Hi all sifus,

Newbie here need advices from you all.. My wife and I am considering to buy a new condo for own stay, with est loan amount of 670k. Our joint nett salary is around 8.5k per month, do you all think we have overspent with this salary? And with our current situation, do you all think it's the time to buy now or wait later? Really hope to get some insights from you all, we've been trying to read up/ask around as much as we could.

The monthly repayment should be around 33% of nett income. In your case 2.6k ...ok.

There is no right time to buy a property for own stay. Buy when you found the "right" property within your affordability.

Find RM400-500k only. Dont buy 670k because you think combined income is big enough. True for today but kids later will grow up need money.

Sorry all wrong calculation.. Est loan amount if 575k amounting to around 2.3k monthly repayment. Is this amount ok?

Any amount less is ok ...NOT more.

This post has been edited by mini orchard: Aug 19 2020, 02:45 PM

thats just your loan bro. u need to include maintenance. u get 2.3 because the interest is low. when its high. its easily 4000/month just to live in a 600k condo. your joint income is only 8.5k dont dream. be more realistic.

This post has been edited by godhand: Aug 19 2020, 02:37 PM

Definitely overspent in this economic climate. should aim for 400-500k. don't forget you still money to pay for downpayment, lawyer fees, renovation costs etc.

last time my gross income around 11k/mth i already feel stressed to pay 500k loan installment
but i suggest you to aim for higher price of property to avoid monkey neighbours


This post has been edited by liyanakahar: Aug 19 2020, 02:43 PM

Wow at this current economic conditions, i will say u have balls of steel. I also have same net income and only have RM150k housing loan from 10 years ago, yet i feel cold feet sometimes.

Thanks guys appreciate your comments... Perhaps we should reconsider

Please take a bit of time to re-evaluate your finances, especially your average expenditure each month. If you're earning 8.5k and spending 8.5k, it doesn't make sense to commit to a loan.

To be safe, if you're looking to purchase a property, make sure that even after you've factored the monthly repayments into your expenditure, you should ideally still be able to see 1k - 2k savings each month.

Please allow me to ask in this thread for opinion as well.

I am looking at a landed DST in klang valley going for 1.2m down from 1.3m according to agent (Checked on multiple sources the range was between 1.2-1.3m for the past 2-3 years).

Plan to loan 980k . Income varies from 18k-22k, good month close to 30k. 30y loan 4185/m, 35y 3826/m.

Landed dst seems difficult to haggle down.

No one can predict the future ... but am you, I will go for it.

If your expenses is not high, you can have good savings for rainy days ahead.

That’s what I think as well.
Would you consider a 35 or a 30y loan based on the monthly differences? Full flexi of course

35 years. Lower installment and you can always dump in money if there is extras. Seldom do borrowers complete the loan tenure ... many would have upgraded along the way.

Previous 2 properties ... 10 years each.

Current ... 11 years ... oredi thinking to downgrade.

This post has been edited by mini orchard: Aug 23 2020, 04:49 PM