Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

 How much can I afford with my Income - 1st House, Help

views
     
Samuel.Realtor P
post Jun 16 2020, 10:34 PM

New Member
*
Probation
34 posts

Joined: Jun 2020
From: Seri Kembangan
QUOTE(blurbur @ Jun 15 2020, 02:14 PM)
Dear all,

Appreciate if you could advise.. I wanted to own my very first house, with my income and commitment below, how much price of property or loan that I can get from bank?

Some basic about me - 30 years old, live with parents, single not yet married (planning soon)

My gross salary is 4.8K + 300 Fuel Allowance

Commitment:
1) Car Loan - 660
2) PTPTN - 410
3) Health Insurance - 150
4) Mobile - 90
5) Mom - 100

I have saving less than 20K at the moment / EPF Account 2 - 18K

Any idea how much can I afford? and what type of house (Land, Condo etc) if you have any property suggestion that would be great too!

Thank you.

Ps : I live in Shah Alam with my parents, I work at PJ area.
*
First of all, you need to know your debt service ratio. (DSR)
According to the given information, here is your DSR

DSR = Commitment / Net Income

Commitment = Car Loan + PTPTN = 660 + 410 = 1070
Net Income = (4800 - 12% for KWSP & SOCSO) + 300 Allowance = 4524

Your current DSR before buying a new home is
DSR = 1070 / 4524 * 100% = 23.65%

Normally banks will accept the application up to 70% DSR, or to play safe, let us 60% as the benchmark.
60% DSR = 4524 * 60% = 2714
Which means that the monthly mortgage repayment that you are eligible is
2714 - 1070 = 1644

Layman term, base on the given info, you could choose to purchase a property priced at RM425, 000.
Base on 90% loan, your loan amount is RM 352,500
Loan Tenure is 35 years;
Estimate interest rate is 3.7% (This is very conservative interest rate that offers by major banks now)
Estimate monthly mortgage repayment RM 1625.50


Samuel.Realtor P
post Jun 16 2020, 10:45 PM

New Member
*
Probation
34 posts

Joined: Jun 2020
From: Seri Kembangan
It is very subjective to give you a suggestion on what type of property you should buy.

If you are the first-time homebuyer, you may take advantages on the government affordable home scheme like other suggested.

If you do not prefer to buy the government affordable home programs then you could either buy from new housing development from the developer or sub-sale property.

The advantages of buying new housing development from the developer are the majority of them offer low or zero down-payment package, free legal fees and so on. However, during the construction period, there is a progressive interest that you need to pay.

If you are buying a sub-sale property, I will suggest you prepare at least 15% of property price - 10% pay for down-payment while 5% pay for legal fees, stamp duty, valuation fees and so on.

Well, it is back to you.

As an agent focus in Shah Alam area, I would like to share with you that there are many options available to you.

Just spend your time on research and you will find your dream home soon. Cheers!!

 

Change to:
| Lo-Fi Version
0.0177sec    0.35    7 queries    GZIP Disabled
Time is now: 7th December 2025 - 09:25 PM