Mar 23 2016, 08:22 PM
QUOTE(sugarcookies @ Mar 23 2016, 09:26 AM)
Hi I have a few questions with regards to refinancing of a free of loan's completed property.
1. If I become a guarantor, will this appear in my CCRIS and increase my commitment thus reduce my loan-able amount in the next loan?
2. If I use rental income as an extra income to get higher loan however I didn't declare this rental income in my tax. Will this automatically alert the tax officer when I disclose this to the bank?
3. If my credit card application has been rejected recently will this also mean that my refinancing is likely to be rejected too? No reason given for the credit card rejection though. Just wondering whether they use the same scoring system?
I use "I" as the use case to ease the discussion.
Any insight help will be appreciated.
Q1 - No it will not show in CCRIS Detailed report which is the main report banks are using to review total loans and payment behaviour. But if banks do a check on your summary report, they will know how much loans you are guarantor off.1. If I become a guarantor, will this appear in my CCRIS and increase my commitment thus reduce my loan-able amount in the next loan?
2. If I use rental income as an extra income to get higher loan however I didn't declare this rental income in my tax. Will this automatically alert the tax officer when I disclose this to the bank?
3. If my credit card application has been rejected recently will this also mean that my refinancing is likely to be rejected too? No reason given for the credit card rejection though. Just wondering whether they use the same scoring system?
I use "I" as the use case to ease the discussion.
Any insight help will be appreciated.
Q2 - No. Bank do not report to LHDN
Q3 - Have to understand why it is rejected. But considering mortgage is a secured product with property as collateral to the bank, it is likely banks will approve if no major issues on credit history/behaviour.
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