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

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wild_card_my
post Dec 15 2014, 02:41 PM

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QUOTE(cfa28 @ Dec 15 2014, 12:34 PM)
When this happens, the chances of getting any new Loans / Credit Cards is close to Zero.

Hi Faiz, what is your outlook for Loans in 2015.

With signs of economy tanking, do you think Loans will be more stringent in 2015

Also with Banks changing to Base Rate instead of Base Lending Rate, how do you think (as a Consultant) this will affect potential Borrowers

Asking some general questions cos this tread getting quiet due to Christmas.
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Running up close to the GST implementaion in April, business has increased as people are trying to avoid paying the GST, although, in my opinion, the price is the price and it will correct itself before or after the GST.

But moving beyond that, loan application will only get more stringent as banks are now being more careful about lending their monies. However, the would be borrowers shouldn't be discouraged as the banks have a full set of guidelines that we can follow; they spell out the requirements such as the types of income, documents, as well as types of properties. If you qualify through their requirements, there is little reason for them not to give you the loans because they need to create a balance between getting the right customers as well as doing business.

How do they do it:

a. Demand a full, complete, fault-less to a point set of documents from the customers
b. Be more particular of the properties that they would finance. A number of my applications were rejected due to the negative factors of the properties; the same negative factors that would not have mattered just 3 years ago (since I financed a number of properties from the same area from the same banks)

A note: BNM being more and more stringent is good for the industry. It would weed out those who are not serious when providing the service, and to avoid a property bubble (and burst); thus providing a nice and stable industry. I am in this for the long run, a bubble that may burst is more detrimental than a nice and steady growth.

QUOTE(cfa28 @ Dec 15 2014, 01:11 PM)
QUOTE(wild_card_my @ Nov 27 2014, 04:42 PM)


Hi Azmi, wanted to ask you whether from your experience, say your clients with good credit history, no CCRIS record, DSR is still healthy but say they have dispute with one stupid Telco or stupid Gym and their name in CTOS

Will the Bank really turn away a customer like this?

Can you share your experience in this situation or perhaps you can post in the Mortgage tread.
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This is a good question, ill try and keep it short. And keep in mind that each bank has it's own terms and policies, I can only speak on behalf of the few (5 banks) that my firm is empanneled to.

There are many types of CTOS disputes, but for the purpose of explaining, Ill limit it to just 2 types of disputes:

1. Dispute with general companies like: telcos (used to be that telcos report to CTOS, but now they have their own system in place), personal lenders like AEON/Singer/CourtsMmoth, gyms, majlis perbandara, TNB, Syabas, etc.

So when it comes to disputes with these general companies, all you need to do is to settle the disputed amount, and get the settlement letter from those companies to show that you have settled the account. During the application, print out the CTOS record, along with the settlement letter for your banker/broker to include with the application.

2. Dispute with banks (!!!): Late interest payments, credit card outstanding that you have not settled, for amount below RM30k, hire-purchase balance, etc.

CTOS dispute with banks carry a lot more weight. Each bank would have different policies, but with OCBC/AlAmin for example, any CTOS dispute (with another bank) below RM2k is ok; as long as you settle the amount and prove it with a letter of settlement, they may (!!!) consider the matter closed, and proceed with processing your loan applications.

But if the amount is higher than RM2k, OCBC/AlAmin would only consider processing your loan application if the settlement has been done after more than 1 year ago. So if you are planning to buy a property, and have CTOS dispute with banks, you better settle it today because the longer you wait, the more time you need for the cool-down period to end.

Keep note that each bank has different policies when it comes to CTOS disputes, including the cool-down period and minimum limit for the dispute to be seriously affecting your application. In short, to answer your question, CTOS disputes with general companies don't affect you application as much as CTOS disputes with banks.

Also, everyone can call me Faiz Azmi, or Faiz if you consider me a personal friend. Azmi is my father's name smile.gif

QUOTE(newlifestyle88 @ Dec 15 2014, 01:46 PM)
Just to seek for advice..

Sometimes we receive sms from 3rd parties that they claimed can help the client to reduce the monthly repayment from 50% to 70% with repayment period
up yo 10 years. Interest rate 6% to 8%. WOW..!! it help alot to ease down the burden for the monthly repayment debt.
They claimed that specialise in this debt consolidation matter. Option solution: FFP or AKPK.

If that is the case, will it affect our CTOS/CCRIS?
Are they legal?

Any advice?
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I have never received such messages, but I can imagine that what they would be doing is to consolidate all your loans into 1 mortgage account, with the house as collateral. Essentially they are asking you to let them help you refinance your house. They would also probably extend the tenure of the mortgage to the maximum possible tenure of 35 years or until you reach the age of 70.

If that is the case, then "I also specialize in this debt consolidation matter". Refinancing is a valid financial maneuver, but you should only do it if you know what you are doing. Start asking questions if you need to know more - should you do it? In what ways will it benefit you? Will it affect my future borrowing power?

Are they legal? They are probably bankers or brokers such as myself. Offering prospects to refinance their house is legal, but the method they used to market their services may actually breach the Personal Data Protection Act (PDPA). You won't see me messaging the public about these "offers". It's just not my style... laugh.gif

As for CTOS/CRIS, if what they do is to refinance and consolidate all your debts to one mortgage account, then the effect of CCRIS/CTOS is just like if you were to apply from the banks/(or myself) for a refinancing. in fact, it may actually be better to consolidate your account (such as CC, HP, PL) into one mortgage account due to the lower interest.
JustNobody
post Dec 16 2014, 11:04 AM

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Question: Refinancing from a bank on my house (fully paid). Do I need to give the original house title to lawyer when signing the loan agreement?


wild_card_my
post Dec 16 2014, 02:51 PM

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QUOTE(JustNobody @ Dec 16 2014, 11:04 AM)
Question: Refinancing from a bank on my house (fully paid). Do I need to give the original house title to lawyer when signing the loan agreement?
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If during the loan application, you declared that the property to have its own individual title (As opposed to Master title), the bank would like to get their hands on that so they could charge the property (and hence, the original individual title) under their care.
B u B u
post Dec 16 2014, 09:55 PM

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QUOTE(wild_card_my)


Asking this on behalf of my friend.

Nett income about 3100
Only commitment is car 900/mth
Not many cash in savings account, but RM100K FD.

Eligible to purchase a 380K house @ 90% MOF?

TQ

This post has been edited by B u B u: Dec 16 2014, 09:55 PM
wild_card_my
post Dec 16 2014, 10:09 PM

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QUOTE(B u B u @ Dec 16 2014, 09:55 PM)
QUOTE(wild_card_my)


Asking this on behalf of my friend.

Nett income about 3100
Only commitment is car 900/mth
Not many cash in savings account, but RM100K FD.

Eligible to purchase a 380K house @ 90% MOF?

TQ
*
Hello,

1. Can you give me the friend's GROSS INCOME? That their basic + fixed allowance.

2. How much is the original loan amount for the car ya?

3. Have he/she received any dividends on the FD in the past 1 year?
B u B u
post Dec 16 2014, 10:18 PM

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[quote=wild_card_my,Dec 16 2014, 10:09 PM]
Asking this on behalf of my friend.

Nett income about 3100
Only commitment is car 900/mth
Not many cash in savings account, but RM100K FD.

Eligible to purchase a 380K house @ 90% MOF?

TQ
*

[/quote]
Hello,

1. Can you give me the friend's GROSS INCOME? That their basic + fixed allowance.

2. How much is the original loan amount for the car ya?

3. Have he/she received any dividends on the FD in the past 1 year?
*

[/quote]


Hi


1. Basic 3200, fixed allowance 300
2. 900 @ 12/108
3. The FD has been there for multiple years (joint name with mother)

TQ
wild_card_my
post Dec 16 2014, 10:25 PM

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The friend is rather over burdened. But it's do-able. Cutting it close though, since if the net income falls below RM3000 then this is not possible. ANy bank for any applicant that earns less than RM3000 a month would get a DSR of just 60%

user posted image

This post has been edited by wild_card_my: Dec 16 2014, 10:26 PM
B u B u
post Dec 16 2014, 10:52 PM

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QUOTE(wild_card_my @ Dec 16 2014, 10:25 PM)
The friend is rather over burdened. But it's do-able. Cutting it close though, since if the net income falls below RM3000 then this is not possible. ANy bank for any applicant that earns less than RM3000 a month would get a DSR of just 60%

user posted image
*
Does bonus help? Average 3 months.
wild_card_my
post Dec 16 2014, 11:18 PM

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QUOTE(B u B u @ Dec 16 2014, 10:52 PM)
Does bonus help? Average 3 months.
*
Yes, it does help. Should be around this much. Everything is subject to approval by the credit controllers ok:

user posted image
wild_card_my
post Dec 16 2014, 11:34 PM

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QUOTE(frozenne @ Dec 16 2014, 11:33 PM)
Boss buying house rm1mil can borrow rm7mil?

Ya i mean seven mil. Thanks
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No. Not that I know of. rclxub.gif
wild_card_my
post Dec 16 2014, 11:42 PM

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QUOTE(frozenne @ Dec 16 2014, 11:38 PM)
I heard a sinkapo bank mortgage product "7wonder" allow 7x leverage but forgot which bank. maybe hwang dbs.
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Perhaps. But I cannot speak for banks that I do not represent, nor the products that I am not well versed in for fear of spreading misinformation.

This post has been edited by wild_card_my: Dec 16 2014, 11:50 PM
ZhenZhen Ng
post Dec 17 2014, 12:17 PM

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Hi,
If bank statement income amount not tally with payslip amount, then how? can apply loan?
wild_card_my
post Dec 17 2014, 12:36 PM

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QUOTE(ZhenZhen Ng @ Dec 17 2014, 12:17 PM)
Hi,
If bank statement income amount not tally with payslip amount, then how? can apply loan?
*
It depends. If you can give good reasons, then the credit controller may consider it. Especially if the amount is very small. Like for some company, claims are paid in cash, not banked in. So there will be discrepencies between the 2 documents (pay slip VS bank statement)

On the other hand, you could also use these combination of docs: pay slip (With EPF deduction) that tally with the latest EPF statement

smile.gif

Faiz +6 013 369 3993
ZhenZhen Ng
post Dec 17 2014, 02:56 PM

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QUOTE(wild_card_my @ Dec 17 2014, 01:36 PM)
It depends. If you can give good reasons, then the credit controller may consider it. Especially if the amount is very small. Like for some company, claims are paid in cash, not banked in. So there will be discrepencies between the 2 documents (pay slip VS bank statement)

On the other hand, you could also use these combination of docs: pay slip (With EPF deduction) that tally with the latest EPF statement

smile.gif

Faiz +6 013 369 3993
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thanks Faiz...i will try it. thumbup.gif
stgreat
post Dec 17 2014, 05:47 PM

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Hi Faiz,

I am 34, net income RM8050, no bonus/allowance. No outstanding CC / car loan / personal loan (unfortunately no FD too). CCRIS record is perfect, no late payment.

I own a DSL with the original loan amount at RM268k (RM261k for 90% MOF of RM290k purchase price, RM7k for MRTA), remaining loan amount at RM253k. It is my only property and the market value is around RM700k.

Now I plan to refinance it to obtain maximum amount of cash, prefer zero moving cost with maximum loan tenure & DSR. Can you help me to calculate how much I can get and how much is the instalments? The new rule for refinancing introduced by bank negara has confused me. Thank you.
wild_card_my
post Dec 17 2014, 05:52 PM

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QUOTE(stgreat @ Dec 17 2014, 05:47 PM)
Hi Faiz,

I am 34, net income RM8050, no bonus/allowance. No outstanding CC / car loan / personal loan (unfortunately no FD too). CCRIS record is perfect, no late payment.

I own a DSL with the original loan amount at RM268k (RM261k for 90% MOF of RM290k purchase price, RM7k for MRTA), remaining loan amount at RM253k. It is my only property and the market value is around RM700k.

Now I plan to refinance it to obtain maximum amount of cash, prefer zero moving cost with maximum loan tenure & DSR. Can you help me to calculate how much I can get and how much is the instalments? The new rule for refinancing introduced by bank negara has confused me. Thank you.
*
Hello, can you share with me your GROSS INCOME? That is your income from the payslip (basic + fixed allowance)... don't deduct anything. I will calculate your eligibility from there.

Keep note that the new rule is only used in terms of calculating whether or not you are eligible for the cash-out refinancing. However, once you do get the offer letter, the repayment will still be based on 35 years. I made a typical calculation, RM630k, for 35 years, and below is the result. Of course your case would be different since the interest rate would differ a bit, but it wont get too far off from what calculated.

Loan amount - RM630,000.00
Loan tenure (years) - 35
Interest rate - 4.50%
Monthly installment - RM2,984.71
Total payment over loan tenure - RM1,253,576.38

Faiz +6 013 369 3993

This post has been edited by wild_card_my: Dec 17 2014, 05:59 PM
wild_card_my
post Dec 18 2014, 07:12 AM

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QUOTE(661188 @ Dec 18 2014, 01:57 AM)
Chief,
Many banks can't match subsales asking price in valuation. How do ocbc fare in this perspective.
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Many banks share the same set of valuers, overlapping their empaneled valuer list with other banks. If other banks can't get their valuers to match the asking price, the same may happen with OCBC valuers too.
berzerk
post Dec 18 2014, 09:50 AM

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Hi sifus,

I was told that to refinance a residential property using a conventional loan, the maximum tenure is 10 years.

Is this true?
wild_card_my
post Dec 18 2014, 10:22 AM

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QUOTE(berzerk @ Dec 18 2014, 09:50 AM)
Hi sifus,

I was told that to refinance a residential property using a conventional loan, the maximum tenure is 10 years.

Is this true?
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Keep note that the new 10-year refinancing rule is only used in terms of calculating whether or not you are eligible for the cash-out refinancing. However, once you do get the offer letter, the repayment will still be based on 35 years.

This applies to both conventional and islamic loans.
berzerk
post Dec 18 2014, 01:38 PM

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QUOTE(wild_card_my @ Dec 18 2014, 10:22 AM)
Keep note that the new 10-year refinancing rule is only used in terms of calculating whether or not you are eligible for the cash-out refinancing. However, once you do get the offer letter, the repayment will still be based on 35 years.

This applies to both conventional and islamic loans.
*
Thanks.

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