As per the title, my nett income is rm4800, current commitment rm800 for car loan. Lets say if my house loan approved, is it advisable for me to commit rm2500 house loan installment?

you can live with RM1500 balance? other spending. that suicide man.

condo?
maintenance? water electiricity...
car maintenance?
gg

btw..i foresee loan being rejected as well

This post has been edited by sunami: Oct 3 2018, 11:24 PM

Ya i know.. i have done some optimistic calculations balance Rm1500 is very hard to survive..

Let it go bro, there are lot of things you should consider. too risky. or go consult with registered financial planner.

nope is subsale landed.. even though i have some savings enough for the 10% downpayment and SPA fees, i think i better follow the rule of thumb which is no more than 30% of nett income..

Will do bro.. Thanks for advise

30% is ok..but....
30% of 10k = 3k
30% of 4.8k = u do calculation lo..lel

ur monthly commitment or dsr < 60% so u do the maths...
loan will be rejected even before u got the chance to pay installment.. lel

my gf did offer to joint loan with me so that we have higher chance to get loan approve.. hard to let go because we both liked the property very much

if you can afford..go ahead..is a good things to start...
do you know what's time to buy prop?
not bubble burst time...
is the time when u can afford!

Thank you for advice mang .. i will discuss thoroughly with my partner and parents

i don't think that's an issue. it depends on how you managed your money only.
i committed to my first house @ 1.6k monthly when my nett salary only 2.8k
and currently committing to a second house @ 2k monthly, current nett salary 5.6k

i'm pretty sure your salary will go up every year right ? the only gamble is the interest rate. if it goes up, you pay more. plan ahead and do your budgeting wisely.

but your scenario is better than me.. 1600/2800 is only 57% DSR.. on the other hand mine is 3300/4800 is close to 69% which leaves me very little space to manage my balance money well

haha.. slightly better only la. just recently got a bit increment only. else DSR similar to yours also.
i'm taking calculation based on both installments. atm. 64% it's suicide i know but it might be worth later on.

but things to consider is, your car petrol+maintenance and your future maintenance + utilities for your house
so yeah... see what you can reduce lor. do a projection of income - exp for next 3 years +/- inflation all
if the figure you get is not so ideal, then i suggest you try to go for a lower priced place

sure bro, appreciate your advise

I don't think joint loan is a good idea. Anything happen later, payah ooo mau setel.

Dear bro, do u mean in case we broke up hard to settle isit?

Depending on banks, since your salary is more than 3k, they will allow 75%/80%/85% DSR
Maybank allows 85% from what ive heard

thanks for info bro.. but 69% also killing me edi.. RM1500 balance minus off spending like food petrol life insurance etc i just left RM300 every month

But since my gf (waifu material, she is the one ) is being supportive and take up a portion of the house loan installment then i think its possible for us to own the house

maybe you can break down the spending amount each month..and from there you can minus or deduct the spending..
so that you can have more saving for emergency usage..

yea below is my breakdown..



This post has been edited by SejukCerita: Oct 4 2018, 11:10 AM

cant view wo..

paiseh, edited post

this! haha.. i ran a spreadsheet updating my budgets every 2-3 months for check and balance.. haha
best practice XD

whoaaaa..not much left... i remember last time i'm left with 50-100 every month after deducting all expenses... saved 2-3 months.. then something came up... all gone lol.

hmmm
is kinda cekik...
not to forget...
ur car maintenance (road tax, insurance, service, part like tyres, brake pads)....
house bill,cukai quit rent indah, fire insurance, maintenance (if G&G)

btw..rm230 enuf to makan ar?

where is the house?

Ya will need to cut down from misc cost... Rm250 cukup makan geh.. my working area can find very cheap food

Btw it's cradleton ecomajestic

semenyih? where is ur working place btw?

Hi bro, yup semenyih. My working place is balakong area

Don't do that. You will cry before 1st year. Spend what you can afford. Balance of RM 1k+ monthly, not including makan, petrol, etc. Unless you have other side income.

hi bro, my partner offer to share a portion of installment with me.. so with luck i have a little bit more of balance. please refer below is it healthy?

I think rule of thumb of buying a property is

At this era
Unless you ve decided to stay in that place until you old, do NOT buy just rent enough.
And dont spend more than 20% of your net worth.

The last thing u want is to paying so much amount per month and your life/emotional crumble

Thanks for the input.. the reason why we (me and my partner) are so anxious and eager to buy the prop is because:-

1) we prefer landed prop
2) house price increasing every year and hard to find similar price tag though market seems to slow down and stagnant now
3) the quality of neighbourhood.. not too 'chap'
4) decent value for money (in terms of living quality) imo

we human buy something because of emotion and we justify with logic

unless unless UNLESS you can make sure your income grows at least 10% annually
then its really not the right time for you to buy a house

if your gf can join loan why not join pay the installment? 20-50% maybe

true.. i have to admit i am not quite ready to own a property of that price tag financially and emotionally.. maybe i need to lower down my expectation to maybe around 400-450k ish

she can join to pay loan together but her extra cash per month is rm500 only

sometimes we tend to ignore the emotional side of us and think think think logically
at the end, you know what? it explode

the truth is like i said we do stuff emotionally and justify with logic


we all need vacation, eat good food, shopping, buy stuff that make us feel good
and you look at your budget
do you include any of these?
ask yourself are you really happy at the end of day

unless u can make sure your income go up 10% every year, then its not the time, sit down and discuss with your partner, maybe its not the time yet

Looks like you gotten the numbers in order. But then, noticed the word 'GF'. Now, if you live long enough, i'm sure you bound to hear stories of house issues due to partners splitting / etc. If you're very sure of the partnership i.e. marriage in near future, then congratulations to you in advance.

What i'm trying to say, anything can happen. Weight everything properly. All the best.

thanks bro for sharing your thoughts and concern.. i will think it through

yea i did heard about some of these cases.. and yes i am very confident with our partnership because my gf is not materialistic type and more of a family woman type. in fact, purchasing a house is the first step of our life plan --> get married --> having children. at least thats our modus operandi at the moment..

And thank you kind sir for you advise

Where is your budget for:

1. car maintenance/insurance/road tax
2. house insurance/maintenance/renovation/furniture/electrical/Security Fee/
3. New HP every 2 years
4. Money to parents & GF/Wedding/Kids
5. Cloths/CNY spending/Bday Celebrations/Ang pau wedding dinner

etc........selling spring pocket also not enough........haha

so nice no need give money to parent

1. i poorfag drive mybi je i think should be ok still can manage
2. i will lower down my budget and see how it goes
3. not much of a gadget fan, still using old samseng phone and going strong
4. parents say if i really keen to buy house then no need give.. my father owns an orchard and have some stable income even though he's retired.. i feel like crying because they are so supportive and i couldnt provide better life to them (previously i give rm500 for utilities fees only as they ask me to save up for house and wedding)
5. i dont really spend that much for CNY cloths haha.. and i seldom attend wedding dinner unless is my close friends

one question..when you finish paying your car?
if sometime near...this should do-able...since you can free up the car installment soon..
jz tahan abit..haha

Hi Bro sunami, not so soon ler.. still got 4.5 years to go

If i want to get the consultation from registered financial planner, how about the services cost?

btw..do u have savings after you purchase this house?
i mean -minus all the d/p and those fees...
opt for flexi loan..it might ease your installment if your bank have certain amount

not really.. i only have 50k+ savings and plan to withdraw epf for the balance. now that i see many sifus suggest me not to overdo it, i think i ought to lower down my budget edi

First of all, congrates TS for moving the first step. For me, its depend on you, with the remaining balance whether you can survive till your next pay day. If the answer is yes then proceed. I am at the same stage as yours. But I will pay by my own, and TBH not much cash left after housing loan is paid. Hopefully i got better increment in near future.

thanks for your kind words brother, perhaps this is a way to force ourselves to grow and gain more earning power in order to cope with our spendings and commitments.. all the best to you too!

your situation most likely like me. my current salary range like you and also i have a study loan + car loan that total around RM900 for now. But i already buy new cheaper apartment at melaka that monthly is just rm700.. other than that, my salary goes to my own daily spending + my parent at hometown.. but still, planning to get 1 more house in kl since now i work at kl and rent here..huhu

No problem. For me, money we spend in travelling or unnecessary things are wasting our future money. Save more money, to spend it on family (kids/house/etc). Currently waiting for year end bonus, dumping them all in housing loan. I am with semi-flexi though. If anything happened need me to withdraw, i might withdraw from money saved in housing loan

Food Rm250 for a month really can ? Teach me sifu

good for u bro.. i recon your apartment in melaka is bought for investment and have positive rental yield since your r working in kl right?

can.. but note that only for lunch. zap fan and noodles cost around rm5 per meal here near my working place.. dinner eat homecook food

oh so homecook is free ?

im still staying with my family now and my father is paying for family expenses.. so u can say that.

not that im proud of being a freeloader as i only give rm500/mth previously