hi all, I want to see if there's a possibility of me getting a housing loan. Here's the situation. I have been a freelancer for the past 10 years, no fixed income esp from covid times and it's been 8 months since my last contract/paycheck. I'm 42, currently renting and considering buying the place as the owner is offering a pretty good deal at RM580K. I have fds/stocks totaling RM500K and my sis is putting in RM200K. So I would need a loan of RM350-380K. If I brought this to the banks, what are the chances of me getting a loan and with reasonable rates? Thanks

just put 2 names la.. u n sis 250k each... i dont see any issue in that..

then u work out how you wanna deal with your sis...

you can setup payment for half the installments and ur sis also pay hlf the installments... but u settle with your sis monthly via bank transfer therafter la...

inb4 : wrong time to buy property in a recession... your stocks be worrh half the price by year end or 1/3 the price if worst case depression...

Well, have you got any approved loans before? Its about credit score at the end of the day.

Do you own any credit card for past one year?

Considering no fixed income and no income at all for past 8 months it would be considered high risk for bank.
Unless u can put that 500K as FD to lock-in

But if ur sis income is good then should not have problem for joint-loan.

another concern is better not to share name with siblings. unless both are agree the property is for investment purpose.

U got 1 millionaire cash under your pillow also banks dont gib shit if

1. U not fixed salary past 3 to 6 months
2. U no epf

Some banks gib exception

Or if u buy alot of their finance products maybe they gib u

Got CC or taken loans previously is good indicator.. for banks to consider your application....

Buy their products can give some leverage to your application 👍

Are u sure..

1m cash u open priority / preferred banking..
Can get auto approval without document.. depends on loan amount..

If u 1m mao pinjam 2m and no document sure reject lo .

If 1m mao pinjam 300k 400k without document shud be not problem..

Only certain banks layan this kinda high risk and doggy customers

Unless u personally know the banker

Else best customer is actually low wager but fixed monthly with epf

If one could pledge $1m cash as collateral, any bank could give up to $1m credit.

This post has been edited by icemanfx: Apr 17 2023, 11:34 PM

8 or even 10 years ago, if you put huge FD witht a bank, it can be used as supporting docs for bank to approve new loan for you, because that time bank negara ruling was not that strict.

Now due to AMLA, whoever wanted to use existing FD as supporting to get new loan, the person must be able to provide eligible documents to justify on how did he get the amount, to prove on the "source" of wealth or income, not just to show how much wealth he has, the higher the amount, the higher the standard of the documentation requirement, due to the person will be deemed as high risk customer if he has high networth.

If TS claim the 500k are from his income as freelancer, he at least must provide documents such as tax submission for past five year to show that he has earned that much, otherwise it can not be used as supporting.

This post has been edited by Jingle91: Apr 18 2023, 12:34 AM

Agreed with his statement, EPF is the best document because it not just to show the person's income stability, but also to prove that every single cent of the person's income has already been reported in his income tax records.

If a person can afford to open preferred banking account, his source of wealth and income docs must strong enough to meet the stringent requirement, so bank can easily approve new loan for him as long as the amount is below threshold and can be covered by his networth at comfortable level.

This post has been edited by Jingle91: Apr 18 2023, 12:46 AM

Hey, why not you just ask banker? I mean at least it's probably the most right party you deal with right? cause eventually they the one who lend you monies not people here lolll
Plus the regulation of banks will change time by time, if u don't have banker contacts can ask me or cincai go to banks check with them

Recession is the perfect time to buy property

Hunt around

Do proper research

Try brickz for actual transacted values

Take agents advice with a large pinch of salt

same situation like TS, banks need to see EPF and Tax statement, took me two years to build my profile, borrowed around 1.6m

One of my friend was similar to your case. my friend told me that he submitted an application for his home loan in one of the website. he was just started his full time job for 1 month when he apply at that time.

From what he describe, all the process was through online and the banks offer him more than offers from different banks in the website.


He is now in the KYC stage with the banker to discuss/nego on the interest rate ( try to get a better rate).