There's few bank that can provide such a rate.
Maybank, Ambank, HLB.

Other bank also able, given that your financial profile is good or your debt service ration is below their threshold.

With your debt commitment and income, tabulated the loan analysis.

You should be able to purchase RM600,000 PROPERTY BELOW.

Your DSR is less than 50%

It shouldn't be a problem.

except, for 3 defaults debt. But with settlement letter, it shouldn't be a problem of much.

Keep in touch with your loan banker, and ask what's dragging your loan acceptance.

Will use Rm7000 as your average income for 6 months

WIth all details given by you, loan computation shows below RM800,000 property below.

Look at right bottom section, it shows property price max for each and every bank.

and your Debt service ratio is 13%, it is very low, hence 90% won't be a problem.

The delay could be due to few factors as following:

1. The banker doesn't do a good job, hence the bank credit department will query questions regarding your defaults.
2. Your credit rating is very weak, banker's are trying every ways to save the case
3. Maybe your project haven't enpaneled with the bank, hence it needs to wait
4. The limit for your project to be financed has reach its limit, needs to wait quota to open up
etc etc

Lots of other factors

The lowest you can go is 4.45%. If your credit rating is excellent, it can go as low as 4%.

PTPTN will affect your ccriss if you never pay.

CCRISS
will show all the facility from financial institutions.
a) Hire purchase loan
b) Home loan
c) PTPTN
d) Credit card
e) Overdraft
f) Personal loan
g) ASB
....

CTOS
will show all other debt other than financial institutions or you being sued
1. ASTRO
2. DIGI BILL...
3. etc etc

4.4% consider not bad for RM468,900 Loan.

MLTA not CLTA

MLTA if financed by the bank itself will have bound to rules and regulations, I would recommend if you take insurance from other insurance agency. ""MLA""

MLTA
1. insurance coverage are associate to the loan amount
2. can't covered protection more than the loan amount
3. When top up, will buy another new policy
4. Not transferable because the policy are associated with the loan it self
5. If you take MLTA for 35 years then it is ok, if less than 35 years, anything happen, insurance wouldn't cover and protect you.


MLA
1. Insurance coverage associate to you your life.
2. can cover more than loan amount
3. Top up would not purchase another new policy
4. TRANSFERABLE To other property as the policy attached to your life

There's a slight difference between banks insurance and independent insurance firm insurance. Do take note.

It should be almost the same thing as MLTA, just rebranding.

I will read up and post the comparison. Give me some time~haha

1. Given that you have enough cash to pay the full installment, Yes. Instead of paying interest that doesn't contribute to increase your house capital allotment.
Different bank has different regulations, usually when construction reaches 80% or 90%. It really depends. OR might able to start paying installment at 60%, try calling your bank and ask.

2. You will start paying off your installment and not dumping your cash into interest only payment.

As you apply for loan, loan submitted, your ccriss will show pending approval at "Äpplication for credit" Section.

So when you submitted to Bank A

Bank B will see a pending approval for bank A.

When you submitted to Bank B and Bank A

Bank C will see 2 bank pending approval.

so when you submitted to 4 banks

all the bank credit department will know you submitted to few banks and pending approval.

They will be curious as why did you submit to so many banks, is it a fraud? or something fishy is going on, this will lead to a lot of query and in the end bank will feel reluctant to finance your loan or even slash margin of finance.

Not sure about this, better check with bnm.

Never given a chance to look at a still degree holder CRISS WITH PTPTN.

If your profile is good, meaning your DSR is low and income is very high, the probability of getting 4.45% is very high.

4.4% will be difficult to achieve for loan less than 200k

But, no harm trying to get special rate 4.4%, nothing is impossible.

This post has been edited by Madgeniusfigo: Sep 24 2015, 01:50 PM

It's based on SPA, 30K will be the right figure.

if rate is 4.45%
u'll have to pay [(RM 30,000 x 4.45%) / 365 ] x number of days in the month*

will be the amount of payment calculation

A chargor, B borrower.

still available, only specific banks allow such practice. But still, such practice are still in the market.

1. Not sure, Should be no. (Better call bank to clarify)
2. Yes, will accept. As land is proprietor, developer can be anyone. As long as it is JV
3. Yes, you will need to convert. Pertanian tanah can only develop for agricultural use only.

1. Friend, bank wouldn't allowed, unless disguise...... I let your imagination run wild on this.

2. Criteria's to get 90% loan.

Bank Point of view
a) Given your background is strong (Profession, family, age, house line, education level, MNC company.. etc)

b) Your income is strong, with low debt service ratio. If your income let say is RM5000 and your debt commitment is Rm1000 and your new loan installment is Rm1000

Rm2000/Rm5000 = 40% DSR. This is consider low and shows strong financial backing to repay your loan.

c) You have a good and awesome CCris record without any default or arrears in due. 1 year of debt payment usage will increase your likeability by the bank. It shows your strong commitment debt payment.

d) If your financial health is weak, add a join borrower will increase your chances. As his her income will add into bank calculation, so is their debt and commitment, so beware.

etc...

There's lots of factors that are not known by the public, so it is best to let your agent to do due diligence on your profile and provide constructive suggestions before loan submit to the banks.

Rate is based on the interest rate your bank present you with.

Charges is on the amount of disbursement.

Developer will have to follow schedule of payment based on the construction progress, so that bank will release the cash accordingly.

In the meantime, you will have to pay progressive interest. This is purely interest payment, it won't pay off the capital. Bear in mind, you will need to serve interest payment during construction, it will be a sum of money but we purchase undercon property with a lower price compare to completion price of the property

Progressive interest calculation
[(RM xxx X 4.5%) / 365 ] x number of days in the month*

The disbursement % will based on your S&P price stated and not your loan amount borrowed figure.

etc
S&P Rm500k Property, 4.5% interest rate.

1st disbursement 10% = RM50,000
[(Rm50,000 x 4.5)/365 ] X 30 = RM184 /month

2nd disbursement 10% =Rm50,000
[(Rm100,000 x4.5%)/365] X30 = RM369/ month

3rd disbursement 15% =RM75,000
[(RM175,000 X 4.5%)/365] X30 =RM647/month

Above is a simple simulation

The amount of progressive interest you are paying will based on the total disbursement amount. On the 80-90% of construction progress completion, you will be paying almost full installment amount. So it will be wise to call the bank and start paying full installment at 70-90% progress.

Different bank has different policy, some will allow you to pay full installment earlier, some will not

Figure will be around 4.45%-4.5% the best,

But if your financial profile is great with strong collateral and income, 4.4% could happen.

I am only answering to banks under my umbrella.

OCBC will be the sweetheart that still allow such 3rd party financing.

OCBC
Chargor = Borrower
A = B

Other banks wouldn't allow above transaction but will be linear for the following mixture

A+B=A+B+C
A+B=A+B+C+D

There's lots of variable, and your agent are not entirely wrong.

For my understanding of the schedule of payment high rise.

Lets say

A = 1st floor
B = 35th Floor

Usually, B unit will be sold off much more expensive than A. Because B is at a higher floor (nice view, less noises, no mosquitoes... etc etc)

The progressive interest charged on B would be lesser.

Lets illustrate,

A= RM 500,000
B= RM 535,000 (RM1000 / floor) 35 floors

When developer start construction, foundation is the basic of all and will be at same period of time.
But, the structure timing will be different (assuming 1 week per floor), 35 weeks in total

The progress billing of structural scheduled of payment (15%) of Rm500,000/ interest of the loan around 4.5% over 35 weeks

=15% x RM 500k x 4.5% x 35/52
=Rm2271