Anyone can advise, with current tight loan from bank can I secure my second property ?

Below is my commitment :
Rm 680 car loan - still have another 5 years
Rm 1119 house loan - still have another 37 years
Rm 350 ptptn loan

Below is my income :
Rm 5900 salary after deduct epf, pcb and soso
Rm 780 from rental, I lease out small room and medium , I stay master room.

And I plan to buy second property around rm 700k. I'm 31 years old.

This post has been edited by MyHeArtb3Ating: Jun 20 2016, 08:02 PM

depends on your age also....maximum loan you can take is until you are 70 years....so if you are 35 now...you still have 35 years and for 700k easily the loan monthly is about 3k....between 5.9 + 780 not even reach 7k bro....why you wana commit so high...if you are looking for investment.... you can invest in cheaper unit maybe for 500k....still can get a good property for that price....if you dun mind pay all your salary for loans then you can try lerrrr

sorry din see you put your age dy....waaa 31 years already 7.2k...what job you do if you dun mind sharing

Software engineer, after deduced not even Rm 6K

cannot la

too bad then, maximum loan around how much ?

For your rental income, you will need to have a tenancy agreement as proof.

Well will need to look at your actual paperwork before I can comment

700k prop price or loan amount would be 700k?

if plan to take loan up to 700k, your dsr already 83%.
( instalment around 3,270 for 35years. )

the answer is NO. try to maintain DSR at 70% - 75% below.


besides rental, any saving / cash reserve in hand?
any credit card?

with your nett salary + rental income. maximum loan u can take up to 520k +/- only.

go for RM500K for investment.

alternatively, need to join name for RM700K

yes...true

why????

depends on purchase price

700k house he need to pay around 3k loan repayment per month.

i think ngam ngam can because he had tenancy showing income rm780. thats helps alot

Bank care about that?

report under LHDN, captured as revenue. and yes, bank do take note

last time i also submit all my FD, Amanah and share record for them as supporting

Dunno he got pay tax la. If no, no one care.

sure or not, no one care?

LHDN very cekap

What I mean does he report it as a income to LHDN? If no, bank wont be able to know, no prof.

he must pandai pandai lor, cannot spoon feed all, haha