If you need to refinance, I can help you with that. My services are free, I get my commissions from the banks. Have a good day.

am contemplating to refinance.
any free moving cost deal around?
and i do mean absolutely zero cost.

This post has been edited by kochin: Dec 18 2014, 02:29 PM

Currently only HSBC that I know of that can do a completely free moving cost. However, the interest rates are also a little higher. May I introduce my HSBC banker to you? And at the same time I do recommend that you try at least 2 other banks that offer financing of the moving cost.

Once you do get all 3 LOs, you can do the comparison yourself which one to sign.

Of course, I can help arrange everything, from the HSBC banker to application to 2 other banks under my firm's own panel.

Faiz Azmi +6 013 369 3993

what happen if i accept the refinancing but subsequently dumps back the entire fund into the account?
i just want cash on call service and also the bank to safeguard my property title any penalty to do so?
it's a fully paid off property fyi.

Understood, you want a standby cash for use when an investment opportunity presents itself.

If you choose a flexi account, then there wouldnt be any problem with that at all. But entire fund? No, once your loan balance clears finishes it will automatically settle the account.

If you are taking out RM500k, I suggest that you leave RM50k loan balance when you dump the money into the account, keep the RM50k cash somewhereelse.

This post has been edited by wild_card_my: Dec 18 2014, 02:48 PM

Our sifu is sensing many opportunities for bargain buys and preparing the bullets

I hope my business wont get affected too much in the impending doom. But people still need to buy sell houses anyway... The Real Estate agents should do well.

got it.
worried that bank will kick me out if i park too little outstanding loan to them.
but generally yes.
i intend to do so.
now correct me if i'm wrong and allow me to illustrate further.
using your example.
assume refinance RM500k.
drawdown RM500k cash to me.
upon drawdown, i pump back rm450k as loan repayment (assume semi-flexi and not full flexi to avoid monthly fees).
so i still service full installment amount of approx RM2.4k per month based on RM50k interest chargeable, right?
upon my progressive servicing of the loan and when the outstanding principal reduced closed to zero, i apply for cash back out from the RM450k pre-payment and reset my outstanding principal to RM50k. and repeat all over again until my loan tenure is up or principal repaid in full.

so effectively if zero moving cost, i would get RM500k flexibility but interest based on RM50k for the entire tenure until i really withdraw RM500k for other purpose.

is that correct, boss?

please excuse me for my cheapskateness.

i though for semi-flexi loan not withstanding how much you park back, you must pay the agreed monthly installment which is based on RM500K

Cos when u pay such amounts - there are 2 ways to classify it

a) Advance Payment - which will deduct auto every month - but advance payment does nothing. Does not reduce interest

b) Principal repayment - reduce Principal Sum and thus interest is tjen calculated based on new principal sum but min monthly payment is still based on RM500K as per LO


This post has been edited by cfa28: Dec 18 2014, 03:32 PM

Yes, in this case, you still need to pay the agreed installment amount of RM2.4k every month, however, the chargable interest would be reduced since interest is calculated based on the balance which is just 50k, as such, a bigger portion of your RM2.4k installment will be used to repay your already very low outstanding balance.

Yes, before you finish paying all of your balance, you OUGHT TO apply for a withdrawal (With OCBC, Minimum withdrawal is RM5k, and there is an RM10 fee for each withdrawal), otherwise, once the outstanding loan balance is reduced to 0, your loan account would be automatically closed.

As mentioned above, your RM50k balance will be reduced as you pay your installments; as such, your monthly interest payments will also be reduced...

This is true. And what kochin is doing is option "B" for a semi-flexi loan. He will make that RM450k payments as part of the CAPITAL REPAYMENT, but the installment is still based on RM2.4k (his example), but the chargeable interest calculated each day is now reduced, and makes up only a small portion of the monthly installment.

Anymore interested in reading more on this can Google search: AMORTIZATION

going for an appointment. Will return to see wonderful discussions tonight.

This post has been edited by wild_card_my: Dec 22 2014, 09:26 AM

Great
so in theory i just need to refresh or withdraw RM50 every 2 years or so to maintain a minimal loan with the bank.
no monthly charges!

what are the documents you required to get 'quotation' from all 3 banks?
since this is a refinancing of fully paid prop, you only require documents of the prop, right? and nothing regarding my earnings?

cfa.... i want to buy into your area and be your neighbour lah.
but wait until more financial crisis looms ahead first. klci drop till 1200 points.

Eh.. of course the banks need to see where your money is coming from. So I would still need to see the income documents

Here is the list of documents, some of them optional.




p/s When KLCI drops till 1200 points, unit trust consultants will be out in force to ask people to buy when it is "low"

This post has been edited by wild_card_my: Dec 18 2014, 03:48 PM

Thaikor, I live in a very modest area only South of KL

Sure you wanna come here from your current elite place

Hi all sifu,

I'm currently 25 and would like to know, whether is it okay for me to buy this house. asking price is around 580K.

http://www.mudah.my/Semi+D+Royal+Ivory+Bdr...i+-31534864.htm

My details
Gross income :RM3,500 (2 years working)
Nett Income : RM3,066.65
Fixed commitment: Car Rm660, 9-years tenure. balance around 50K-ish
ASB Rm450 monthly for 25 years.
Phone bill Rm120
Credit Card Balance: Rm3.5K. will settle using ASB divident next month
Down payment - Rm50K

Spouse details
Gross income :Rm4,928 (6 months working)
Nett Income : Rm4,383
Fixed commitment: Phone bill Rm68
Credit history: None

Possible for me to make this joint loan? Anybody know how to apply gov loan since my spouse is gov staff.

Any advice is much appreciated.

Regards,
Sherxez

Hello. As stated in the title, this is mainly a mortgage discussion thread. It is being given the privillege to be pinned in the PROPERTY TALK subforum because it is not riddled with blatant ads by the mortgage broker/agents/bankers.

If you feel the need to advertise your services, you could post them in this thread here: Mortgage Loan Package Inquiries in the CLASSIFIEDS-PROPERTIES

I promised STAFF-MOD Lucifah that I will help report, maintain, and clean this thread from purely advertisement posts so that it doesn't get transferred to the CLASSIFIEDS-PROPERTIES subforum again, so I would appreciate it if this thread is taken care of as much as possible. Maybe you could join in the discussion and contribute since you are a mortgage specialist.

Hello,

You can combine the maximum loan amount for each of you to get the maximum loan amount that both of you can get if you combine the loan. However, I recommend that you purchase a house that is cheaper than the calculated maximum loan amount; this is because approval is always subject to the credit controller. There is a chance that you wont get the maximum loan amount for various reasons.

For a number of banks, your wife can only get 90% Margin of Financing (MOF) if she joins you as the 2nd applicant since she does not have any credit record. Otherwise, the MOF might be reduced to 80%. However, if she insist on taking the loan alone, we can try that. I've had Maybank and Ambank approve 90% loans for those who don't have any CCRIS records but they are degree holders (which helps with the application).





This post has been edited by wild_card_my: Dec 18 2014, 07:26 PM

He did mention the wife is a government worker. Which is about the right pay from my experience dealing with new doctors. The dentist can even do locum since they are a little more free than the doctors.

yup. but she has very little time at home. guess that is the price of being a doctor.

Thanks faiz for the explaination.

since this is my first time buying a house, how can i check the bank valuation for a house there? newbie here

I can help you with the valuation. Just get me the house address, house type, build-up, land area, and any other renovations (be detailed). In fact, I help my clients from understanding the process of getting a mortgage, to getting the valuation to know the property's fair price, to applying for the mortgage, to appointing and chasing the lawyers, and all the way till you get your house keys. I get my commission from the banks, so I don't get anything until the first disbursement.

You can be rest assured that I would work my level best to serve my clients.

I can be contacted at: +6 013 369 3993

I suggest not. What I would suggest is to take a commercial loan first, and save the government loan for the 2nd or 3rd house. The reasons are:

1. Having a government housing loan will affect your income (as it is deducted from your payslip for the banks to see) and chances are you will not be able to buy your 2nd and 3rd properties until you earn a little more.

2. Government housing loan is easier to procure than commercial loans; A lot of my clients are able to procure the government housing loan even after they have signed up for a number of a commercial loans. The reverse is not true: having the government loan deduction in your payslip will affect your ability to get commercial loans.

3. When applying for a government housing loan, they do not care if the property you are buying is your 3rd, 4th or 251st property; they would still give you 90% of the MOF as long as it is within your payscale. The reverse is not true: A government loan will be part of you 1st or 2nd property, and for the 3rd property you will only be able to get 70% MOF from commercial banks.

4. The tenure for government loan is shorter than 35 years, although the interest is lower, the monthly repayment would still be higher than commercial loans due to the shortened tenure.

5. The process is rather tedious and slow, if you are planning to buy a house within the next few months, you are already behind and should start your application right now.

6. It is not flexi, and the process of settling the loan when you want to refinance, sell the house, or simply do an early settlement would be very very very tedious. The government agencies handling your loans do not need to compete with the other for your business, which may explain the reason behind their lack of speed and enthusiasm when handling the cases

As you already know, there is more than just interest rates when applying for a loan. I do not discourage using your government loan allocation to buy your properties, but it is best for your investment property as you would have more time and comfort when making your purchasing decision

This post has been edited by wild_card_my: Dec 18 2014, 09:27 PM

Noted. My mistake, thank you for the pointer. My other points are stand though, right?