QUOTE(Timmy Tan @ Jun 30 2022, 10:33 AM)
For your salary of RM3.5k nett, you will not be entitled for loan installment of RM2k. Max DSR I have seen for that salary range is 50%, which means max installment of RM1.75k and max loan of ~RM400k (assuming interest will normalise to 4%). Unlikely for you to be able to afford the 3 properties listed unless you can come out with a big down payment.
And don't buy property with the intention of staying in it 10 years down the road. A lot will happen to your life and you might not like that place anymore. If you overspent on this property and the renovation, you will most likely be subsidising your tenant for the foreseeable future.
If you intend to be in property investment for the long run, your first property is very very important. Get something affordable at a good location that can cover your installment or at the very least, the interest portion. Banks will recognise your rental income as an income, which means you can continue to buy more property once the first one is rented out. If you screw up your first one, you will be out of the game for a very long time.
Max DSR can go up to 70% for bank approval.And don't buy property with the intention of staying in it 10 years down the road. A lot will happen to your life and you might not like that place anymore. If you overspent on this property and the renovation, you will most likely be subsidising your tenant for the foreseeable future.
If you intend to be in property investment for the long run, your first property is very very important. Get something affordable at a good location that can cover your installment or at the very least, the interest portion. Banks will recognise your rental income as an income, which means you can continue to buy more property once the first one is rented out. If you screw up your first one, you will be out of the game for a very long time.
But of course for healthy DSR should around 50%
Jul 1 2022, 10:45 AM

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