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

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Plox
post Dec 14 2014, 10:01 AM

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Hi all sifu,

Would like to know, max loan amount.

1st prop KV
Gross income RM2,500 (fresh)
Debt free (ptptn paid off, no other loan)
Down payment RM200,000 (join owner mom)
Credit history - credit card, pay in full every month

Any advice is much appreciated.
Plox
post Dec 14 2014, 10:05 AM

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QUOTE(wild_card_my @ Dec 14 2014, 10:04 AM)
KV? you mean JV? Or you mean JL (joint-loan)? What is it~~~~? smile.gif Sorry for asking, getting a little confused here...  laugh.gif

If what you meant was JL, what is the loan amount of the first property ya?
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Location klang valley
Plox
post Dec 14 2014, 10:20 AM

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QUOTE(cfa28 @ Dec 14 2014, 10:09 AM)
Plox, some info on your mum and proposed mechanism.

Is your mum still working.

Are u planning to take joint loan
If based on your sole income of RM2.5K, the Loan is rather small, but you can stretch to max 35 yrs

Do also bear in mind that you will not be able to take a car loan for many years until your salary increase substantially.
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Mom is retired gov servant.

The loan will be under my sole name, not joint.
Looking for prop around 400k
35 years loan, monthly will be...?

Lrt works fine, car not needed yet.

How likely they will approve 200k loan?

Plox
post Dec 14 2014, 04:19 PM

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QUOTE(wild_card_my @ Dec 14 2014, 02:43 PM)
Since you mentioned that your mom would be putting a downpayment of about RM200k... With you as the sole borrower, then according to my calculations you may actually get the loan. However, everything will be subject to the credit controller's approval. I'd be happy to work with you in procuring the loan.

Do note that since you do not have any repayment records (from the banks), typically your loan would only be approved with a margin of financing (MOF) of 80% or below. However, since your mom is already paying half the price of the property, your margin of financing is already at 50%.
Would I get a better rate if my mom pledge her existing house valued about same amount as collateral to secure the loan? Since she is a joint owner of the house.

Credit card repayment or monthly FD placement qualify as repayment record?

Thanks really appreciate the help.

 

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