to update to ccris, just in case.

2. Signing S&P wouldn't be affected. What's important is the loan process, getting the loan approved. Signing S&P can be anytime any circumstances. Just apply loan after the 11th or 12th when the debt has been cleared, you can start apply for the loan. However, do check your ccris before apply for loan, just to make sure the ptptn debt has been removed.

You can get ccris printed at BNM, however I also provide free CCRIS and CTOS check from my side.

3. Just a gentle reminder to everyone, remember to pay ptptn on time. Gov is being very aggressive nowadays, lots of client's profile being afffected by ptptn which cost them loan approved opportunity.

Dear jai2power,

1. Loan kalau belum sign letter offer, boleh cancel. xjadi masalah langsung. Tapi kesian agent tu yg buat loan.

2. Duit booking pada developer biasanya xdpt pulang balik, tapi ini mmg case to case basis. ada developer yg pulang balik kalau anda bagi reason yang acceptable.

3. Developer kalau ikut HDA act law, mereka mesti pulangkan duit balik kepada anda jikalau anda mintak cancel. So it terpulang kepada developer. Developer ikut HDA, mesti pulang balik duit. itu kej

4. kalau anda sudah toalk loan yg approved, biasanye bank itu reluctant approved loan anda yg seterusnya, tapi case by case basis jugak. So,bestnya ialah apply dgn bank lain jeh. haha

No problem, you're welcome

tq very much for your reply.20% more on the legal loan fees, as more paper work have to be done via islamic loan?paper work when i complete all my installment or when i want to sell my house or refinance?usually around how much needed for 20 percent more on legal fee?

This extra paperwork that I've mentioned earlier is during the signing of the loan agreement. You will have to pay for it during the processing.

This will apply during subsales or refinancing. As long as it falls under Islamic loan.

10 or 20% is depending on your loan size. From that usual size plus 10 to 20% on top of it will suffice.

Dear,

1. Yes for islamic loan syariah compliance, there's more documents needed to me stamp and sign. The amount charges is after loan approved, you sign letter offer, lawyer receive Letter instruction, you sign facility agreement with the lawyer that time will incur this charges.

Hence, you would need to pay the amount to the lawyer who facilitate your legal doc.

2. It depends on your loan amount. put it in a range of RM300-RM1000

3. whatever loan that falls under islamic loan will be incured to such an amount. Past period, bank do absorb the fees, but nowadays, most of the banks doesn't absorb it anymore. Maybe in the future such scheme to absorb extra costs will reemerge.

This post has been edited by Madgeniusfigo: Mar 16 2016, 11:29 AM

Hi Madgeniusfigo,

Hmm..mcm tu saya kena proceed la amik rumah yg loan approved tu..huhu..

thx guys

Depends bro. As long as you're happy with the house purchase. Don't just do it because of regulations and guidelines.

Do let me know your profile below so I can do the analysis

Gross pay
Nett pay
Rental
Asb
Bonus 2 year total

Commitment
House
Car
Credit card
Personal loan
Ptptn

What's your purchase price and loan amount you're looking at ?

This post has been edited by lifebalance: Mar 16 2016, 12:01 PM

Dear,

1. bukan semestinya. Tapi jikalau profile anda sangat teruk dan bank itu saja yang dapat approved loan anda, so better take it.

2. However, do provide me details profile anda, so that saya dapat analyze profile anda adakah strong keh teruk.



3. Dan juga provide saya project yang anda mahu beli, saya perlu tahu ada apa panel bank yang boleh borrow you duit.

4. yang mana bank approved loan anda btw?

Dear Bro Madgeniusfigo and Bro LifeBalance,

Both of you have been helpful with your replies regarding the MLTA & MRTA - this has been quite enlightening as from the explanation and the illustrated plan of MLTA vs MRTA the AIA agent gave me.. I got to understand the difference better.

Bro LifeBalance, my sincere apologies for not taking up your offer to meet up to have you explain the details to me in person as I am afraid to approach any agent in LYN for any loan application etc. This because I don't have a good impression based on my interaction with a so called agent in here.

You're welcome

When you feel that you're ready to meet just let me know again

Different consultant will have different attitude towards their client. If you feel that it's not right then don't engage that consultant

This post has been edited by lifebalance: Mar 16 2016, 12:34 PM

Dear,

1. No problem, that's how this thread works. A battlefield with honest information exchanges.

2. That's terrible to have such an experience, hope he/she didn't screw your loan chances badly.

3. You can seek consultation from anyone, it's at your free will , however if you have any more inquiries or problems, you can freely ask at this thread. I am here to assist you along the way.

Bro Lifebalance,

Thank you for your understanding.

Bro Madgeniusfigo,

Actually the loan in question was the R&R loan with OCBC 2 years ago but the said agent did not even submit the documents nor reply to my sms or emails. (No follow up, not even professional afraid to say in my assessment of the guy.) I had to call OCBC up and find out that there is no such agent + no documents submitted. I also needed to check my alternatives in the end.

The best part about it is that the agent himself is the one who gave plenty of advice regarding loan eligibility and loan payments etc in this thread all the way since 2013. You will probably know who the guy is as I needn't say more about who the guy is.

In the end this gave me cause for worry about financial security, so had to go BNM after a few months to check the CCRIS if anything amiss. This is why I have don't really have a good impression of going to deal with any agent through LYN although I understand that this thread is about Q&A and sharing information.


This post has been edited by S'aimer: Mar 16 2016, 01:43 PM

I see, Sometimes these people just quit the business without informing so that's their problem. But so far if it's regards to AIA cases, submission not much problem to be tracked.

Dear

Well I think I know who. =)

However mistake has been done and case has been solved, let just bury the past.

Different ppl have different integrity. I'm so sorry that u had such a terrible experience with some one else.

That's good, bro lifebalance.

Bro Madgeniusfigo,

Yes it is done and over already, so I'm not having any grudge against the said agent. So no need to apologize for my poor experience at all. Just being more careful and cautious now.

That aside, I am already grateful that you guys are willing to answer my query.

Dear

Great
If you have any more issues, or need help with your mlta customized. You can contact me anytime 016-868-1373

Hi all,
I would like to ask what is the max loan margin I can get for a rm500k subsale condo? I am looking if any bank is offering 95 or 100% loan...

Hi Sunny,

I will need to find out these details to see whether you're eligible or not.

Gross pay
Nett pay
Rental
Asb
Bonus 2 years total

Commitments
House
Car
Credit card
Personal loan
Ptptn

With regards to whether you can get up to 100% loan or not, you need to see if you qualify on the my first home scheme. Below are some of the criteria.

Eligibility

Individuals aged 18 years to 40 years only
Malaysian citizen only
First time home buyer only
Single borrower/customer gross income not exceeding RM5,000/month
Joint obligors gross household income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per obligor)
Payment amount must not be more than 1/3 of monthly income
Business owners/directors/partners/sole-proprietorship are not allowed
Property value from RM100,000 - RM500,000

By the normal standard, you are only entitled to loan up to 90% unless you qualify on the eligibility above, you can. Take up the my first home scheme to loan up to 100%. Or otherwise, the property you purchase is below market value and you can mark up the purchase price and get 0% down payment. E.g valuation is 550k, you can loan 90% which comes to 500k.

Feels free to whatsapp me the details if you prefer privacy at 016 3323290 Keith