QUOTE(JClowyat @ Apr 1 2016, 04:24 PM)
Many thanks lifebalance , madgenius. Appreciate it
Dear,No problem, hope that it helps.!
Cheers
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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 Apr 2 2016, 07:14 PM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur   
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No problem, hope that it helps.! Cheers |
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Apr 2 2016, 08:52 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(LNYC @ Apr 1 2016, 08:01 PM) Yesterday and today's newspaper also highlight that CTOS will be review for loan application process. Hopefully can get positive result for those outdated info they've put up all these years |
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Apr 2 2016, 11:01 PM
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Senior Member
3,718 posts Joined: Nov 2015
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Hi All,
Need your kind advice here. Was those 0% EPP monthly installment being included when calculating the DSR? If yes, how was the calculation looks? 100% of the installments as per car/mortgage loan? Tot the just 1year, will they actually consider it or just ignore it? |
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Apr 2 2016, 11:14 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(WahBiang @ Apr 2 2016, 11:01 PM) Hi All, it will calculate as total outstanding on your credit card, 5% from the total outstanding.Need your kind advice here. Was those 0% EPP monthly installment being included when calculating the DSR? If yes, how was the calculation looks? 100% of the installments as per car/mortgage loan? Tot the just 1year, will they actually consider it or just ignore it? |
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Apr 2 2016, 11:58 PM
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Senior Member
3,718 posts Joined: Nov 2015
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QUOTE(lifebalance @ Apr 2 2016, 11:14 PM) it will calculate as total outstanding on your credit card, 5% from the total outstanding. Thanks, but how does it looks like?Say I bought a 12k sofa, and convert it to 12months 0% EPP, hence 1k per month. So when come to DSR calculation, it will only take 5% of the 1k, i.e RM50? Same calculations for all banks? But mortgage and car loans, it took 100% of these monthly amount? |
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Apr 3 2016, 12:05 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(WahBiang @ Apr 2 2016, 11:58 PM) Thanks, but how does it looks like? I might need to get back to you on this for different banks for the the EPP calculation again whether they will take 12k or 1k.Say I bought a 12k sofa, and convert it to 12months 0% EPP, hence 1k per month. So when come to DSR calculation, it will only take 5% of the 1k, i.e RM50? Same calculations for all banks? But mortgage and car loans, it took 100% of these monthly amount? As I know, they would take 5% of 12k since the bank has already paid 12k for you upfront with the credit card but you're paying back 1k monthly. This post has been edited by lifebalance: Apr 3 2016, 12:06 AM |
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Apr 3 2016, 12:56 AM
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Senior Member
3,718 posts Joined: Nov 2015
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QUOTE(lifebalance @ Apr 3 2016, 12:05 AM) I might need to get back to you on this for different banks for the the EPP calculation again whether they will take 12k or 1k. I see.. but as we pay over the time, say after 6 months then left 6k to be paid in 6months, they still taking 12k or 6k?As I know, they would take 5% of 12k since the bank has already paid 12k for you upfront with the credit card but you're paying back 1k monthly. |
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Apr 3 2016, 01:11 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(WahBiang @ Apr 3 2016, 12:56 AM) I see.. but as we pay over the time, say after 6 months then left 6k to be paid in 6months, they still taking 12k or 6k? it will be on the remaining balance. E.g if you've paid until 6 months = left 6k outstanding then it's 5% of 6k |
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Apr 3 2016, 07:21 AM
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Senior Member
3,718 posts Joined: Nov 2015
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QUOTE(lifebalance @ Apr 3 2016, 01:11 AM) it will be on the remaining balance. E.g if you've paid until 6 months = left 6k outstanding then it's 5% of 6k I see, how about the treatment for cash loan of credit card?It is something like we withdraw $$ from credit card but then it reduced your credit limit and need to pay certain % interest upfront. Then one will see his credit limit drop based on the amount withdrew n increase slowly every month for the instalment made until fully paid within the agreed period. |
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Apr 3 2016, 09:13 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(WahBiang @ Apr 3 2016, 07:21 AM) I see, how about the treatment for cash loan of credit card? Same thing. It will show your card limit had lowered but your outstanding balance is shown how much cash loan u took so the it's calculated on the outstanding you tookIt is something like we withdraw $$ from credit card but then it reduced your credit limit and need to pay certain % interest upfront. Then one will see his credit limit drop based on the amount withdrew n increase slowly every month for the instalment made until fully paid within the agreed period. |
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Apr 3 2016, 11:14 AM
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Senior Member
3,718 posts Joined: Nov 2015
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QUOTE(lifebalance @ Apr 3 2016, 09:13 AM) Same thing. It will show your card limit had lowered but your outstanding balance is shown how much cash loan u took so the it's calculated on the outstanding you took So still 5% of o/s loan, instead of not 100% of the installment like car loan commitment? |
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Apr 3 2016, 11:18 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(WahBiang @ Apr 3 2016, 11:14 AM) So still 5% of o/s loan, instead of not 100% of the installment like car loan commitment? Yeap, unless you take the housing loan from that same bank that you took your EPP from, they will calculate as 100% of your monthly repayment for the EPP as they will be able to tell your repayment per month exactly. Otherwise, other banks can only see you have an outstanding and calculate from there. However if you exceed more than 3x of ur gross pay for your outstanding, your credit score will be considered "weak" |
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Apr 3 2016, 11:32 AM
Show posts by this member only | IPv6 | Post
#3433
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Senior Member
1,475 posts Joined: Nov 2005
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QUOTE(Madgeniusfigo @ Jan 20 2016, 12:06 PM) Dear, Loan rate now 4.65, after BLR -2.2what's your loan amount that you gonna refinance? CODE 1.Borrower a.age - this december will be 36 b. No. of borrowers - 1, only me c. no. of housing loan - currently only 1 2. Income (borrower) a. Gross salary -8k with fix allowance, govt sector A: B: b.Variable income for business (6months latest) "1. 2. 3. 4. 5. 6." c. OT d. Fixed allowance e. Variable Allowance (6months latest) "1. 2. 3. 4. 5. 6." f. Bonus contractual (1 year bonus amount) g. Bonus performance (2 years bonus amount) h. Comission (6 months, each month amount from the earliest) "1. 2. 3. 4. 5. 6." 3. Supporting income (borrower) -Tenancy agreement rental (6months) "1. 2. 3. 4. 5. 6." i. ASB ( 2 years total DIV) j. Shares dividend k. Fixed deposit 4. Debt / commitment (borrower) "joint or indiv" a. Hire purchase loan (Borrowed amount)* b. Housing loan (Borrowed amount) (Joint or indiv) - 378k c. Personal loan (Credit limit) d. PTPTN (credit limit) e. Credit card (Outstanding/usage) - 520 f. ASB loan ( credit limit) g. Overdraft ( Credit limit) 4. Background (borrower) a. Occupation - govt servant b. age - 36 c. currently staying at? - own house, double storey terrace 5. Property a. purchase price - 408k b. subsales or underconstruction - new, build and sell concept c. freehold or leasehold - leasehold d. 1 borrower or joint borrower - 1 borrower Loan balance around 344k How much max can i refinance? Cash out only for 10 years is it? P/s-Sorry overlook your post |
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Apr 3 2016, 11:39 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(giggs_509 @ Apr 3 2016, 11:32 AM) Loan rate now 4.65, after BLR -2.2 The refinance portion will depend on your property market valueLoan balance around 344k How much max can i refinance? Cash out only for 10 years is it? P/s-Sorry overlook your post Will need you to provide me your property detail to get the valuation for you I'll need the following Full property address Build up Land area Type of property Renovation cost Type of renovation done Expected market value and how much u want to cash out ? maximum? Normal bank cash out portion they calculate based on 10 years then only installment calculate back to 35 years or 70 years old whichever comes first Feel free to drop me the info if you need my service |
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Apr 3 2016, 03:43 PM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur
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QUOTE(giggs_509 @ Apr 3 2016, 12:32 PM) Loan rate now 4.65, after BLR -2.2 Dear giggs,Loan balance around 344k How much max can i refinance? Cash out only for 10 years is it? P/s-Sorry overlook your post 1. Based on your profile, your outstanding balance is RM344,000. Hence, base don your income and commitment, you can cash out max RM250,000-rm320,000 2. If you refinance for Rm500k ABOVE, Your best rate could be range 4.4-4.5% in between 3. This has always been a misconception, CASH OUT 10 YEARS means the calculation in the bank loan process, whereby your income, debt DSR must be able to pass the 10years cash out calculation. If you could pass the 10years cash out commitment, bank are more relaxed in lending you the financing. After you get your loan approved, your installment for the cash out will based on 35years max loan tenure, 70 years old max.  Cheers! |
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Apr 3 2016, 04:30 PM
Show posts by this member only | IPv6 | Post
#3436
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Senior Member
1,475 posts Joined: Nov 2005
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QUOTE(Madgeniusfigo @ Apr 3 2016, 03:43 PM) Dear giggs, Let's say I am looking for 500k refinance, will i pass the bank DSR requirement? I don't have any SOCSO, EPF since i choose pension option with the government, only pay tax PCB. And I only plan to refinance until my age 60, which is 24 years1. Based on your profile, your outstanding balance is RM344,000. Hence, base don your income and commitment, you can cash out max RM250,000-rm320,000 2. If you refinance for Rm500k ABOVE, Your best rate could be range 4.4-4.5% in between 3. This has always been a misconception, CASH OUT 10 YEARS means the calculation in the bank loan process, whereby your income, debt DSR must be able to pass the 10years cash out calculation. If you could pass the 10years cash out commitment, bank are more relaxed in lending you the financing. After you get your loan approved, your installment for the cash out will based on 35years max loan tenure, 70 years old max. Cheers! |
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Apr 3 2016, 04:45 PM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur
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QUOTE(giggs_509 @ Apr 3 2016, 05:30 PM) Let's say I am looking for 500k refinance, will i pass the bank DSR requirement? I don't have any SOCSO, EPF since i choose pension option with the government, only pay tax PCB. And I only plan to refinance until my age 60, which is 24 years Dear,1.As the table loan analysis stated, if refinance RM500K++ hong leong bank and RHB would be the best option. As their DSR will be more linear towards your profile. 2. Yes, can. Need to explain to the underwriter that you chose pension option with the government. 3. Till age 24 years, ok can be done. 4. If you need any assistance in this, do give me call. Cheers. |
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Apr 3 2016, 04:53 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(giggs_509 @ Apr 3 2016, 04:30 PM) Let's say I am looking for 500k refinance, will i pass the bank DSR requirement? I don't have any SOCSO, EPF since i choose pension option with the government, only pay tax PCB. And I only plan to refinance until my age 60, which is 24 years Hi gigg. Your loan profile if take with hlb or under AIA loan which is even linear and zero moving cost. Meaning no need to pay for loan agreement for the refinancing and can take up to 70 years old or 34 years tenure. Feel free to give me a call if you need me to advise next. |
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Apr 3 2016, 11:20 PM
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Senior Member
1,475 posts Joined: Nov 2005
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QUOTE(lifebalance @ Apr 3 2016, 04:53 PM) Hi gigg. What is the interest rate? Can get lower than my current 4.65%?Your loan profile if take with hlb or under AIA loan which is even linear and zero moving cost. Meaning no need to pay for loan agreement for the refinancing and can take up to 70 years old or 34 years tenure. Feel free to give me a call if you need me to advise next. |
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Apr 3 2016, 11:25 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(giggs_509 @ Apr 3 2016, 11:20 PM) What is the interest rate? Can get lower than my current 4.65%? You can opt for normal bank rates which can go between 4.4 - 4.5% fluctuating rate but paying about 9k+ loan agreement including valuation fees.or You can opt for 4.99% fixed rate with zero moving cost which AIA pays for the 9k for you, effective rate would be 4.4% should you choose to refinance your property 5 years later. No lock in if you choose to sell/settle early. Consider this as you don't have to fork out 9k upfront but instead paying it off monthly This post has been edited by lifebalance: Apr 3 2016, 11:32 PM |
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