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 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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trance00
post Feb 29 2016, 09:43 PM

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Hello guys. I've a got a few queries and would really appreciate any help or opinion you guys could offer me.

I'm a Malaysia working in Singapore and currently looking to buy a house in KL an im wondering what is the realistic maximum amount i might be able to loan from the banks, if i am able to get one at all.

A little background of my earnings and commitments.

1. Gross Salary S$4000 before CPF. $3200 after CPF.
2. Non-contractual bonus of about 1 month.
3. Currently paying off a personal loan. Monthly installment of S$900 with 1 more installment to go.
4.Some CC debts at about S$4K. Been paying the minimum for some time now. This has to do with cashflow tongue.gif
5. I probably have 0 credit history in Malaysia since i've never really lived in Malaysia for any extended amount of time.
6. I'm 34.
7. I will have my own house here in Singapore, but it's will completely be paid out of CPF so it doesn't cut into my current net income of S$3200.

Please let me know if you require further information and i really appreciate any feedback.

Many thanks.
trance00
post Feb 29 2016, 11:08 PM

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QUOTE(lifebalance @ Feb 29 2016, 09:55 PM)
You can loan up to 1.5m based on your info. ( provided you pay off the personal loan off for 1 more month )

Feel free to drop me some info on the property you plan to purchase
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QUOTE(Madgeniusfigo @ Feb 29 2016, 10:23 PM)
Dear trance00,

1.  Based on your income, with exchange 2.5X of your Sing dollar. Rm8k/month your max loan eligibility is RM1,185,000 for HLBB, for other banks do refer to section right bottom yellow highlight.

2. Since you have no debt, there's chances for bank to finance you only 80% margin of finance. However no fear as there's way to get 90%.

3. You would need to provide me with your bank statement to show your strong saving, loan documents of loan you have at singapore and etc.
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Many thanks to the both of you for the speedy responses.

I'm budgeting about RM3.5K in monthly installment for a property. Not sure how much of a loan i would need.

@ madgeniusfigo

The fact is i've got no savings. They all went to beer sad.gif So what would you reckon the my chance would be now? Although i should be able to free up quite a bit of cash (at least S$900) after my final loan installment in the coming month. Not sure if this would help but i actually don't contribute to Malaysia's EPF.

Also, may i please clarify on the provision of loan documents in Singapore? I don't actually have any meaningful loan taken up in Singapore. The most i've ever borrowed was this S$10K loan last year which i repaid over the last 11 months with a final installment to go. Is the repayment advice/statement any good?

Many thanks again. Very much appreciated.
trance00
post Mar 1 2016, 12:00 AM

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QUOTE(lifebalance @ Feb 29 2016, 11:12 PM)
If you're budgeting around 3500 per month maximum, the property price would be around 739k maximum

Supporting documents are important such as savings and etc in Malaysia but not compulsory. It will help you during the loan application phase. But if you show to have good management in your monthly spendings then you'll be alright.

The repayment history would be good since it will show your prompt payment history. Especially you mentioned that you don't hold any repayment record in Malaysia.
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Many thanks again for the information!
trance00
post Mar 1 2016, 03:16 PM

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QUOTE(lifebalance @ Mar 1 2016, 09:28 AM)
You're welcome, I look forward to hear from you soon trance00 smile.gif
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QUOTE(Madgeniusfigo @ Mar 1 2016, 04:12 AM)
Dear Trance00,

1. all went to beer... hahaha biggrin.gif , I do have this issues before! hahaha. I think we can click very easily.

2. For repayment RM3500/month, 4.5% interest and 35 years loan tenure. Purchase price of the house would be RM820,000 , Loan would be around RM738,000.

3. DO provide any loan documents or debts that you have before that in Malaysia or in singapore.

4. Any supporting income would be welcome:

a. Fixed deposit
b. Shares dividends
c. EPF
d. Bank statements summary

5. Anything related to payment of the loan would help you in securing your loan, do provide along.

6. 4. Background (borrower)
a. Occupation
b. age

7. in case worst come worst scenario, any family members in malaysia whom have debts, would be able to joint borrow with you or act as guarantor?
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Many thanks again to the both of you. Maybe we'll get in touch for a deeper discussion when i visit end March. Cheers
trance00
post Mar 1 2016, 03:53 PM

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QUOTE(lifebalance @ Mar 1 2016, 03:20 PM)
You'll be dropping by KL ?
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Yeap. Gonna look for a house. biggrin.gif
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