Restructuring loans and Bank tagging on CCRIS record.

How bad is it? and how much will it affect my future loan applications/refinancing.

Want to reduce the monthly loan repayment thanks to the OPR hikes. But they said that it will cause tagging.

If you can't afford to repay loan, why you took it in the 1st place?

used to be able to afford then life happened. Any further ideas?

what loan are those and how long more to settle ?

opr hikes
shits happen
kena goreng sotong
car brokedown

many reason might happen

Yes

housing loan. Long way to go max 35yrs.

lock-in period is 3 yrs..still got about 2yrs to go

List down all your expenditure and cut it until bare minimum for survival mode.

Instead of restructuring your loan why not work side gig jobs on your free time. How much did the opr messed up your finance until you are thinking of restructuring?

If you are legitimately asking for help please provide the numbers and your monthly income plus spending

This.

How long will the tagging stay there? 1 year? Until loan settled?

Huh????
Please be specify
You house loan still under construction and the loan repayment still under progressive or house already completed and you already take over under VP

Yes already in works for that, I am asking because to understand if i really need to continue living like that or can i re-structure and enjoy paying less for a short period of time.

Not sure what side gig's can i do. Do not have reliable transportation for grab/lalamove. for the time being

according to the banker,until i am willing to go back paying the higher installments, but they havent got back to me yet on how much would that be.

taken VP. Fixing up some defects then want to rent out for the time being.

wait lemme get this straight. You hv a loan you wish to restructure but don't hv a car. Whst was the loan for?

So you got a home loan to rent out?

do the opposite please, pay more so you can tutup that hutang faster, hence lower montly payment in a long run (implying you dont make another hutang)

Sell it.

Op if what you are saying and I think I know what you are saying. You took a loan for a property in hopes the rent helps to pay for the mortgage and the opr increase fucked everything up?

housing loan.

35yrs, already VP. Havent moved in, still doing some defect fixing.

Then things went sour, so plan to rent the place out to cover once the repairs are done. But still need to top up about 800 or so. Long story how things got there in a first place,rather not put that here

House?

Restructuring is just like a new loan,as long as you pay on time and no overdue won't affect most future loan

OP I agree with the idea of selling it and u better get it done fast before they start increasing opr after election which we all know they will do

this is the side of property investing we need to hear more off and hope sifu give valuable help

TS so now since u doing defects checking so u are paying full amount plus maintenance fees

how much are u deficient on?

And when do u think u are able to pay back to full original monthly installments?

Great to know, i am a good paymaster since the day I got my 1st credit card (still the same CC lol)

Pr1ma property..so thats not happening at the moment..gotta wait 5yrs

Long story short, bought for own stay and did not go according to plan due to various reasons.

defects and small reno works cost about Rm13k++ (had to use savings and sell off a few things to cover..so that is out of the picture).

Possibly another 2k standby just incase.

installment pre opr hikes was 1370...now its about 1.7k(maintenance fees Rm155). So Rm1855+- monthly.

Technically I am still able to service the loan, been this way for a few months sudah. But its torture la living hand to mouth, renting it out diam2 still need to top-up about Rm800+-.

Would love to get the cheapest possible new car la, but thats a long ways to go.

Good news - No deficient

Bad news - until i rent out, doesnt take much to fk things over for me.

Neutral news - cant save money at all.

total income nett 4.2k...sendiri agak2 la LOL

I got a long way too again to change careers my current field fking hard to find new job or climb salary (work in a very niche economic/diplomatic/embassy line..so yeah). Still trying to reskill myself..but that will take maybe 7 months or so until i am able to jump ship (this one take it with a grain of salt, since i am not there yet)

This post has been edited by waka14: Jul 10 2023, 02:15 PM

btw how much is your house loan ?

Wah.. prima also need 1.7k installment ah..

Rm352k++

352k, 35years, 1.7k?

Prima so exp??

U took max MRTA?

may i also know the rate when u signed the papers vs ur VP rate today?

your pic is my favourite game,FF8.


Dont have it with me now, but it was at 3%+ or something.

I clearly rmb when i signed was rm1370 monthly, now its rm1.7+-.


MRTA I just followed the guidelines, probably kena makan by the agent. Didnt know much then, trying to buy via the HOC campaign with zero downpayment.

This post has been edited by waka14: Jul 10 2023, 02:23 PM

bit high for ur salary bro.

thats liek nearly 50 % of ur total salary if u are paying close to 1.7K

housing loan including maintenance should be max 1/3 of ur salary. that is like max 1.3K.

I hope u can reduce it by renting it out and then you top up

In short, u need more income. Try looking for a part-time job after work or weekends.

usually agent give u max MRTA

then have to ask to reduce that caz it will make ur monthly increase by abit then add on with lawyer fees hamkachan everything from 300k house the loan amount can be 350k

good luck TS hope suddenly a pot of gold drop on ur house

I think clear message is dont take loan above 50% of nett salary since we wont know how much rates will hike to

when get new house the reno all will eat entire savings

some ktard: dont worry just buy house, later you got promotion, gaji naik.

good for them, myself not promoted for like 7 years already

Kurang lebey aku punye loan mase covid 1384 (3.35% bank miow). skang dah jadik 1644 (4.6%).
tapi bukan rumah prima la. subsale.

Check your existing S&P for lock in period.

If you restructure the loan during lock in period, you will be subject to penalties.

kesakitan itu adalah bener

fortunately no penalties within the 3-yr lock in period

ketard all sembang kencang only.

you go to twitter and find 'financial faiz'

he will help you

He is /ktard also with dupe name eds2 la

no promotion and still stay likely mean salary is already above market rate, no?

Restructuring loans and Bank tagging on CCRIS record.
What is bank tagging?


How bad is it? and how much will it affect my future loan applications/refinancing.
You still looking for new loan? LoL

Want to reduce the monthly loan repayment thanks to the OPR hikes. But they said that it will cause tagging.

I think should have or else they won't impose 3 year lock in. Have u speak to the bank rep ?

CCRIS stands for Central Credit Reference Information System, which is a system used by banks and financial institutions in Malaysia to gather credit-related information about individuals and businesses. Bank tagging refers to the process of categorizing and tagging various credit facilities or accounts held by a person or entity within the CCRIS database.

When a person or business applies for a loan or credit facility from a bank, the bank will submit information about the credit facility to CCRIS, including details such as the type of loan, the amount borrowed, repayment history, and any outstanding balances. These records are then tagged or categorized within CCRIS to provide a comprehensive view of an individual's or business's credit profile.

Bank tagging in CCRIS helps banks and financial institutions assess the creditworthiness and repayment capacity of individuals or businesses when evaluating new loan applications. It provides a holistic overview of an individual's or business's credit history and helps lenders make informed decisions regarding credit approvals, interest rates, and loan limits.

okay la, touch 5 figures already

LoL

uncle thought what....LoL

your loan baru repay 1 year....how to do re-financing?

mortgage loan is super duper heavy and long terms.

uncle think TS is saying he cannot pay up the loan....and now bank is offering him a loan restructuring.....

Restructuring is not same as refinancing.

nobody else can help you or bail out your loans?

yup....uncle got it now

what is the cashflow look like after renting out?

uncle agree

uncle think you better don't cover a hole with another hole

where is your property? high rise building?

young guy.....uncle think you better endure the situation now....and not taking new loan

I do not have Dato family members

after rent out, I can save about 1.8k a month. Provided i stay with parents lo until i get my bearings right.

Prima, so cant sell for 5yrs

high rise, landed kenot la uncle unless income is t20 or buy at some ulu place.

Uncle was thought PRIMA is only capped at RM 300,000

BTW, HOC = no need MOT for strata anymore....correct?

tq but im not taking a new loan..basically asking the bank to reduce the monthly amount but extending the loan years.

After 3 years,then refinance with a different bank for a lower interest. At least that's the plan

since your loan just start

just sell it cheap ..rugi a bit better than further bleed

atleast you are free from one of the big commitment..especially if you got no line of sight for your future

the most rugi 3 years interest lor

This post has been edited by fantasy1989: Jul 10 2023, 04:43 PM

he is already big bosss.....how to promotion?

refinance with existing figure the most is just prolong your tenure (if u want to lower down your installment) ; OR ..refinance for higher loan (slight higher monthly installment but more cash on hand)

if your main intention is just lower down interest rate ..dont waste your effort..housing loan interest rate mainly driven by OPR..bank can adjust mia margin not a lot

somemore if your ccris/ctos koyak or x cantik ; new offered rate might even higher than existing loan

This post has been edited by fantasy1989: Jul 10 2023, 04:47 PM

stay with your family and rent out.....continue life with less burden....

high rise a lot problem on management office/JMB/MFSF....you need to face it very soon

I regret buying house few years ago.
When the condo is VP i regret i should have taken a bigger size unit as my current salary can afford to pay 2 unit loan now.

My proposal: always earn more money.
No matter trying to save lar, refinance here and there la.

Your main target now should have focus on earning more money.

Short term: do part time.
Long term: Perform well at corporate and request for promotion.

financial faiz where got so free to help common people like TS. he will say, i can help you, but you also help me out... nothing is free except your father and mother give you....

then buy next to u and hammer the wall

just go for it, if you cant afford the repayment
the tagging will gone in 12 months after you finished the loan

this is better than you going bankrupt...

ya i agree with this

save money wont help you to archive financial freedom, etc

increase your income, by getting promotion, own business, investment is the key...

Wow TS very daring, take 325k loan with not very high income.

He help then he get more followers

TS can pm me if you have more questions after many suggestions from members here

abang long can help…..you are welcome，thank not required.

Not a wise move.

Every time you re-do the loan, you need to pay stamp duty, contract fee, etc…

And the principal/interest ratio will restart again…

Yalor….the first 10-15 years basically service interest more than principal loan…

Ntg is free…everything come at a cost…even LYN exist with cost

Hope you get to learn more about the fact of refinancing in property….

yep, the added charges at the end is about 35k extra or so if i decide to reduce the montly commitment (reduce rm60+ monthly for 35k extra long term tabuli lmao). But cant do much until the 3yr lock-in period ends. Once that 3yrs is completed, can shop around again. Will jump for a Fixed lntrest if the rates are similar then.

This post has been edited by waka14: Dec 5 2023, 11:25 AM

Please don’t do this….no benefit for you…

Very bad. Will got ccris tagging.

Not gonna get anymore further loan until u fully settled the rescheduled loan

thats why i hold off, the banker did mention about the tagging also. Just gotta slug it out until the lock-in period ends, then can shop again...assuming got better rates

LoL…your understanding is all wrong….

Please don’t do that even though after your lock in period…

Waka did you buy a property so you could flip it?

bought for own stay...

How's things going now brother? All okay?

better i suppose, working on the defects. Contractor problems for the last 5-6 months, but if all goes well by the end of this month should be able to rent it out.

Then plan things from there...ideally, stay somewhere cheaper?

Rent a room for the time being bro.

Property now damn hot. Donno when it will cool down

The loan is so small how to restructure? Bank would prefer to foreclose and auction the property, the legal fees to refinance will make the hole bigger than it already is.
Why are you repairing defects? No warranty?
Money tight still want to do renovation instead of conserve cash flow? This is mistake on top of mistakes yo.

what do they mean by 'tagging'?

if you dont have any outstanding then whats the issue

about the renovation part, its complicated supposed got warranty but developer doesnt want to honour it. Then on the SPA it says buyer receive as it is. Still and ongoing thing between me and KPKT. Will handle it when i have the time...

TDLR-problem drag until 8 months, might as well i pay the renovation and then get some rental money coming in so that i can save again.

apparently according to the bank im dealing with (PBB), they say that if you reduce your monthly commitment lower than when you first started paying, then they will tag and its not good for my CCRIS (OPR included, as before i started paying the OPR hiked my installment). That and also and in the long term i will need to pay another RM35-45k extra for the interest or something like that.

TLDR - PBB said small reduction on mortgage,then bigger interest later. I wonder those who took the moratorium back then what happened.