Commercial banks are imposing floating rates compared to government fixed rate. So you need to consider the opportunity cost per year over through out loan tenure.

Tedious process could be getting consent government sector for bank to redeem property. If is leasehold property that would be longer turnaround time to complete process.

As I know, usually Islamic loan has semi flexi features instead of full flexi loan, I could be wrong though

You will still need to pay progressive payment until bank fully released your loan, then you will start your monthly installment.

Nowadays banks do allow you to pay extra during construction period but no withdrawal til loan fully disbursed.

Mortgage is on daily rest hence excess payment can help you to reduce the payable interests

Yes, it will follow by board rate instead of promo rate (like 2.9%), unless your loan size exceeds certain amount such as RM 300k and above, then bankers can help you to appeal for best rate.

- Age up to 70-75 years old
- 2.9% if loan size more than 500k, if around 300k rate should be around 3.2%
- 0.5% of total financing amount for loan stamp duty fees

Depending on your current job position monthly income, length of employment, currency involve and etc

If you leaving the company soon, there's a chance bank will not finance, unless you have secured a new job and confirmed by new employer in the next 6 months.

Margin could be from 70% up to max 90%

Parents may come in as joint borrower but bank will justify loan tenure base on age of main income earner (higher income earner as priority)

Not to mention 50% deposit may probe LHDN to prove the source of fund

Yupe, you may consider to accept the offer

I once approved a case for future trader. Of course he was attached to one of the firm hence no SSM required.

You are required to furnish a set of SSM registration form, latest 6 months of company bank statement and at least 2 years income tax declaration with proof of payment to justify your annual income. From there we will calculate your DSR to determine your loan eligibility. EPF is not mandatory for self employed but is good to declare, at least you are complying the company law and employee act

Well,

First of all, different banks will have different policies from income calculation perspective, scorings and other policies.

May I know your financial background before I can conclude your loan eligibility, which bank has the highest chance to approve the loan and whats the best rate from the respective banks.

Age of respective borrower
Single name/Joint name (please indicate the number of borrower)

Salaried Employee
- Basic Salary in local currency
- Fixed Allowances
- Variable Allowances/Others
- Bonuses

Commission Earner
- Average 6 months commissions
- Income Tax Declaration for 2 years + Receipt of tax payment

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

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

Property details
- Undercon/Subssale/Refinance
- Property Address
- Purchase price/Open Market Value
- Type of property (landed/condo/etc)
- Land size
- Built up (Applicable to high rise/Semi D/Bungalow)
- Any renovation and estimated costs

Since one of borrower is working in overseas, may I have the following info?
- Employment period in current overseas company
- Position holding in current company
- Nature of business of the company
- Any employment letter/confirmation letter from current company
- Where's the current location of company

Well, need some info before I can give you a thorough explanation derived from your income perspective. Usually i will calculate the DSR around 60-70% depending on income ranges.

The loan calculator from property website is merely a reference thus it may vary.

Age
Single name/Joint name (please indicate the number of borrower)

Salaried Employee
- Basic Salary
- Fixed Allowances
- Variable Allowances/Others
- Bonuses

Commission Earner
- Average 6 months commissions
- Income Tax Declaration for 2 years + Receipt of tax payment

Self employed
- Year of establishment
- Nature of Business
- Type of company setup (Sole prop, partnerships, Sdn Bhd, LLP)
- Average 6 months credited amount in company bank statement
- 2 years income tax declaration + proof of payment

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

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

Property details
- Undercon/Subssale/Refinance
- Property Address
- Purchase price/Open Market Value
- Type of property (landed/condo/etc)
- Land size
- Built up (Applicable to high rise/Semi D/Bungalow)
- Any renovation and estimated costs

This post has been edited by ngph988: Jun 15 2021, 10:04 AM

Well. DSR at 60-70% is more like a safe zone. Still, bank only recognize your income base on inception of your loan application.

Any potential grow in terms of income or asset value plainly a plus point to the bank. Of course if you have strong liquidity which exceeds 1 mil and above, then bank will assess your portfolio under high net worth.

This post has been edited by ngph988: Jun 15 2021, 10:28 AM

If you have yet to sign the loan agreement then yes there is a chance for re-evaluate the rate. However, some penalties may impose and you will need to re-submit the application. The final rate will be subject to bank's management decisions.

Very good deal, i recall few years back i helped a client approved the loan about 150k, the rate was about 6% (board rate).

Since they are giving 3.15% at 150k, you may consider to accept the offer.

Approximately 700k for 35 years repayment, rate around 3% effective rate per annum. If you have additional income such as bonuses, dividends then you can up scale your loan eligibility.

Interests accumulation will be stopped as redemption in place.

Well take up HLB since almost the same rate and loan tenure, but UOB MRTA is slightly higher.

You may compare the MRTA from UOB and HLB, i suppose the coverage amount or tenure have some discrepancies.

Well, my suggestion is go for HLB since lower MRTA amount, the balance you may cover from your personal life insurance (if you have any)

I understand RHB is running for promo rate (should be around 3.15%), but 3.3% seems abit high, maybe can ask for appeal or get from other bank loan for better rate

Loan should not be any issue. HLB best rate should be around 2.95% with min MRTA whilst RHB should be around 3.15%

Loan amount should be any issue, max loan tenure up to 27 years for residential property whilst commercial property max tenure up to 20-25 years.

Rate wise around 2.95% and above. Subject to your scoring.

Do take note that due to clean CCRIS record, bank is not able to study your payment behavior hence scoring may affect your loan margin and interest rate. I highly recommend you to show your liquid assets to the bank or joint name during loan application.

Loan eligibility is around 430k (excluding side business income), do you have any proof of side income?
- Latest 6 months proof of business income (contract, income slip and etc)
- Latest 6 months of bank statement
- Latest 2 years income tax declaration of business income (Borang B or CP58)

I'm sorry to hear that, tough time we all facing. You cant sell the property yet because it is not completed by developer. I suggest you to approach banks to come out with a new financial repayment scheme that suits your needs. Hopefully the bank can come out with a good repayment scheme.

Bank will send out notification and each time developer claimed from progression, your interests repayment will be increased. Until the property is fully completed, you will start to make the full monthly installment.

No worries, we are all here to help out each other.

Mortgage rate are usually floating rate. It will be changed from time to time

Correct


Usually loan amount 1 mil and above will enjoy better rate, of course with good scoring

More than better, you may consider to take up.

Not necessary, Islamic loans by default will be using semi flexi unless the bank has full flexi facility for the client needs.

Rate wise, i would go for RHB. If is customer experience, I personally prefer MBB

Since it's still undercon, you can only serve interests only repayment til loan fully disburse.

This post has been edited by ngph988: Jun 28 2021, 09:02 AM