Hi All

Anyone know during covid times how we can know our loan eligibility from banks? Do we just call up and ask or we have to walk in? Is walk in even allowed?

Assuming if you have no outstanding loans, then your monthly repayment should be about 33% of nett salary.

There are many loan calculators in the net which can help to determine the repayment. Insert the various loan amount until you reach the 33% repayment assuming the tenure and interest rate is the same for the various loan amount.

Even when you approach the bank, is the same advise. They can only offer the official amount when you submit a formal loan application.

In the below example, with a loan of 500,000, the monthly repayment is 2,108 for 30 years at 3%pa interest. Your nett monthly income should be around 2,108 x 3 = 6,324.

If you have an existing car loan or ptptn monthly repayment 500, then the loan amount eligibilty will reduce to 380, 000 for a monthly repayment 1,608 (2108 - 500).

Every banks have different risk management, so is better to check with few banks when applying for a loan.

Eligibility is also affected if your existing or past loan repayment record is poor or any outstanding debts record not paid




https://www.propertyguru.com.my/mortgage/ho...loan-calculator

This post has been edited by mini orchard: Sep 1 2021, 10:17 AM