Generally, 5k should be able to start if you have no other areas of legal debt repayments (PTPTN, PL, CC, HP)

Then add another 10% of the monthly repayment to pay for fixed maintenance and that is the total fix monthly commitment.

If you have cash savings in FDs, then pay more upfront and borrow less. That will reduce monthly repayment. Some may advise to invest savings in other areas to generate better returns, but that is up to individual.

Avoid taking out from epf at current interest rate.

Bear in mind that bank is in business of lending money and they can also auction off the property if borrower default.

Borrowing is not always bad. Is just wherther you make the correct decision.

On the assumption you need the property for whatever reasons other than to collect rent, a 500k property is nice to have but can you be satisfied with a 300k property ?

This post has been edited by mini orchard: Mar 1 2022, 09:11 AM

But I believed your salary have also increased by at least 1k as of today.

You dont have to be a slave to the bank if you plan right.

Either rent or buy, if not staying with pama.

Bank loan guidelines are based on everything maximum.

If margin of financing is like 70%, shorter loan tenure and type of property, a lower salary threshold is not an issue. The bank will weigh the risk of % recovery b4 approving.

If borrower leaves all to the bank to take risk, chances of rejection is high.

That why some forumers mentioned they are able to get a loan with a lower salary.

Prior to Covid, The Edge Property regularly conduct free seminars for public on many topics. All speakers are industry experts in their own rights.

Have lucky draw .... once was a free Axia, free makan in hotels and souvenirs .... past property magazines etc.

Now all zoom.... sad. Missed those days.

How long to reach 8k salary ?

Honestly, if you have 8k then, would you buy that property or a 'better' property ? Maybe bigger build-up ? Better view ? Higher floor ? Corner unit ? Or another location ?

This post has been edited by mini orchard: Mar 1 2022, 06:11 PM

Exactly.

Then have to work harder to reach 10k.

Is normal buyers decision because we cannot always afford to sell and buy again like a 10k asset and the next capital commitment will be higher and family expenses also increase.

This post has been edited by mini orchard: Mar 1 2022, 08:38 PM

Not everyone can buy properties overseas. And is not something that is listed in ebay ... click buy and charge to CC.

Dont have to compare overseas. If one is in JB, to buy a property in Penang is not simple.

If people stop buying or just rent only, how do one intend to liquidated the property even if is overseas. One cannot hug it to grave.

People buy for various reasons. High price and cheap rent should not be the reasons people stop buying as long the purchase is not a burden but manageable and the reason to buy is because of personal reasons rather than not to buy because rent is cheaper.

If every decision in life is financial, nobody would go for holidays. Everyone will stay home and watch Utube and eat popcorn.

This post has been edited by mini orchard: Mar 2 2022, 07:37 AM