IINM refinance will affect your DSR, since the new refinancing loan will be considered personal loan and eat up your DSR. Please correct me if I’m wrong.

https://loanstreet.com.my/learning-centre/1...nancing-cashout

Question:

1. If I just changed job and have been working in my new company (MNC to MNC) for a month, will it affect my loan application? If yes how long does it take to stabilize from bank POV?

2. Is the 2 months contractual bonus taken into account for DSR calculation? Or banks will only take nett income each month?

3. I’m currently serving progressive interest for another property, paying only like 30% of the future monthly installment. Banks will still calculate my DSR using the full monthly installment right?

4. Will credit card limit (with minimal utilization) eat into your DSR? Let’s say someone have 3 CC with 50k of credit limit in total, it will be considered a 50k loan from bank’s POV right?

5. Is the bank’s DSR % a hard limit? Let’s say our DSR after taking up the loan is 75% and the bank only accepts up to 70%, will there be any room up for negotiation?

Or can we offer to pay higher DP (>10% DP) for some leeway? Will the bank ask us to pay more DP in case loan can’t get through or do we have to tell them upfront how much loan are we getting? Because once your loan get rejected it will be very hard to Reapply again with lower loan amount.

Thanks everyone.

This post has been edited by victorian: Jun 29 2020, 11:48 AM

Double post

This post has been edited by victorian: Jun 29 2020, 11:48 AM

If you have the cash, always go for the one that gives you the lower interest.

Remember your end game is to have more money at the end of the 35 years. The small difference in interest can make a huge difference after 35 years.

Unless you do not have the cash for the down payment, then you have no choice but to take the 100% loan.

When is your house ready? If 2-3 years down the road then you’ll still have time to save up for the renovation cost.

Of course you can withdraw from EPF acc2, it’s yours own money at the end of the day.

I don’t think you can appeal, 300k is not a huge sum.

No you cannot put the full outstanding amount inside, you will be penalised for early settlement.

Let’s say I have a credit card with limit of RM15k, my credit card statement date is 5th of every month, statement due us 25th.

If I swipe RM10k on 3rd of the month and my cc amount due is 10k on statement date, will it show up in my CCRIS? what if I pay fully before the statement due, will it still appear in CCRIS?

Asking this to avoid any chances of affecting my credit score during loan application.

This post has been edited by victorian: Jul 15 2020, 11:34 AM

I think it depends on what kind of data the banks send to BNM. Is it the credit balance? Is it the amount payable in statement? If I settled my bill on time but it is after banks send their data to BNM, I will still be considered having that debt?

For joint loan, is there any weightage in DSR calculation or it will still be considered 100% loan under your name?

What I mean is after the joint loan purchase, will the second purchase consider that The first purchase joint loan as a 50-50 loan instead of a full loan.

E.g: first house is purchased with joint loan, with a monthly installment of RM1.6k per month. When buying a second house, DSR calculation of the first loan will be taken as 1.6k or 1.6k/2 since it is joint loan?

Thanks.

There’s no point paying extra during construction period. It’s considered advanced payment and will not reduce the principal.

When you do top up loan/refinancing, it will be considered a new loan submission and you have to pay for the legal fee, stamp duty, MRTA and others again.

Please correct me if I’m wrong

MRTA mostly compulsory

Yes, when you buy insurance, you can lower your risk and the bank can give you a better rate. Also they have commission to earn from the insurance provider as well.

Borrow the maximum amount you can get, try to use as less cash as possible when buying a house

Mortgage loan will always be higher than fixed deposit or savings in the banks, the spread is how banks earn after all.

Mortgage loan is one of the cheapest loan out there, where else can you borrow such a huge amount with such long repayment term. That’s why if you can, borrow the maximum amount with longest tenure.

Even if you don’t feel like holding so much cash, you can always dump back into the account to save the interest or to pay up the mortgage loan if you feel like it.

But if you borrow 70%, if let’s say you need money in the future there’s no way to get the extra cash, unless you refinance (which is extra cost).

A. Banks can give better rate the higher the sum that you borrow. If you borrow 200k only the rate might be unfavorable to you.

You have 3 years from the date of SNP to withdraw from account 2.

However your withdrawal amount is only 5%, not 10% as the other 5% is not paid by you.

Banks usually don’t recognize contractual or performance bonus (some do).

With 10% dp, 400-500k loan is manageable.