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 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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Madgeniusfigo
post Aug 26 2015, 05:03 PM

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QUOTE(Ern3st @ Aug 24 2015, 10:59 AM)
Does Bank still recognize Rental as income in calculating DSR?
*
Yes,
Most of the banks in Malaysia still include rental income for DSR calculation purposed.
Most of the banks will take 80% of the rental income
example:
rental income Rm2000/ month, bank will only allowed 2000x0.8=Rm1600 to include as your income.

Different bank will required different documentation for rental income.

The easiest bank would just required a tenancy agreement with stamp duty, that's all nothing more.

Other bank would required at least a 3month bank statement of rental income.
Madgeniusfigo
post Aug 26 2015, 05:22 PM

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QUOTE(Tavia88 @ Aug 24 2015, 11:48 PM)
Any Maybank banker here?
*
My branch has 5 license under its name.
Maybank,OCBC,HLB,Ambank,RHB.

How can I help you?
Madgeniusfigo
post Aug 31 2015, 12:31 PM

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QUOTE(Theused85 @ Aug 29 2015, 12:58 AM)
what if someone has only rental income as the main source of income?  Would that be acceptable to the bank? If so which bank does that?
*
Borrower with sole rental income as their main income, this won't be a problem. As most bank will accept it, given that your rental income is strong enough to borrow intended property.

Bank will only derive 80% of the rental income.

Example:
If your property is Rm200,000

Your rental income should be around
Rm2500

Bank derivation
Rm2500 x 0.8= Rm 2000 x 0.6= Rm1200.

*Given that you don't have any other commitment, Rm2500 will be sufficient for Rm200,000 Property loan.
Madgeniusfigo
post Aug 31 2015, 12:35 PM

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QUOTE(huaweie5830 @ Aug 31 2015, 08:35 AM)
Anyone who got experience processing loan for singapore dollar earner ?

Nvr declare salary in malaysia b4.

Anyone wanna take my deal pls pm me ur details.

Prefer who can meet in singapore or kl or cheras area.

Thx
*
Hi,

Singapore applying loan are actually easier.

The document that you need is
1. Notice of assessment (singapore tax)
2. PR
3. Malaysia IC.

then you can successfully apply.

For which bank to offer you really depends how strong is your income.
Different bank will have different exchange rate for Singapore dollar income.
Example:
OCBC will give the highest SGD to RM exchange rate. it will follow the current exchange rate. Because OCBC is singapore bank

Other bank will take lower exchange rate.

If you need more information or help don't hesitate to contact me 0168681373.

Madgeniusfigo
post Aug 31 2015, 12:40 PM

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QUOTE(Ekash @ Aug 29 2015, 11:00 PM)
Appreciate your advice here:

Assuming the interest hike in the coming years, how will this affects our mortgage loan?

1. Increase in monthly installment so that the loan can be paid off within the loan tenure, or
2. The monthly installment remained unchanged, but the loan tenure get extended until it's fully paid off, or
3. The monthly installment remained unchanged, but with the large lump sum payment at the end of loan tenure, or
4. others?

Thanks!
*
Option 1 will be the right answer.

Example:

Rm500,000 property
base rate: 2.5+2%=4.5%
tenure 35 years
monthly installment will be Rm2366

When interest hike to 4.6%
Monthly installment will increase to Rm2397

So interest hike will increase installment paid monthly.

Do refer back your letter offer for your loan, at terms condition did mention what will happen when interest rate hike.

option 2 (wrong)
When you applied a loan with 35 tenure, tenure will forever be 35 years. Even if you paid a lump sump to reduce the capital, the tenure will still be 35 years just that installment will greatly reduce. To reduce tenure, only settlement of the loan will do the trick wink.gif

option 3 (wrong)
no such thing smile.gif

This post has been edited by Madgeniusfigo: Aug 31 2015, 12:41 PM
Madgeniusfigo
post Aug 31 2015, 01:03 PM

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QUOTE(memento81 @ Aug 31 2015, 01:13 PM)
guys wanna ask?
which one better offer?

Fisrt house scheme 100% loan include with MRTA
interest 4.55%

or

convensional Loan
up 90%+ include MRTA
interest 4.65%

Please help me
the property value 310k
*
Hi,

If I were to compare in technical term, in terms of interest saved for both package

1. 100% scheme/ 4.55%
Monthly installment will be Rm1476.71
Total interest paid in 35 years tenure are wooping Rm310,218.38

2. 90% ltv/ 4.65%
Monthly installment will be Rm1346.42
Total interest paid in 35 years tenure are wooping Rm286,497.4

2nd option will definitely be better for long term
because in long term, you will be saving Rm23,720 in 35 years and monthly installment would be lesser.

But here is the pros and cons

1st option
pros
a)100% scheme will save you 10% down payment which is Rm31,000.
b) If you are purchasing for short term investment and flip it in 5 years time. Your Return on Investment will be high as you leverage with minimum capital.

Cons
a) High monthly installment
b) higher total interest cost paid for the entire loan Rm23,720

2nd option
Pros
a) lower total interest paid for the entire loan, saved Rm23,720
b)lower monthly installment

Cons
a) higher entry cost, Rm31,000 downpayment + lawyer fees+ valuation+ stamp duty cost


Conclusion

In my opinion, option 1 will be preferable given that you have low saving cash, purchasing first property with minimum capital and have enough fund for 2nd property in near future. So that you avoid paying high entry fees which will be around Rm40-50k, which is a big amount. As the Rm23k will be saved in 35 years time, but it would be insignificant in the long run.

I tried my best to explain succinctly.
Do consider it and make your own sound decision. smile.gif
Madgeniusfigo
post Sep 2 2015, 02:13 AM

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QUOTE(robinwongkm @ Sep 2 2015, 12:33 AM)
Can someone explain to me what is
(1) full flexi vs semi flexi
(2) MLTA & MRTA

Sorry first time buying property so just learning from beginning.
*
1.
Full flexi:

1) current account tied to loan account
2) auto debit from current account at month end and interest is calculated based on outstanding balance minus amount in current account
3) maintenance charge of RM10 per month
4) setup/ processing fee of Rm200
5)The liquidity comes in the form of an ATM card or a linked CASA account to the housing loan.
Example: You have a shop that is opened Monday to Satuday, rest on Sunday. On Saturday, you deposit all your proceeds of the week into the flexi account, on Sunday, you would save [(your-HL-interest-rate)/365]*AmountDeposited worth of interest. On Monday, you withdraw the money to run your business

Semi Flexi

semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
3) if you indicate advance payment, no additional interest is saved as "advance" payment will only be credited to your loan account when it reaches your cycle date, so it is plain advance payments. and must be in multiple of your monthly payment.
4) For redrawable prepayments, you need to indicate separately and Redraw charge of RM50 is imposed (M*B charge Rm25)


2.
MRTA

a) very Cheap premium
b) usually buy MRTA covering 15 years term
c) the protection will reduce with time. protection for RM500K PROPERTY
year 1 Rm495k
year 10 Rm180k
year 13 Rm50k

Hence, any death happen during year 12-13tenure, the protection cover only small amount , becacause you paid small premium
d) Any refinance, MRTA will deactivated

MLTA

a) Pay more for the premium
b) Protection Cover for Rm500k property
year 1 RM500k
year 15 Rm500k
year 35 Rm500k
c) Refinance are allowed and won't deactivate the protection
d) Transferable to other property


very brief explanation.
Madgeniusfigo
post Sep 3 2015, 03:23 AM

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QUOTE(bagok @ Sep 2 2015, 11:20 AM)
Guys

i have below offer :

Rm700k  property with 90% loan
base rate: 4 + 0.4%=4.5%
tenure 35 years
monthly installment will be Rm3072

good deal ?
*
Yes, it is a good deal, in terms of RHB rate.
Madgeniusfigo
post Sep 3 2015, 03:26 AM

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QUOTE(hpcp @ Sep 2 2015, 04:58 PM)
Citibank has recently imposed a RM10 month maintenance charges on its flexi housing loan. New and old existing customers are affected.

Isn't it unfair to impose such additional charge suddenly when there is no such fee when customers took the loan?

More details at Citibank Malaysia facebook page, under the "reviews" tab
*
Some banks do imposed RM10 charges on its flexi housing loan, the fees is used to maintain the current account. Bank will tied your current account to your housing loan account and auto debit from current account.
Madgeniusfigo
post Sep 3 2015, 03:28 AM

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QUOTE(Berrypepper @ Sep 2 2015, 07:09 PM)
Hi, I'm looking for 3rd party housing loan. Any bankers from those bank please pm me ya.
*
Yes, how can I help you.
For my panel of banks, only OCBC and RHB allowed.
OCBC allowed 3rd party banking = owner A - Applicant B
RHB allowed partial 3rd party banking = Owner A+B - Applicant B+C or Owner A+B - Applicant A
Madgeniusfigo
post Sep 3 2015, 12:40 PM

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QUOTE(memento81 @ Sep 3 2015, 09:15 AM)
hi guys...

currently is very difficult to get a loan...
anyone can help me to get a housing loan with a ASB loan comitment...

property price : 309888
nilai impian
new property
market factor rated 7.

please pm me
*
hi

I would like to lend you a helping hand, but before would you provide me with few details ?

1. how much is ur asb commitment?
2. how much is your net income?
3. what's your other debt and commitment? (car, house, credit card outstanding and personal loan)
Madgeniusfigo
post Sep 4 2015, 02:52 PM

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QUOTE(panda-man @ Sep 3 2015, 06:41 PM)
hi sifu's. looking to get a place pretty soon and was wondering about the bank loan. i have a place already which is under RHB, but their rate is pretty high (4.85%) T_T that time i didnt really tengok anything and just went with whatever bank the developer recommended.

im interested in the pre-approved loan as im a bit paranoid, plus dont want to go through all the trouble then kena reject. any banks which have decent rate and can do this? and is it reliable?

i saw online ambank rate was pretty good. but i have no idea about preapproved loans. if anyone got experience please tolong.
*
Hi

Whether the RHB rate was high or it isn't. I need to know How much is your total loan borrowed?

Preapproved loan are not available in MALAYSIA so far, in Malaysia the process is str8 forward, to see whether you could get the loan approved, you need to applied in actual loan process.
So, in order to prevent any rejection from bank, it's wise that have a mortgage agent to assess your financial health before applying any loan. such as:
1) your net income (after tax, epf, socso)
2) additional income ( Bonus, OT, Allowance, FD, ASB, Tenancy..)
3) Your commitment and debt
a. Car price purchase
b. Personal loan limit
c. Credit card outstanding
d. House loan outstanding
e. Ptptn

Above is just a brief inspection.
Madgeniusfigo
post Sep 4 2015, 02:56 PM

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QUOTE(hackcremo @ Sep 4 2015, 12:40 PM)
Just got update from my banker, my loan has been REJECT by bank because:

-Clean CCRIS (no personal, car, asb loan, no credit card)
-Low balance on personal account
-Overall credit is weak
-Fail credit scoring

To add up some more, I'm on probation with government agency (Nearly 6 moths working)

Is there anything I can do to apply for house loan??
*
Yes, certain bank will look at this credit scoring as weak scoring.
1) clean ccriss: Bank won't be able to assess your payment capability
2) You have weak cash liquidity
3) Moreover, you just started working and in probation. Hence, your income should be very weak.
4) SHould be your income derived insufficient to borrow the loan.

What I can recommend is
1) Joint name with another person or,
2) apply for credit card and have 1 year clean payment usage, or
3) Find a guarantor

all the above suggestion are based on the details you just provided.
Madgeniusfigo
post Sep 5 2015, 12:22 AM

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QUOTE(hackcremo @ Sep 4 2015, 04:04 PM)
I tried joint name with my wife also FAIL. She already have permanent job in private sector.

Already have CC, otw bulid my credit record. Last resort would be find a gurantor as you said.
*
CREDIT CARD, must have at least 1 year record to make your payment looks nice.
because ccriss has 12 months record.

TO find a Guarantor must have few criteria (Speaking for banks I represent)
1) guarantor must be father. son or spouse
2) must currently has 2 mortgage loan
3) guarantor can only has income shares of 70%, 30% must contribute from the borrower
4) He can't be a chargor.
Madgeniusfigo
post Sep 5 2015, 12:35 AM

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QUOTE(panda-man @ Sep 4 2015, 05:40 PM)
thanks man. for RHB i borrowed 250k several years back when i just started work. so is that rate high?

im planning to check out maybank, Ambank and public bank about loan possibilities. of the 3 i only have an account in Maybank. Does that have any plus points in loan approval? my other accounts just empty except for RHB, which i dump my rental money in.
*
RHB 250K loan now is around 4.65%.
Banks at that time, they had rate fluctuates according to their mortgage quota allowance for the banks.
But if you compare to the rate right now, yes it is high.

There's a myth that perpetuate that when we have lots of loan and business, account with a single bank. We will get better offer in the future. That's a myth. We have to look at banks perspective pov, they have profit in their mind since the beginning. To maximize their profit. So No matter how, it's the same. Except you are some famous millionaire, centamillionaire that has connection with the BOD.

All other banks will welcome you open handedly for your business. For now, Ambank do have a good rate.
Applying for 1-2 banks is good, not too many.
Madgeniusfigo
post Sep 5 2015, 02:55 PM

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QUOTE(CAFE21 @ Sep 5 2015, 09:51 AM)
Anyone experience loan rejection due to PTPTN issue in CCRIS?
*
Yes, there's a client of mine who age 30 but pays PTPTN whenever he likes it, he has a whooping RM20k outstanding debt in his ccriss. Which has made her not eligible to apply any bank loan because of her default paying PTPTN LOAN.

So, in order for her to be eligible for housing loan, he has to pay off the outstanding debt and get a settlement letter submit together with bank loan. The letter is a proof that he has paid all the debt, because ccriss record of his default will stay there for few months eventhough he settled it.

This is my case study I have helped, maybe there's other way around.
Others do share bout it smile.gif
Madgeniusfigo
post Sep 6 2015, 02:13 AM

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QUOTE(CAFE21 @ Sep 5 2015, 04:55 PM)
What if only PTPTN is in default but other loan are all current status. Will d loan be rejected as well? Apart from making full settlement, is there any way?
*
When a loan in default and ccriss 12 months payment status are bad, it would lead to loan being rejected or getting a low MOF for your housing loan.

If PTPTN status in default, it will affect the loan acceptance. Whenever there's a bad debt repayment in ccriss, it will directly affect your loan acceptance.

Another way to deal with PTPTN
1) Borrow from KWSP to pay off
2) Consult ptptn agent at KWSP or UTM, and negotiate for a better term payment for the default outstanding amount.

call them and inquire +60 3-2078 6788
Madgeniusfigo
post Sep 6 2015, 11:57 AM

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QUOTE(CAFE21 @ Sep 6 2015, 12:34 PM)
Thanks!
*
No problem wink.gif
Madgeniusfigo
post Sep 8 2015, 07:33 PM

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QUOTE(Andicom @ Sep 8 2015, 03:30 AM)
Hi all, good day.

I am fresh graduate who just started working (3 months, just after probation) trying to plan for the future, that is, getting the best small flat/apartment affordable in Selangor area around ~RM100K under my name. My plan is to stay there upon marriage for about 5-10 years before eventually getting the actual house we wanna live in (hopefully my salary follow suit by then).

My financial breakdown is as below (estimated):

GROSS SALARY :  RM3200
NETT SALARY (deduction of EPF and SOCSO) : RM2800

PHONE & INTERNET: RM100
MEALS : RM500
MISC : (shop, basketball, dating, others) : RM200
CAR* (supporting gf under her name) : RM200
BIKE : RM150 (fuel) : RM150
BIKE* : RM250 (personal loan/credit card) : RM250
TOTAL  : RM1400

I can see it is just your financial breakdown, but for loan PHONE & INTERNET MEALS  MISC Rent, bank won't consider in their ccriss payment. Meaning to say, it doesn't help improve your credit scoring for loan approval.

RENT* : RM400 : RM400
SAVINGS* : (trying RM1000+- at least) : RM1000

TOTAL EXPENSE : RM2800

No fixed bonus/allowances
No other loan
No Car loan
No fixed deposit
No side income (introduce me? biggrin.gif)

Gen Y, try Uber as a side income, haha. Just a suggestion, if you have car.

Salary expected to rise in 10 months time to RM3400-RM3800

First, let me explain the ones with "*".

Car* - As I travel to work with bike comfortably (beat the traffic, ride a bike), I don't think I'm getting a car soon. In fact, me and my gf plan to get a car under her name so that my credit is clean for this house buying purpose. More useless info : she works at KL Sentral, so she commutes to work comfortably as well for the time being. Car will be used (still a necessity) but not as regular as normal usage i.e. balek kampung, weekends. So, the loan will be under her name and I will support her about the mentioned amount of RM200+-.

Bike* - I currently have a 10+ years bike which still OK but can sometimes break (unreliable). I have been using it since college. Because my credit is clean (no loan), I plan to get a new bike with monthly installment of around RM250+- per month which fit both my needs (for reliable bike) and small loan commitment to gain banker's trust. Question is, I am not sure yet either to get the personal loan or credit card to do this (please advise on the criteria).

Rent*/Saving* - I am currently renting a room for RM400 per month and trying to put a saving around RM1K per month. For me, RM400 is quite a lot. Rather than spending it for monthly rent payment for several months and years, I'd rather be paying mortgage (with additional top ups).

Based on my preference, I would like to get a home loan for a small flat/apartment about ~RM100K. I don't have the downpayment money and other extra fees that I need to pay yet (that is why this is called planning..). Example of apartment that I am targeting :

http://www.mudah.my/1st+flr+of+5+storey+ap...ng-39833750.htm
http://www.mudah.my/Pangsapuri+lestari+puc...u+-39928490.htm

My friends have been suggesting for me to get a personal loan to pay for the downpayment and other fees and work on getting the flat/apartment as soon as possible and I am interested and agree to his point.

Personal loan comes with high interest 7-9%, it won't be wise to borrow to pay off your dp. Try method at the bottom instead, SKIM RUMAH PERTAMAKU


I am also aware of the Skim Rumah Pertamaku as well. I gave a thought about it and might consider trying for it as well (since no downpayment)

I understand that it is difficult to get a loan under RM100K. Can anyone refer to any banker/loan officers who'd actually be up to this? I'd appreciate any advise on loans or anything in general regarding this matter. If there is any banker out there, feel free to PM me as well. I am not very literate with loans and all, but I'd very much like to learn more.

Nowadays not many bank financing loan under Rm200k.
If you want to loan, I have projected a mortgage table for you for better clarity.

Additional info : My gf is also a fresh graduate who just started working with a salary of RM2.3K.
*

You can apply with only you as borrower, if you couldn't get 90% MOF, you could join name with her.
It's great that you have financial planning in mind and knows what you are doing and planning for the future.
Buying a Rm100k++ property to stay right now is probably a good idea instead of paying rent and paying off your own property capital off.
Rm100

1) Do you owe any outstanding PTPTN loan?
2) I have projected your income and debt, and it shows your total property purchase limit at the right side. Just look at Maybank, RHB and OCBC which will finance RM100K properties. You could Finance up to RM300K property.
<a href='http://postimg.org/image/ggtfupfev/' target='_blank'><img src='http://s7.postimg.org/ggtfupfev/Untitled.jpg' border='0' alt="Untitled" /></a>

[attachmentid=4917594]
Madgeniusfigo
post Sep 9 2015, 07:13 PM

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QUOTE(tHe^CuLpRit @ Sep 9 2015, 06:16 PM)
quick question folks. Is it an absolute must to take MRTA/MLTA?

I'm taking a combined loan and it looks like CIMB has already passed our application. No mention of MRTA from CIMB, only RHB was aggresive to market it and suggest to lump the amount into our loan total (making it 95%).

I'll probably read up tonight, but what's the details I should be looking out in term of loan options, say lock in period and/or Flexi loan. I'm thinking Flexi allows for credit withdrawal + fluctuating loan repayment amount tho I'm not 100% sure.
*
1. MLTA and MRTA is always optionable, never a must to take.

2. Most of the bank will aggressively sell your MRTA or MLTA because it give added profit to the bank in a way and also as a security for them.
By taking MRTA/ MLTA bank will always give perks by reducing your interest rate.
Do take caution of the Pros and Cons of MRTA and MLTA, it differs greatly and will have immensed impact on your financial health late in the future.

3. For flexi, I will give you a brief general preview of the setting of it. (*each bank has its own modus operandi*)

1) no need to call in whatsoever, all extra payments (of any amount) will go into your loan account and interest is saved immediately (exactly like fully flexi loans). you may pay 2/3 months in advance, no issue
2) no maintenance/ setup/ processing fee (you'll save a lot, brother...)
3) for redrawable prepayments, you can pump in cheque or direct over the counter.
4) Rm10 is charged for each redrawal and T+3 days processing time


3. Things to look out for:

a) Query the penalty charges. If any late payment involve in the future, how much will the bank increase the rate and will the rate be reversible
b) Whether the loan interest is daily rest or montly rest
c) additional fees incurred
d) Lock in period (for under construction property)
whether charges of penalty effective from 3 years of 1st disbursement or 3 years of full disbursement.
For our under construction property it is important as:
"1st disbursement" happens in 2015 = 2015+3 years
"full disbursement"happens in 2017= 2017+3 years

see the difference? full disbursement actually takes 3+3 years means 6 years before penalty is voided.

e) make sure all the stipulated charges you listed are the same in the letter offer.
f) how penalty charges are charged, on the outstanding amount or the loan limit.
"loan limit" is the amount loan you borrowed from bank since day1.

g) Tried calling the bank service centre and see if they pick up and provide good quality service.
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