Hi guys i will be planning to purchase my very first home and its a rumahwip located in Danau Kota. (Vista Saujana). Price is RM300k

Have already submitted my loan application to Maybank, MBSB, and also RHB hoping for the best to secure a 100% loan.

Currently i do not have any commitment or whatsoever asides from PTPTN which i will pay around RM350 monthly.

My salary is around RM3900 (gross) Rm3400 (after deduction per month) and working in the IT industry.

Been working for a total of 2 and a half years since graduation.

I do have a Hong Leong bank credit card as well which i applied few months ago in preparation to increase my credit score for property purchase.

So what are the chances do you think i will be eligible in securing a 100% loan?

most probably 90% loan which is the standard. 10% just make personal loan if u don't have savings. I used to fork out additional 100k (get from personal loan) because can't get 90% loan. House price 1mil & only have cash 10% (100k). that time covid mco lock down all banks only dare to offer me 80% house loan only. so I get the additional 10% which is 100k by using personal loan.

u can only get 100% loan if developer jacked up the price when they declare it to the bank (to cover the supposedly 10% down payment). example house 300k. 10% d/p is 30k. devoper declared house u buy is 334k. so the loan which is 90% from the 334k is 300.6k. this way it will cover your 10% d/p & u will get additional 0.6k from developer when u collecting ur house key later. the drawback, need to pay higher monthly installment due to higher loan amount.

This post has been edited by xswatch: May 31 2022, 04:46 PM

1. Credit card, since you had it few months ago, your credit scoring is technically nothing.
2. For a 300k loan, plus 100% full loan..indirectly telling me you can't afford the 10% down payment. what do you think the bank will say? bank normally give 90%. 10% is to prove you are financially sound.
3. Assuming you are getting 100% loan by some luck, chances are your interest will be damn high. 3400 (Net Salary) - 1280 (installment for 30 years) = 2120.

in conclusion, even you got your loan approve by luck, you will be damn broke, not to forget cukai pintu, fire insurance, maintenance and sinking fund, indah water bill, inflation, renovations...i don't think you can afford to keep the house in long run.

This post has been edited by mypalm79: May 31 2022, 04:54 PM

In your opinion what salary range do you think will be the best to purchase a house around the 300k range and able to afford it in the long run?

If not mistaken , Rumahwip you can get 100% loan if your salary is below rm5,000.00

or using Skim Rumah Pertamaku,

“Skim Rumah Pertamaku helps young, first time home buyers to obtain up to 110% financing for property purchase price up to RM300,000 or up to 100% financing for property price more than RM300,000 to RM500,000 for their first residential home”

There is also a few points to debate as highlighted above:

1) All banks sees your profile differently. If A reject, try B, C D. It’s normal to shop around . Bank knows that not many can afford the 10% DP.

2) Affordability , as some mentioned, if approved full are you really ready to own it? With so many bills to pay beside house installment . If it’s for investment, are you ready to furnish up the house to have a decent amount of rental? What about paying for few months of installment assuming you don’t have tenant?

But for the interest rate , is normal to be higher because of the amount you borrow is not high. There is a topic discussing about rates, so check them out.

So if you have them sorted out, you should go ahead 😊

i am earning 5 times your salary, back in January, i took a loan for a house worth the same as yours. i have a credit scoring of 727. and yet for the first time, bank request for my FD statement and it took me 14 days to get my loan approved after submitting many documents. Last time, i get my loan approved in 7 days. Getting a loan is slightly harder now. i cannot imagine paying 1280 every month with a net salary of 3400. Sorry to be hush but i am just being honest.





This post has been edited by mypalm79: May 31 2022, 05:21 PM

technically you are right, but trust me, developer will prefer those who can get the loan easily and less hassle, plus bank prefer to give out loan to those who are more financially sound. i just sapu a unit from a young applicant who have tried 3 banks. WIP or no WIP, developer wanna sell it fast, bank want their investment return. Plus developers are pretty desperate now.

This post has been edited by mypalm79: May 31 2022, 05:19 PM

As for the installment, my father will be helping me by paying half every month as he will be staying together with me so i do not think i will have any issues with the installment itself together with the bills and everything.

For the Skim Rumah Pertamaku is there any registration needed?

If it’s in that case, it seems good to go😊.

You can check out this link
https://www.srp.com.my/bm

Go for it. Getting on to the property ladder is the hardest. Once you are on it, your next step is easier provided you don't default on your current loan. You took any part time job? Do you have other income? Got any Fixed Deposit? Declare all to Bank but don't cheat.

I do not have any part time job or whatsoever but i'm actively trading in cryptocurrencies especially NFTs having a total value near to RM60k currently. i think this will most probably considered as my part time secondary income

This post has been edited by Kennchew: May 31 2022, 06:29 PM

Skim Rumah Pertamaku is quite easy get 100%, just make sure no properties under your name and monthly gross salary below 10k.

Make sure all your documentation is tip top and readily available, CCRIS clean, CTOS clean, salary slip, employment confirmation letter, investment/savings statements (don't think crypto is accepted by FIs atm)

Yup, but I heard from a local YouTuber that Rolex somehow accepted. Not sure how true.

If have Rolex, why apply under Skim Rumah Pertamaku?

It’s not about SRP, it’s about bankers pov.

I don't think FIs will accept ownership of Rolex for loan approvals, how to confirm ownership? Banker send their exec to do legit check? Every 3 months bring Rolex to bank branch to proof Rolex still owned by same owner? 😂

Can try check your ctos report

Haha ya lo. I also dunno how. Bring the watches for them to see, “ nah, my collection of watches worth 500k” hehe

most likely can.. depends on bank though

Update: Just managed to get a call from RHB and they will be offering me 100% loan + 3.25% interest rate