Guys,

Can you both tone down a little?

I think this spat is rather unhealthy la. Let's all contribute efficiently to this thread.

Everyone makes mistakes. If you need to point out another person, can't we all do it gently?

How many house can 1 people own in malaysia ?

In act is 4 houses, right ? residential or commercial ?

how about joint name ?

Nope, you may see table as below.

Residential
First & Second housing loan : Max Margin of Finance (MOF) is 90%
Third Housing loan & above : Max Margin of Finance (MOF) is 70%

Commercial
80% - 85% Margin of Finance (regardless of number of properties)

You are partially correct, and the rest here are not wrong but not correct too...

If  you have more than 4 residential property loans, some banks will note that you are not going to live in all of them, nor are they for your wife, children, and parents (4 houses mate, that's too many), and your next purchases would be considered to be for investmetns

Each bank has their own risk appetite for investors, but they are always worse than those buying for own-stay. How do the banks react to these "investors"? Plenty of ways, although it is not uniform for all the banks: lower MOF, higher interests, shorter tenure, etc.

The other insurance-agents/brokers here are referring to BNM guideline, which is fine, but banks can have stricter guideline for their customers if they want to. For example, BNM says those earning RM3000 nett or less will have their DSR capped at 60%, but for some banks they would cap the DSR to 50% or even 40%, and some won't even entertain you if you are earning at that level (thus, DSR or 0%)

Thanks. for joint loan (wife/husband), let say for rm500k loan, the ccris will show 500k for both person or only 250k each? :confused:

Seriously???      Thanks for the info, btw....

Banks will calculate as 1/2

The ccriss will show rm500k each and an indication of "joint name"

Meanwhile it is untrue that banks take the commitment as 1/2. Most banks do that and some banks take full commitment even if it is a joint loan (as of today's guideline). For example, malaysia's most renowned bank mbb take full commitment of your joint loan, not 1/2...

Not all banks follow the same guideline, it's always best to try with multiple banks for your loan application rather than solely 1 bank alone.

Hi all, is it now most of the bank offer to serve interest only during progressive payment period ? It only start monthly installment upon bank make full disbursement to developer ? So far I check hxxgleong, oxbx, mayxxx and cixb bank all offer this type of package ....
Like tat how to reduce principal during progressive payment period ? Thanks 🙏

Hi

Yes, all banks offer to serve interest only during progressive interest period.

If you want to reduce principle during the progressive interest period, just bank in more than the interest amount required by the bank.

Example.

Interest progressive is RM500, you can pay RM1500, 1000 you paid extra will goes to your principle amount on the disbursed amount.

Yes, however there are some banks who have particular clauses such as
1. Do not allow you to make any advance payment at all during construction period
2. Allow you to make advance payment but unable to withdraw the amount during construction period
3. Other terms and condition

so make sure to check this clause out when you get the letter offer.

Sure thing, you're welcome.

To the other 2 salty consultants in here who thinks they are right and have a good time insulting.

https://forum.lowyat.net/topic/974761/all

My answer is still gonna remain the same as per all the previous people who have answered this thread before.

Cheers

Dear

...
1. No one is being salty.. just trying to get the facts right

2. YOur link is interesting, Now I have double confirmed that you read about how to correctly calculate progressive interest and learn from lowyat forum.. NICE!

3. YOU can pay the progressive interest when disbursement by stage to reduce the interest or completely eradicate the interest WITH SPECIAL APPLICATIONS WITH THE BANK ....

You have to request for such facilities to cash in exactly as the disbursememt of money according to schedule of payment for progressive interest. Then you can bank in extra to offset according to the disbursement table..

If without such special facilities, what you paid extra for the progressive interest will be as advance payment...

4. You aren't wrong, just that you aren't being specific to netizen that they required to apply special facility during loan applications to get such facility... and not every banks provide such facilities................

5. You can verify the info by calling bank service hotline bro... not rocket science...

Please CHILL laa...

Dear

1. We are here discussing on the matter of loan, what's wrong and right.

2. We are discussing on the fact on the statement you had made. Please state a stronger evidence and statement to support your claim with Letter offer etc.

3. few netizen here has criticized on your statement already... how is it being salty when they know that statement is in fact wrong and you are claiming it right without proof and evidence?

Thanks

and chill please.

Cheers

For advertising and soliciting in here.

And warning me in pm?

Acting gangster

I like how you 2 twist the situation by changing my words and talking a different story altogether when I did not specifically mention people do not need to write in or notify the bank on the extra amount paid towards the principle amount

Quite frankly the question asked was 
`how to reduce principal during progressive payment period ? Thanks`

My answer is simple that he has to pay more than  the interest only and you had to complicate the matter and make a scene out of this instead of being civilised with your replies

And no, I won't entertain your challenge and you can call me whatever you want.

You guys can keep continue to cry over this because your English comprehension fail to under basic question asked and answer accordingly.

Let the mod who started with all the name calling.

Hi all,

This may not be directly related to mortgage loan :

(1) When asking for a quotation for legal fee on loan agreement, is there a possibility that we can ask the lawyer to absorb some stamp duty? Or the best that they can do is quote a lower fee, coz stamp duty is actually paid to the government?

(2) I suppose bank panel lawyers can quote a better price?

Thanks in advance 

If i listen to her properly, my monthly repayment should be 10xx, but during construction, 7xx. Means developer will claim 70%? Ops. Lets say, I will downpayment Rm100k for RM295k house. When should I pay the Rm100k?

But my property is not even build yet. Expected to start on June this year. Im still blur, when should I pay the RM100k to developer.
Thanks for sharing. Will understand better from bank again.

It has come to my attention that one of the brokers/bankers/insurance-agents here may be forcing the clients to take the MLTA when it comes to HLBB applications. This was brought to my attention by one of the people who view our topics here and have proceeded to apply for a loan from a service provider

I would like to make it clear that for the 4.4% (first 2 years) and 4.55% (remaining tenure) package offered by HLBB requires NO MRTA/MLTA. For this package, not taking any of the insurance policies would NOT increase the interest rates. Any attempt to force the client to take the insurance package, which so happened to be an MLTA package for that particular applicant, is wrong and the banker/broker should be reported to the bank for further actions.

The loan applicant brought this to my attention, so I thought that it would be wise to share this information. The suspect, as reported by the applicant who complained this issue to me is a huge proponent of MLTA packages for mortgages - which is fine, but please draw the line at the point where you DO NOT LIE to the client. I hope it is made clear to everyone that BANKs DO NOT force the applicant to take up any insurance policies, and the increment of the interest rates for not taking these policies, if any, is merely 0.1-0.2% and NOT 1% as the banker/broker/insurance-agents has claimed

If mods require proof of this complain, I would be happy to ask the loan applicant for his/her approval to share our conversation, or he/she can come forward and testify on his/her own
No problem at all. For most banks, it would be an issue if the tenure that you are applying for creeps into the remaining leasehold tenure. At 71 years, the house has plenty of years left

Future selling price is something you may have a concern about. Typically, for a non-bumi buyer there is no issue with letting go of the properties. But for bumi-buyers, the land office may have issues with them letting the properties go to non-bumis, if you get my drift.

Do you already have the property details? I can do the valuation for you:

Details to check property value

Full address:
Type of property:
Built-up area:
Land area if applicable:
Renovations/extensions done to the property
Cost of renovations/extensions:
Expected market/price/asking price:

The house is still under construction right?

1. Total loan amount is RM484,861, fine, we all understand that

2. Because the full amount is still yet to be disbursed (still under construction), only RM282,835.38 has been released to the developer and law firm (if any) for their use, this figure becomes your outstanding principal. This amount will increase over time as the money is disbursed (in stages) to the developer.

3. RM202,025.62 is the amount that has YET TO BE released. It will be released later in stages, deemed as your available balance. You can add RM202,025.62 with RM282,835.38 and get RM484,861 as your total loan amount.

4. You mentioned that you paid RM50,000 into the loan account, but was it really a rounded figure? Because your outstanding principal is RM282,835.38, less RM50k is RM232,835.38, which is close to the OUTSTANDING BALANCE, but not the exact amount. The outstanding principal is the actual principal amount that you own the bank, NOT INCLUDING interest payments. Once this house has been VP-ed, the outstanding amount is the amount that you need pay the bank to settle the loan, it can be interchanged with settlement amount.

However settlement amount has multiple values because the banks would expect that you would not be able to settle the loans on the day the settlement letter is issues, as most people settle the loans by refinancing or having the purchaser's bank settle the account which would take about 1-2 months from the date of the settlement amount request

https://www.malaymail.com/news/money/2021/0...obox=1628682987

Means we do not need to compare base rates anymore?

I recently also got bank loan approval as below

Loan amount 760k
Rate : 2.95%
Bank : HLB
No MRTA

hi..
1st time home buyer here.. would like to know if this rate ok..

bank Muamalat
Financing Amt : Rm491,130
MRTA : Rm34,412.99
Total Financing Amt : Rm525,542.98
Margin : 85% + MRTA
Rate : 3.30%
Installment : Rm2,259
Term : 31years

Affin till today no response.. and for Maybank agent informed me they not accept if ccris too clean..

nett rm4k.. working in sme..