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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

wild_card_my
post Dec 13 2014, 08:42 PM

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QUOTE(opera33 @ Dec 13 2014, 04:42 PM)

Thx for the calculation, just another question, would it be possible to get my dad in as guarantor? He is 60, with annual tax filling 100k? Without any commitment.
*
Without any commitment would be rather difficult, as some banks would like the guarantor to have some form of repayment records. In fact, banks like OCBC are only keen to allow guarantors for those who currently have 2 housing loans (with any banks, but they must appear in the CCRIS or proven through loan statements)

Most banks in fact, are not too keen on guarantorship. Do you have anyone else that are able to join-loan with you?

QUOTE(Aik_FEI @ Dec 13 2014, 06:06 PM)
Hi

Property RM 892,000

Net income Rm 7800

Debt Total RM 2000

Am I able to purchase this property?

Any banker to introduce for guidance and service

Thanks and regard everyone. laugh.gif
*
Can you break down the debt? Please tell me the outstanding amount of the credit cards as well as the ORIGINAL LOAN AMOUNT of your debts

Also, what is your GROSS INCOME before deducting statutory deductions?

Is this going to be your 1st, 2nd, or 3rd property and beyond?

QUOTE(KilJim @ Dec 13 2014, 07:24 PM)
That can't be your annual gross salary, if monthly net is already 5.3k

For net 5.3k your monthly gross should be around 6.2k = 80k annual gross with a 13th month salary
*
This is true, I was confused at first too. But at that point I was like... ok, let's just calculate first and see. I mean, I asked for the gross salary twice already... :|
opera33
post Dec 14 2014, 01:04 AM

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Cz salary increment only start on April, and bonus is on Jan, the 5.3k is gross income, not net. sorry for confusion. Since the current house finished loan payment, i think few years back,so my dad does not have any commitment, other than being my car loan guarantor. If my dad is not a choice, then will have to join with spouse instead.
cfa28
post Dec 14 2014, 01:34 AM

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Bro, banks are not in favour of Guarantor route anymore, unless your Guarantor is Super Rich.

Joint loan with your spouse is your better bet, bear in mind, auction property follows certain time constraints that the successful purchaser must follow, else u lose your deposit
wild_card_my
post Dec 14 2014, 03:11 AM

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QUOTE(manapergi @ Dec 14 2014, 12:48 AM)
Bro
The bonus column is monthly comm or one off bonus
Some banks exclude one off bonus from income calculation.
*
Both;

1. 80% of the bonuses received in the past 12 months will be divided into 12 months will be divided into 12 to get the monthly contribution of the income.
2. The same goes with commission earners, 80% commission earned in the past 12 months will be divided into 12 to get the monthly contribution of the income.

edit: Different banks do have different ways of calculating or including bonuses, the banks with highest DSR limit such as OCBC (90%) and HLBB (85%) do consider bonus repayments as part of the income calculation.

QUOTE(opera33 @ Dec 14 2014, 01:04 AM)
Cz salary increment only start on April, and bonus is on Jan, the 5.3k is gross income, not net. sorry for confusion. Since the current house finished loan payment, i think few years back,so my dad does not have any commitment, other than being my car loan guarantor. If my dad is not a choice, then will have to join with spouse instead.
*

Spouse would be best in your case. Do let me know the same details I requested for your spouse if you need me to calculate the borrowing power.


QUOTE(cfa28 @ Dec 14 2014, 01:34 AM)
Bro, banks are not in favour of Guarantor route anymore, unless your Guarantor is Super Rich.

Joint loan with your spouse is your better bet, bear in mind, auction property follows certain time constraints that the successful purchaser must follow, else u lose your deposit
*
This is correct, recently, I have only gotten OCBC/AlAmin approved for applicants using a guarantor, but even the guarantor is required to have 2 current housing loans; I dont know their reasoning, but I can venture a guess that they only want genuine guarantor (as opposed to I guarantor for you, you guarantor for me type of setup)

Really wished he had asked about his borrowing power before paying for the house deposit though. His power is currently in the negative laugh.gif

This post has been edited by wild_card_my: Dec 14 2014, 03:37 AM
Jasoncat
post Dec 14 2014, 08:37 AM

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QUOTE(wild_card_my @ Dec 14 2014, 03:11 AM)
This is correct, recently, I have only gotten OCBC/AlAmin approved for applicants using a guarantor, but even the guarantor is required to have 2 current housing loans; I dont know their reasoning, but I can venture a guess that they only want genuine guarantor (as opposed to I guarantor for you, you guarantor for me type of setup)

Really wished he had asked about his borrowing power before paying for the house deposit though. His power is currently in the negative  laugh.gif
*
I also wonder why. I loan should be enough to confirm the guarantor's credit history / repayment record.
wild_card_my
post Dec 14 2014, 09:23 AM

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QUOTE(Jasoncat @ Dec 14 2014, 08:37 AM)
I also wonder why.  I loan should be enough to confirm the guarantor's credit history / repayment record.
*
Like I stipulated above, they want to avoid double dipping of guarantorship.

For example, there is a couple, A and B

» Click to show Spoiler - click again to hide... «


While in actual fact, if all they did was to join loans, they can probably only get 2 houses. But now they have 4 houses... how? Because they double-dipped the guarantorship. So why does OCBC need someone with at least 2 housing loans to be a guarantor? Well, as above, B cannot become A's guarantor without having first purchased 2 houses. And vice versa.

It is one of OCBC's (stipulated by myself) way to prevent people from gaming the system. Fact of the matter is, banks are not too keen about guarantorship anymore because the guarantor's name is not included into the loan (so the loan name would not be in his CCRIS), and since the commitment of the guarantor is not included into the calculation, and that the reason most applicant needs a guarantor is the fact that he himself couldn't afford to pay the installment for the house loan he is applying too... we can all see why the bank may have doubts if the guarantor would help in any way. Remember, banks give you loan with your promise to pay it back with interest, if you can't pay it back... why would they lend you maney~~~?

This post has been edited by wild_card_my: Dec 14 2014, 09:27 AM
Plox
post Dec 14 2014, 10:01 AM

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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.
wild_card_my
post Dec 14 2014, 10:04 AM

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QUOTE(Plox @ Dec 14 2014, 10:01 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.
*
KV? you mean JV? Or you mean JL (joint-loan)? What is it~~~~? smile.gif Sorry for asking, getting a little confused here... laugh.gif

If what you meant was JL, what is the loan amount of the first property ya?
Plox
post Dec 14 2014, 10:05 AM

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QUOTE(wild_card_my @ Dec 14 2014, 10:04 AM)
KV? you mean JV? Or you mean JL (joint-loan)? What is it~~~~? smile.gif Sorry for asking, getting a little confused here...  laugh.gif

If what you meant was JL, what is the loan amount of the first property ya?
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B u B u
post Dec 14 2014, 10:07 AM

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Morning everyone, just want to have some assessment on my current cash flow.

Income
On average about 4200 (basic+fixed allowance+commission)
Rental income 1600

Expense
Mortgage 1300
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?

TQ

This post has been edited by B u B u: Dec 14 2014, 10:11 AM
cfa28
post Dec 14 2014, 10:09 AM

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Plox, some info on your mum and proposed mechanism.

Is your mum still working.

Are u planning to take joint loan


If based on your sole income of RM2.5K, the Loan is rather small, but you can stretch to max 35 yrs

Do also bear in mind that you will not be able to take a car loan for many years until your salary increase substantially.
Plox
post Dec 14 2014, 10:20 AM

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QUOTE(cfa28 @ Dec 14 2014, 10:09 AM)
Plox, some info on your mum and proposed mechanism.

Is your mum still working.

Are u planning to take joint loan
If based on your sole income of RM2.5K, the Loan is rather small, but you can stretch to max 35 yrs

Do also bear in mind that you will not be able to take a car loan for many years until your salary increase substantially.
*
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?

Petro-Canada
post Dec 14 2014, 11:52 AM

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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
- Refinance

wild_card_my

This post has been edited by Petro-Canada: Dec 14 2014, 12:14 PM
Jasoncat
post Dec 14 2014, 12:27 PM

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QUOTE(wild_card_my @ Dec 14 2014, 09:23 AM)
Like I stipulated above, they want to avoid double dipping of guarantorship.

For example, there is a couple, A and B

» Click to show Spoiler - click again to hide... «


While in actual fact, if all they did was to join loans, they can probably only get 2 houses. But now they have 4 houses... how? Because they double-dipped the guarantorship. So why does OCBC need someone with at least 2 housing loans to be a guarantor? Well, as above, B cannot become A's guarantor without having first purchased 2 houses. And vice versa.

It is one of OCBC's (stipulated by myself) way to prevent people from gaming the system. Fact of the matter is, banks are not too keen about guarantorship anymore because the guarantor's name is not included into the loan (so the loan name would not be in his CCRIS), and since the commitment of the guarantor is not included into the calculation, and that the reason most applicant needs a guarantor is the fact that he himself couldn't afford to pay the installment for the house loan he is applying too... we can all see why the bank may have doubts if the guarantor would help in any way. Remember, banks give you loan with your promise to pay it back with interest, if you can't pay it back... why would they lend you maney~~~?
*
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.
wild_card_my
post Dec 14 2014, 02:43 PM

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QUOTE(B u B u @ Dec 14 2014, 10:07 AM)
Morning everyone, just want to have some assessment on my current cash flow.

Income
On average about 4200 (basic+fixed allowance+commission)
Rental income 1600

Expense
Mortgage 1300
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?

TQ
*
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 smile.gif

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%.

user posted image

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
- Refinance

wild_card_my
*
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. laugh.gif


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This post has been edited by wild_card_my: Dec 14 2014, 02:54 PM
Plox
post Dec 14 2014, 04:19 PM

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QUOTE(wild_card_my @ Dec 14 2014, 02:43 PM)
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%.
Would I get a better rate if my mom pledge her existing house valued about same amount as collateral to secure the loan? Since she is a joint owner of the house.

Credit card repayment or monthly FD placement qualify as repayment record?

Thanks really appreciate the help.
wild_card_my
post Dec 14 2014, 04:33 PM

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QUOTE(Plox @ Dec 14 2014, 04:19 PM)
Would I get a better rate if my mom pledge her existing house valued about same amount as collateral to secure the loan? Since she is a joint owner of the house.

Credit card repayment or monthly FD placement qualify as repayment record?

Thanks really appreciate the help.
*
Not necessarily, the banks' rate is already set at the board rate. I understand that she is the joint-owner of the house, that means there will be your name and your mom's name on the SPA correct?

However, the loan application will be only under your name correct? This means the bank will only look at your income and commitments.

And as I have calculated above, your can probably get the loan if all you are applying is less than RM220k (the house is RM400k and your mom is already paying RM200k as the downpayment correct?)

All looks good, my number is at my sig below if you need to contact me directly.
Aik_FEI
post Dec 14 2014, 10:33 PM

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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
- Refinance

wild_card_my
*
Hi
This questions is half share purchase half refinance !
interesting as it comes with different scenario.

May I know if your property status whether unencumbered/encumbered ?

A and B joint name

If lets say still have outstanding of RM100,000 to your existing bank, you guys have to decide how to allocated the outstanding, either A or B paid separately or A paid all by himself, as this will derives different outcome.

1)
Property Market value Rm600,000
Property outstanding Rm100,000 (redemption)

A decide bare all the outstanding debt due to he his getting the house SPA under his name only.

Rm300,000 x 0.9 = RM270,000

Rm270,000 (Purchase property)
-Rm100,000 (Redemption)
Term loan Rm170,000 (cash out)

If decide to bare half

Rm220,000 (purchase property)
-Rm100,000 (Redemption)
TermLoan RM120,000 (cash out)

2) Or Just work on Memorandum of transfer


4) If it's unencumbered
Just visit your friendly lawyer and have him/her work on new SPA agreement transfering your name.

5) This half share purchase and half share refinance usually comes with a cost of stamp duty.

6) You can decide to do a proper normal buy sales procedure, but this will charge extra stamp duty on you for the full amount RM600K

Happy Loan !

This post has been edited by Aik_FEI: Dec 14 2014, 10:45 PM
Aik_FEI
post Dec 14 2014, 10:41 PM

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QUOTE(wild_card_my @ Dec 14 2014, 02:43 PM)

Which bank is the property encumbered to? Is it still under Master title  or already broken to Individual/Strata title?
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. laugh.gif
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Yeah wildcard You are right, Guarantor ccris will be clean from the housing loan he/she guaranteed.

And at any moment when the borrower default heavily on the housing loan, this will then reflect into the guarantor ccriss, when only main borrower default heavily.

and to continue speculate with @wild_card_my biggrin.gif MY reason behind this would be to create more window of chances for property investor to support financially on family members housing loan, since he has been hit my a slash 70%, so he is given another chance to invest, but without his name stated in the SPA !

Jasoncat
post Dec 15 2014, 12:40 AM

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QUOTE(Aik_FEI @ Dec 14 2014, 10:41 PM)
Yeah wildcard You are right,  Guarantor ccris will be clean from the housing loan he/she guaranteed.

And at any moment when the borrower default heavily on the housing loan, this will then reflect into the guarantor ccriss, when only main borrower default heavily.

and to continue speculate with @wild_card_my  biggrin.gif  MY reason behind this would be to create more window of chances for property investor to support financially on family members housing loan, since he has been hit my a slash 70%, so he is given another chance to invest, but without his name stated in the SPA !
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Sorry, can't agree with you for the points raised above.

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