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 Refinancing your property for cash, and credit consolidation

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iamsolucky
post Jul 6 2017, 11:35 AM

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Is below calculation correct for refinancing house ? :

Assuming the house is worth RM400,000, outstanding housing loan balance is RM150,000, interest rate is at 4.6% and Margin of Finance is at 90% of market value

Amount to cover outstanding balance = RM150,000
Tenure = Max 35 years
Monthly Installment = RM719.20

Cash Out Amount = RM210,000
Tenure = Max 10 years
Monthly Installment = RM2,186.54

Total Refinance Amount = RM360,000
Total Monthly Installment
= RM719.20 + RM2,186.64
= RM2,905.84
iamsolucky
post Jul 6 2017, 05:19 PM

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QUOTE(lifebalance @ Jul 6 2017, 11:49 AM)
That will be incorrect.

This is bank DSR internal calculation.
If it passess.

Then it will be revert back to original 360k 35 years tenure which is RM1726.

However, there are some unique financial institution like AIA for example, which the internal DSR will calculate as 35 years instead of 10 years. Which makes the refinance process easier as the DSR will pass easily.
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May i know maximum how many percent of commitment / income for AIA when applying loan ?
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