Hi,

Would like to know how banks assess credit scoring for home loan applicants?

If let say, I want to buy a property that is under construction, to be completed end of 2016:

- I have car loans that eat 16% into my NET income
- I have personal loans that eat 15% into my NET income but the tenures are ending by this year 2015.
- I have a 1st housing loan that takes 9% from my NET income
- I have outstanding credit card debts that totals almost the same as my monthly net income. I projected the outstanding balance will be settled this year 2015 based on my historical trend of repayments.

So my concern is, will bank consider to approve my application and will they factor my commitments that will end this year? Will bank consider that by next year, I will have so much room for the housing loan?

Thanks a lot!

Hi there, if I can buy a market priced 240-260k apartment for 215k. Is it possible to get 100% finance of it for the 215k? When people say 90% loan, is it of the price or the value put on by banks? Thank you.

So if the owner is selling to me at 215k, is it possible for me to ask her to make the SPA 238.88k (10% higher) and then I can get technically 100% loan? (Zero downpayment)

Say the owner owes me 30k, is it better for me to:
1. Ask her to use the 30k for downpayment (21.5k) and legal fees (~9.5k) and then I just loan the bank for 193500

or

2. Do the above, ask owner to give back 30k, mark up SPA then do 100% loan. And use some of the 30k to pay the extra taxes and legal fees. Then balance, put into other investment.

1. will give a lower monthly commitment and 2. will be higher. ~rm100.

Which one is better? Please advice. I can negotiate with the owner since she is my mum.

Just in case, from what I heard from bank HQ soon PTPTN will be added in CCRIS report

what is the procedure to do early settlement of housing loan?

pay up all outstanding amount to bank or go thru lawyer and get them to setttle?

So only after loans get approved we can appeal for better loan rate..usually how should the customer do in order to improve their chance to get their appeal approved?

And usually for what reason?

Hi guys and girls, anyone of you took up MBB's Maxi Home Flexi?

According to the banker it is considered an OD account on a Current Account, so you will only have 1 personal current account with OD

just got an LO from them and it seems their repayment is a bit weird compared to other banks.

In the LO, it states that the principal amount repayment is the same for the entire tenure, say for example:

Sum borrowed = rm500,000
Tenure = 35 years
Principle Repayment = rm 1,190.5 x 420 months

Interest calculation monthly = rm500,000(outstanding balance) * 0.0445(4.45%) / 12 months  = rm1,854.2

Proposed Monthly Repayment = rm 2,350.8
Principle + interest = rm3,044.7

However, if my calculations are correct, my monthly repayment for the first few years are significantly less that the principle + interest monthly?

Another thing I found in the LO is that there states there is a 1% commitment fee on unutilized portion of Overdraft facility?

What does this mean? Anybody can help shed some light on this?

means whatever amount I overpay, I will be charged 1% ?

As I understand, available funds = amount of prepayment in the OD account.

checked with banker and banker says apparently this 1% commitment fee is not applicable and waived for maxihome flexi, shall get them to insert a clause into the LO or send me black and white.

still a bit suspicious though.

Correct.  In fact the facility code can even be broken down further.

But it's not my fault. Anyway I've declared that this is my 3rd property, even the loan officer well aware on that. She said no problem on that. If 3rd property to be refinanced still not not free from encumbrance, then only MOF 70%. That's what she told me la. All the documentations already pass to the bank. Anyway it's not my job to find the error.