Since the loan is under your name and ownership is only you and your wife, your mother-in-law need to purchase your share portion by settling the loan first. Is either your MIL use cash to settle or get any financing from financial institution.

Not to mention they need to sign a new SNP as formality to take over your portion. Hence, lawyer fees, valuation fees and stamp duty will be incurred.

Do you even know what's the rate of personal loan?? And top up financing of property to settle personal loan?

Don't borrow for the sake of borrow.

The beauty of housing loan is that you can always put extra money to reduce interests payment. That can't apply on other loans

Write in letter or contact customer service for principal reduction. So as withdrawal if you are using semi flexi loan. This is general statement since different bank will have different practice/policy.

There is a chance will look at your credit limit to compare your existing income to justify your previous income range.

Saying your previous income was only RM 4k and current income is RM 8k. Bank will determine if your credit limit was approved in guideline (RM 4k) and they will require your explanation of increment to RM 8k.

Of course, there are other factors like your card utilization and prompt payment will take into consideration for loan approval.

Good rate.

Probably the lowest rate in town, I suppose this is a PBB package. They require mandatory MRTA package but you can always look for min coverage/tenure and look for conventional life insurance to cover the differences

MRTA is optional but some banks will cross-sell it as a mandatory product for a better rate. I would suggest you take a minimal amount of MRTA for sake of a better rate. It may not be practical when it comes to debts cancellation (because it's a reducing term coverage hence it may not be able to cover whole outstanding)

The rest you may opt for conventional life insurance to cover the shortage.

Yes, bank do recognize rental agreement with supporting document (such as stamped tenancy agreement with 3 to 6 months bank statement). However, it seems that your current DSR ratio can't coupe with bank's guideline. Unless you are moving to High Net Worth customer then bank may consider your application. Or Joint name to reduce your new commitment

Bank will derive 5% of credit card outstanding as your monthly commitment. Do take note that by end of month (saying 30th or 31st) bank CCRIS team will report to BNM for all statistics, including your credit card usage as of end of month. New CCRIS report will be reflected by latest 15th of next month to indicate your last usage.

If you have cleared the outstanding by 30th of the month, I suppose next month 15th you'll see your outstanding zerorize. But do take note in the event bank encounter any technical issue, the results may differ.

To support your outstanding zerorize, some bank may request 3 month credit card statement to study your payment behavior.

This post has been edited by ngph988: Oct 7 2019, 03:32 PM

Wondering how could it be 3.1%, Maybank current BR is 2.0% and their spread is usually 1.30-1.40%.

Just got 500k loan ++ approved from Maybank, my client's getting rate at 3.40%

Can't really remember the BR and spread for PBB.

But MBB has been with 1.3 - 1.4% spread since the day I join this industry. So now you know why MBB is the number 1 bank in Malaysia?

I would choose B though, imagine if OPR start to rise, for sure bank BR will be adjusted accordingly.

Just my 2 cents, and also the reason im seeing Bank B has lowest installment amount

Haven't seen banks offering fixed rate unless you opt for AIA or MBSB. Correct me if I'm wrong.


About 700k i guess? Do you have any supporting document/bonuses to boost your income?

Hmm, let me guess. HLB or RHB?

This post has been edited by ngph988: Jun 15 2020, 01:13 AM

Which bank the property is encumbered to? The current rate seems quite high.

Perhaps need your personal info and the property details to calculate the max loan eligibility and to advise whats the rate you'll probably enjoy.

This post has been edited by ngph988: Jun 18 2020, 02:03 PM

1) Bank will probably calculate your net income at 70%, the balance will probably reserved as your personal expenses/contigency.

2) With working experience of one year, bank will require justification of source of down payment 400k. Usually bank will reverse calculation your deposit base on your 3 years annual income.

3) You may fail scoring as well due to age factor and other factors (finger cross)

4) Probably you will need a joint name to diversify the monthly installment.

The 3rd property onwards getting 90% financing only applicable to projects. Sub sale still capped at 70% max.

If you need to assess your loan eligibility I suggest you let us know your age, monthly income and monthly commitment.

3.35% if is rating 5 clients

Bank will calculate base on total net income against total current commitment + new property instalment

Different bank will have different DSR calculations.

What’s your current age?

That’s right. Not to mention bank will calculate your Net Disposable Income (NDI) for living expenses.

Have you call up to UOB call center to verify the current rate? Best rate in town is about 3.15%

Bank reserved all its rights until loan fully disbursed. I suggest you wait til loan fully disbursed only resign to safeguard your interests

That was adjusted rate after reduction of OPR 0.25%. As soon the bank announces, the effective rate will kick in with adjusted rate.
Well, depends whether are you a risk taker or much conservative person. Yes 4% guarantee seems pretty decent but from BNM announcement, we have reached lowest point of OPR in history hence Everyone is enjoying lower rate at the moment

Yes, banks do impose processing fees.

Well, I believe the rules were meant to prevent people doing compression loan. But some banks allow to remove the CCRIS immediately. For instance, Ambank requires applicant to write in for such request

PBB only recognises incomes from Singapore and Brunei aside Malaysian workers (spoiler alert)

You may look for other local banks and foreign banks for your application. Usually banks will have lower calculation towards foreign currency exchange.

Mind if I help you to assess your loan eligibility?

Age

Salary earner/Commission Earner
- Fixed Salary
- Fixed/Variable allowances
- Bonuses (optional)
- Average 6 months commissions

Monthly commitment
- Housing loan
- Hire Purchase
- Personal Loan
- Credit card
- Other term loans
- PTPTN loan

Supporting document
- rental income, savings, FD, shares, dividends and etc

Property details
- Project/sub sales
- Purchase price
- Type of property (double storey/condo/etc)
- Land size
- Built up (Applicable to high rise/Semi D/Bungalow)
- Any renovation and estimated costs

Currently banks prefer workers from MNC company. I will need you to furnish me the following details about your employment background

- Current job position
- How long you have been working in current company
- Any confirmation letter from current company stated you as permanent staff
- Company background (Company name, nature of business, company website and etc)

Since you are working in US, I suppose FATCA applies to you as well.

Subject to banks product setup. Usually bank will advise for account closure however some banks still allow for monthly installment deduction from your advance payment.