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) 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.
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
Jun 16 2020, 10:34 PM

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