QUOTE(B u B u @ Dec 14 2014, 10:07 AM)
Morning everyone, just want to have some assessment on my current cash flow.
On average about 4200 (basic+fixed allowance+commission)
Rental income 1600
CC + PL installment 1400
I am thinking to refinance my property (Owe bank 275K, current valuation 390K) and use the money to get a 2nd house (500K maybe). Is it possible with these figures?
Bank will take PTPTN and insurance when calculating DSR?
Hello, can you tell me the ORIGINAL LOAN AMOUNT of the PL, Mortgage, and HP (if any)?
Also, what is the OUTSTANDING AMOUNT for the CC?
PTPTN and Insurance premium, as well as other non-banking related commitments (TNB, Syabas, Along, MARA, etc.) do not factor in the calculation for commitments
edit: Eh......!!! PTPTN recently have been added into CCRIS records... I... need to read up on this a bit.
According to this, 500k PTPTN borrowers would have their PTPTN loans added into the CCRIS. How to calculate these loans as commitment... I admit that this is still quite new and I haven't gotten my hands on this information. Will update you all when I do. But if the PTPTN is less than RM50k, shouldn't really affect the loan application too much, I am saying this based on if you were to calculate the PTPTN loans as personal loans. http://www.utusan.com.my/berita/nasional/s...ai-2015-1.21095
QUOTE(Plox @ Dec 14 2014, 10:20 AM)
Hi all sifu,
Would like to know, max loan amount.
1st prop KV
Gross income RM2,500 (fresh)
Debt free (ptptn paid off, no other loan)
Down payment RM200,000 (join owner mom)
Credit history - credit card, pay in full every month
Any advice is much appreciated.
Mom is retired gov servant.
The loan will be under my sole name, not joint.
Looking for prop around 400k
35 years loan, monthly will be...?
Lrt works fine, car not needed yet.
How likely they will approve 200k loan?
Since you mentioned that your mom would be putting a downpayment of about RM200k... With you as the sole borrower, then according to my calculations you may actually get the loan. However, everything will be subject to the credit controller's approval. I'd be happy to work with you in procuring the loan.
Do note that since you do not have any repayment records (from the banks), typically your loan would only be approved with a margin of financing (MOF) of 80% or below. However, since your mom is already paying half the price of the property, your margin of financing is already at 50%.
QUOTE(Petro-Canada @ Dec 14 2014, 11:52 AM)
Lets say i bought a property, with joint names mortgage, but only me paying as the 2nd borrower only to get loan approved.
Now, i want to refinance the loan and the 2nd borrower agree to let me have only my own name on the land title...
so, the question now is
1. Do i need to pay for any stamp duty for the land? or something like that...
2. Or how should i proceed for that?
- Remove 2nd borrow name from loan
Yes, I would recommend that you remove the name of the second borrower since you wish to remove him/her name from the title.
1. Depending on the bank, you could simply purchase the portion of the second borrower's outstanding (Current outstanding divided by two)
2. In the event that bank does not allow you to do that, you could simply refinance the whole loan package under your name alone, while at the same time changing the names on the title; whether or not you will be taking the cash-out depends on your choice.
Which bank is the property encumbered to? Is it still under Master title or already broken to Individual/Strata title?
QUOTE(Jasoncat @ Dec 14 2014, 12:27 PM)
Notwithstanding the fact that guarantor is just a guarantor, it bears the same liabilities as the borrower. Guarantor name does appear in his / her CCRIS to show his guarantee commitment. Further, bank does include the guarantor in the (combined) DSR calculation. So I don't see the point of having 2 loans as pre-requisite to be a guarantor.
Actually, whether or not the loan details is captured in the guarantor's CCRIS depends on the bank. In some cases, the bank insist that guarantor also acts as the joint-borrower, in this case, the information would be captured in the "guarantor's" CCRIS.
However, more banks that I know of (the ones that I do) do not capture the loan information in the guarantor's CCRIS, as such, he or she is free to be the guarantor for many many many loan applications~!
So if... well like I said, this is just me speculating without a straight answer from my Relationship Managers, that the reason why they need the guarantor to have at least 2 housing loans is to make sure he is a genuine guarantor that is not a guarantor just for the sake of the 2 applicant applying but the loan only appear under 1 person's name...
Very difficult to explain, I also just speculate only at this point.
Faiz Azmi +6 013 369 3993This post has been edited by wild_card_my: Dec 14 2014, 02:54 PM