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 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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lifebalance
post Jul 17 2016, 06:34 PM

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QUOTE(Kilohertz @ Jul 17 2016, 06:15 PM)
I see, thanks! So to make sure can get the best deal, what do you recommend? Compile all the docs and submit to multiple banks? or look for a highly experience mortgage consultant?
*
Dealing through mortgage consultant will make ur life easier as they'll manage everything for you. Otherwise you'll have to submit 1 by 1 and follow up with multiple banks.
qilaf
post Jul 17 2016, 06:37 PM

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guys i have a shared name property with my mom. I wanna by over her share. this is second prop under my name.

will the loan i take to buy over be 70% loan ?
lifebalance
post Jul 17 2016, 06:40 PM

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QUOTE(qilaf @ Jul 17 2016, 06:37 PM)
guys i have a shared name property with my mom. I wanna by over her share. this is second prop under my name.

will the loan i take to buy over be 70% loan ?
*
no need, just need to refinance the property loan and buy over her share in the S&P

If this is ur 2nd property with ur mom, it's still considered 90% if you want to refinance.

I might need to find out whether you're qualified for the refinance or not.

Feel free to provide me these info

Age
Gross pay
Nett pay
Rental income
ASB
Bonus 2 year total

Commitments
House
Car
Credit Card outstanding
Personal Loan
PTPTN


qilaf
post Jul 17 2016, 06:44 PM

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QUOTE(lifebalance @ Jul 17 2016, 06:40 PM)
no need, just need to refinance the property loan and buy over her share in the S&P

If this is ur 2nd property with ur mom, it's still considered 90% if you want to refinance.

I might need to find out whether you're qualified for the refinance or not.

Feel free to provide me these info

Age 26
Gross pay 6100
Nett pay 5100
Rental income 0
ASB Income 600/Month (is this what you meant ?)
Bonus 2 year total:  lets not take this into account.

Commitments
House : 0
Car :0
Credit Card outstanding :0
Personal Loan :0
PTPTN : 0
*
lifebalance
post Jul 17 2016, 06:46 PM

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QUOTE(qilaf @ Jul 17 2016, 06:44 PM)

*
Yes if got then just calculate me the income monthly

How much is ur mom selling her share to you and what's the current loan outstanding and the amount you want to refinance ?
qilaf
post Jul 17 2016, 06:49 PM

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QUOTE(lifebalance @ Jul 17 2016, 06:46 PM)
Yes if got then just calculate me the income monthly

How much is ur mom selling her share to you and what's the current loan outstanding and the amount you want to refinance ?
*
well its RM 600/month monthly ASB income.

although its shared name, I'm not paying. just my name is there. i wanna buy the whole property at RM250k
lifebalance
post Jul 17 2016, 06:51 PM

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QUOTE(qilaf @ Jul 17 2016, 06:49 PM)
well its RM 600/month monthly ASB income.

although its shared name, I'm not paying. just my name is there. i wanna buy the whole property at RM250k
*
I see then shouldn't be a problem to obtain the refinance, feel free to let me know if you need help with the refinancing process.
Kelv
post Jul 17 2016, 07:02 PM

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Which bank has lowered the BR, and if apply loan now can get below 4.4?
lifebalance
post Jul 17 2016, 07:04 PM

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QUOTE(Kelv @ Jul 17 2016, 07:02 PM)
Which bank has lowered the BR, and if apply loan now can get below 4.4?
*
So far mbb 3.2 to 3.0

Can try to apply first
ngph988
post Jul 17 2016, 07:20 PM

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QUOTE(qilaf @ Jul 17 2016, 06:37 PM)
guys i have a shared name property with my mom. I wanna by over her share. this is second prop under my name.

will the loan i take to buy over be 70% loan ?
*
You can take over her shares via refinance. Do note that there will be entry cost over refinance.

- Valuation fees
- Loan legal fees + stamp duty

You will only entitle 70% loan eligibility after 3rd residential loan application onward.

Kindly provide me details below for further assessment. You may provide your property address, build up/land area for me to help you check current market value of your property.

1) Personal details :
Age
No of borrower

2) Income
Gross salary
Fixed allowance
Variable allowance
OT
Bonus
- Contractual ( 1 year amount)
- Performance ( 2 years amount)
Commission

3) Commitment
Housing loan
Hire Purchase loan
Personal Loan
Other Term loan such as ASB loan/Commercial property
PTPTN
Credit card
Overdraft
Jasoncat
post Jul 17 2016, 07:35 PM

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QUOTE(Kelv @ Jul 17 2016, 07:02 PM)
Which bank has lowered the BR, and if apply loan now can get below 4.4?
*
Came out in the news few hours ago CIMB will cut ates by 20 bps effective 22/7. So far Maybank, BSN and Ambank have made rate cut announcements (not sure the quantum and effective date of the rate cut by BSN though)

This post has been edited by Jasoncat: Jul 17 2016, 07:42 PM
Kilohertz
post Jul 17 2016, 07:58 PM

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QUOTE(lifebalance @ Jul 17 2016, 06:34 PM)
Dealing through mortgage consultant will make ur life easier as they'll manage everything for you. Otherwise you'll have to submit 1 by 1 and follow up with multiple banks.
*
What's the charges/fee like to appoint a mortgage consultant?
lifebalance
post Jul 17 2016, 08:01 PM

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QUOTE(Kilohertz @ Jul 17 2016, 07:58 PM)
What's the charges/fee like to appoint a mortgage consultant?
*
Depends on the person. You'll have to ask them to find out.
youloke
post Jul 17 2016, 10:46 PM

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I'm currently earning gross RM4500/month with no other commitments or debt. Car finish paying and no cc outstanding. Just wonder can i buy a property with 100% loan from banks? its my first house.
lifebalance
post Jul 17 2016, 10:49 PM

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QUOTE(youloke @ Jul 17 2016, 10:46 PM)
I'm currently earning gross RM4500/month with no other commitments or debt. Car finish paying and no cc outstanding. Just wonder can i buy a property with 100% loan from banks? its my first house.
*
As long as u fulfill this list of requirement then u can

Eligibility

Individuals aged 18 years to 40 years only
Malaysian citizen only
First time home buyer only
Single borrower/customer gross income not exceeding RM5,000/month
Joint obligors gross household income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per obligor)
Payment amount must not be more than 1/3 of monthly income
Business owners/directors/partners/sole-proprietorship are not allowed
Property value from RM100,000 - RM500,000
youloke
post Jul 17 2016, 11:23 PM

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QUOTE(lifebalance @ Jul 17 2016, 10:49 PM)
As long as u fulfill this list of requirement then u can

Eligibility

Individuals aged 18 years to 40 years only
Malaysian citizen only
First time home buyer only
Single borrower/customer gross income not exceeding RM5,000/month
Joint obligors gross household income not exceeding RM10,000/month (based on gross maximum income of RM5,000/month per obligor)
Payment amount must not be more than 1/3 of monthly income
Business owners/directors/partners/sole-proprietorship are not allowed
Property value from RM100,000 - RM500,000
*
Thanks for reply. Will there be any difference interms of interest rate?

lifebalance
post Jul 17 2016, 11:25 PM

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QUOTE(youloke @ Jul 17 2016, 11:23 PM)
Thanks for reply. Will there be any difference interms of interest rate?
*
Not really, it will depend on ur risk profile, but if everything's is good then rate will be as per normal loan.
youloke
post Jul 17 2016, 11:25 PM

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QUOTE(lifebalance @ Jul 17 2016, 11:25 PM)
Not really, it will depend on ur risk profile, but if everything's is good then rate will be as per normal loan.
*
Thanks!
Madgeniusfigo
post Jul 18 2016, 07:52 AM

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QUOTE(Kilohertz @ Jul 17 2016, 06:52 PM)
Hi All,

I'm just thinking, is it actually possible to secure a loan first before having purchase order form? Because often times people submit their loans and then failed to secure a 90% loan hence gotta wait for booking refund which is really a lengthy process.. usually takes up to a month or more..
*
Dear,

1. Pre loan acceptance can be done only with buying subsales property. However, you would need to aliase with the property agent to get the property SNP & Title to proceed with it.

2. It depends on the banker itself, how good he is in processing your loan case, thus how fast can your loan case be approved.

3. Well, to avoid trouble and so, it's best to have us to assess your profile before submitting. By assessin gyour profile, we would already know the chances of your loan approval.

QUOTE(Kilohertz @ Jul 17 2016, 07:15 PM)
I see, thanks! So to make sure can get the best deal, what do you recommend? Compile all the docs and submit to multiple banks? or look for a highly experience mortgage consultant?
*
Dear

1. Look for experience mortgage consultant will do

2. If you spam all the banks, the chances of your loan approval wouldn't go any higher than spaming 1.

Because, different bank has different policies in accepting certain profile clients. Hence, if bank A B C can approve your case, however you just got rejection from bank D E F, bank A B C has higher chance of rejecting your loan due to this factor.

3. It's best for us to assess your loan profile first, you can provide below details for preliminary checking:

CODE
1.Borrower
a.age
b. No. of borrowers
c. no. of housing loan

2. Income (borrower)
a. Gross salary
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
b. Housing loan
c. Personal loan
d. PTPTN
e. Credit card (Outstanding/usage)
    (Every card credit limit and outstanding)
f. ASB loan
g. Overdraft

4. Background (borrower)
a. Occupation
b. age
c. currently staying at?

5. Property
a. purchase price
b. subsales or underconstruction
c. freehold or leasehold
d. 1 borrower or joint borrower
e. Strata title or master title


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Madgeniusfigo
post Jul 18 2016, 08:02 AM

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QUOTE(qilaf @ Jul 17 2016, 07:37 PM)
guys i have a shared name property with my mom. I wanna by over her share. this is second prop under my name.

will the loan i take to buy over be 70% loan ?
*
Dear qilaf,

1. if your personal profile doesn't have more than 2 mortgage loan, then you are still eligible for 90% loan margin of financing.

Hence, it is still 90% MOF

QUOTE(qilaf @ Jul 17 2016, 07:49 PM)
well its RM 600/month monthly ASB income.

although its shared name, I'm not paying. just my name is there. i wanna buy the whole property at RM250k
*
Dear,

1. Based on your income, Refinancing RM250,000 shouldn't be a problem. Hence, you can even CASH OUT extra RM250,000 if your property market value allows.

2. If you want to cash out, I need to check your property value as with below details:

a. property address
b. square feet
c. property type
d. any renovation

3. Do be aware that if you refinance with SPA name transfer, there this few cost that you need to pay:

a. Legal loan
b. legal spa
C. valuation
D. RPGT IF LESS THAN 5 years.

LEGAL LOAN

CODE
Loan amount: 250000       Sub Total
Professional Charges        
Facilities Agreement        2,200.00
Charge Annexure        150
Discharge of charge        
Entry and Withdrawal of Private Caveat        350
Consent to charge        300
Statutory Declaration        100
     Professional Charge   3100
Disbursement        
Stamp duty on the Facility Agreement (Original)        1250
Stamp duty on the Facility Agreement (Copies)        20
Stamp duty on the Charge Annexure        40
Stamp duty on the Discharge of charge        
Stamp duty on Letter of Offer        20
Registration Fee on Charge        120
Registration Fee on Entry and Withdrawal of Private Caveat        450
Registration fees on Discharge of charge        
Registration fees on Caveator Consent        
Affirming Fee/Bankruptcy Search        100
Stamping on Statutory Declaration (Owner Occupation/not a bankrupt)        40
CTC Title        50
Application and Registration fees for Consent to Charge        100
Land Search        120
Documentation Fee        318
Transportation        300
Telephone Calls, Facsmile, Printing charges and couriers and etc        300
Miscellaneous        50
       
GST 6%        225
TOTAL         6603



CODE
SPA amount 250000       Sub Total
Professional Charges        
Sales and purchase agreement        2,200.00
Entry and Withdrawal of Private Caveat        350
Statutory Declaration (P.U.(A) 361)        100
CKHT 2A        200
     Professional Charge   2650
Disbursement        
Stamp duty on the Memorandum of Transfer (subject to valuation)        4,240.00
Stamp duty on the Sale and Purchase  Agreement        40
Registration Fee on Transfer        400
Affirming Fee/Bankruptcy Search        100
Registration fee on entry and withdrawal of private caveat        450
Land Search        120
Transportation        300
Telephone Calls, Facsmile, Printing charges and couriers and etc        300
Miscellaneous        50
       
GST 6%        198
Total         8848



RM8848 + RM6603 + Rm900(valuaton fees) = RM16,351

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