Due to covid, was retrenched since last year.... but i do have alternative income from rental of about RM 5K per mth(with tenancy agreement).... but not too sure if banks allow ppl like me to take a housing loan of about 500K to buy a new house for investment?

Contacted a few bankers.... but all don't layan me.... straight up say our bank don't accept client like u! ok lor.... i'll ask around....
Got 1 ask me to join name.... no lar.... this is my prop why wanna join name.... then got 1 banker say i need assets and cash of 1 mil to apply loan... lol

So anyone can advise on how to go about it to apply housing loan using rental as my mthly income?

those bankers nvr did ask about if its fully paid.... but since u asked....Yes, its fully paid.... total 2 properties.
So technically it should be considered a mthly income... no?

This post has been edited by Afterburner1.0: Aug 16 2021, 12:55 PM

those properties fully paid off.... and i do not have any other housing loan....still consider high risks?

Part 4, im not a prop tycoon... no point setting up a prop investment comp.... unless i got 50 props under me....
Mind sharing which bank accept the above criteria....

Based on all ur comments got me thinking about these 2 scenarios for discussion sake:

A. Employed
- Attached to a company
- Some need to serve 2 or 3 mths notice if terminated or retrenched/ some 1 week if not confirmed in his/ her position.
- Earning gross salary of rm5K per mth. (got EPF, got LHDN)
- Only got a 3 yrs car loan to pay.
- Got 1 property fully paid.
- Age:30

B. Not Employed but has rental as monthly income
- Not attached to any company currently coz was retrenched last year.
- Tenants need to serve 2 or 3 mths notice if termination of tenancy agreement.
- Earning gross rental income of rm5K per mth. (No EPF, No LHDN)
- Only got a 3 yrs car loan to pay.
- Got 3 properties fully paid.
- Age:40

Objective here is to apply for a housing loan of 500K for 30 yrs to buy another property.

As per the above scenario, i think its illogical for banks to prefer the employed VS the not employed but has rental as mtly income, kinda obvious which one has a stronger financial background .... so what do u all think?

No right or wrong answer, just wanna learn from this because many of us dream of retiring early with many properties to collect rental from.... so how do these "retirees" manage to get bank loan just from collecting rental? Whats the threshold of their rental that will open a bank's eyes? rm10K per mth?
These "retirees" can't be all buying cash.....

Also its a known fact that some banks prefer self employed or free lancers to employed..... so which banks are for "retirees" friendly? (retirees here means these ppl are deriving their mthly income from rental of their properties, they maybe just 40+ yrs)

For past records banks can always check CCRIS, to determine if he or her a bad pay master or is currently burden with other debts .... so many of the feedback here say a person need to have a steady income to get a HOusing loan.

My curiousity here is why banks do not take rental income with tenancy agreement as a stable income, can further back up with bank in statement as well for past 1 yr as proof its a real deal.... if they do not recognised rental income of rm5K per mth for a 500K loan then what is the threshold? RM8K rental income? Why do they discriminate a rental income from a employee.... both can be terminated by giving notices. Any diff?

From past records which is clean, zero credit card debt (all settled in full every mth), serving no other loan and with just a car loan of 3 yrs ( still serving got about 2 yrs left) this is still not eligible enuf for banks? if yes, why? any bankers can explain? whats the logic behind? really wanna know how u all "discriminate" ur potential customers.... lets reveal the logic behind.... and learn together....

This post has been edited by Afterburner1.0: Aug 20 2021, 10:14 AM

Let’s be honest , who pay taxes on rental in Malaysia ? After all the allowed deduction it’s prob very little left to pay …

My logic tells me u can have consistent rental income for 30 yrs no issue …. That’s one of the reason why ppl buy property to put up for rent n take a loan of 30 yrs ….

Mind sharing ur total gross rental income that ur earning per mth ? Since u pay taxes …. Ur a rare diamond in the haystack …

Times have changed, nowadays ppl in their late 30s or early 40s alredi become a landlord with a few houses under their belt …. Those r the ones that wanted to retire early in life … not working for money but let money work for them …. Then again, what’s the definition of a high net worth individual ? Owning 5 houses all fully paid but don’t a permanent job but collecting rental ? Any bankers willing to share ?

Sadly the mindset of bankers have not change still very old fashion n assume that one must be old in age or retired to be collecting rental.

Need to be more open n don’t judge based on ur own assumptions ….. high net worth individuals also need to loan money to make money ….

its 3 properties.

mind to share which bank? how many yrs loan and the amount?

how much tax r u paying with rental of 2.8K per mth?

yup, yet no banks wann to provide any loan to me.... sob sob....

This post has been edited by Afterburner1.0: Aug 23 2021, 11:01 AM