I'm 21 and I've decided to get a property a month back and eventually found a property worth 400K, I've managed to spare the 10% as well. When I processed the house loan with Maybank they said my ccris score is bad since I'm fresher so they offer me 5% intrest rate, Is it a bad idea to accept this offer ?

And so 2019 has the SPA exemption.

This post has been edited by xboxrockers: Nov 22 2019, 11:58 AM

Too high...on average should be around 4.2 -4.5%.

very bad idea... stay with parents first or rent...why the rush to buy property at your age???

I guess if financials are stable and it wouldnt burden you then it would be wise...

If not, then renting is just paying someone else's loan I feel.

too soon, junior. next year or two, property will be cheaper, I mean a lot.

hmm some get 3.5 already nowadays, off course with good ccris ctos record.

why what makes you think that ?

the monthly payment is not burdening even with the 5%, but just wondering am i gonna like waste paying on interest, my relatives were was like advising me to proceed with the 5% mortgage as they think property price won't go down anytime

That depends on you are getting the house to stay or as an investment.

Please apply a few banks and do a comparision

the property is a new development, as so they had public bank and Maybank as the choice. PB is worse they said without a joint they dont want to offer.

Property market going to crush in coming years trust me, then the property price will be cheaper in few years to come.

anyone can say that la, give some reasons pls

There are a lot of unsold units out there and developers does not want reduce the prices. And banks are offering people less loans and some with loans that has high interest rates because because bank is not willing to take the high risk. The rate of loan of rejection is quite high.

Additionally global economy is also not doing that good and have slow down. This has impacts on our country economy as well. Many people are thinking a lot before they buy anything or making investments.

All signs are there. But then again, it's your money.

And also, no pain no gain. LOL. good luck there

as long as u did the correct research and studies... its okay to proceed... alot of statements here are about the general condition of prop market... there are good performers even at new projects these days... its just that the bad ones are everywhere... the good ones are damn limited....

I thought the government is doing stuff to help developers sell their houses?

Time in the market, don't time the market.

A recession is not to be feared, rather. Welcome it. It is part of a healthy economy cycle.

Yup, but not much impact. That is why the government lowered the minimum amount that a foreigner can use to buy a property in Malaysia.

as such these kind of open purchase opportune, how would you expect the property price to fall?

For own stay along with parents.

Nice, yep I am giving a thought as well, might need to work on my credit score by probably getting a credit card and paying them off all on time. Then probably get the property. Just that worried as a year pass by might see a hike in the price and finding a suitable and liking property in future.

I wouldn’t worry about another boom any time soon

if u got cash, build ur credit profile first and look for subsales also a good idea

Normal for parents to buy property using children's name now. I did it too.

But my case is other way around. I'm buying myself on my name.

Just a general comment from my working experience.

Salute you. Your parents must be proud of you.

if good thing then you will see a hike on the property or areas you like... if the property not really having any good potential... then u will see more discount and freebies come out by the year passby...

The vicious cycle of irony, and we're the victim.

if holding power is good, then source a good deal.. i bought my place at an early age too around the start of 2018 at a flexi rate of 4.5, now its 4.25..

the interest rate of 5% is somewhat about there in the market, although i do think u could find a little bit lower..

another option you should consider which I am too also for investment purposes are auction properties.. you can really find some goood deals in the lelong markets now..

Maybe you can apply a credit card? This will help you get lower rate from bank because tis shown you are ready to commit any loan