gen-x, thanks for your advice, I guess it's better for me to consult them to get more info. Getting a home need a very huge $$$ .. haiz, until tua also cant get ...

@patrickyeo21,
There are plenty forumers here who's got houses/properties even before they reach the age 30 so what u said is really not entirely true.

As to taking a loan together with ur gf... well, i don't think that's too advisable - there's just too much hassle when the both of u break off. In fact, don't even think about sharing a house until u both are really married! The issues can be overwhelming.

patrickyeo21,

1) The problem here is you SPEND TOO MUCH. Hence, you cannot afford a house of 200K. Your choice and your decision.

2) You probably need another 30K beyond the down payment to move into a new house.

Dreamer

the repayment for rm200k loan over 20 year period, including interest is about rm1.7k permonth. the total repayment is about rm400k if you take 20 years to repay.

i'm currently doing that... with my income alone, i can never get a house at my age...

my gf and i bought a studio at almost 200k, and took 180k loan for 20 years, we split everything in the middle (downpayment, legal fees), monthly repayment is almost 1.3k, 650 each... if by chance she is unable to pay, i am still able to squeeze as i have no other loans

also... if getting from 2nd market, get at least partially furnished...
else get from a reputable developer so that you have have 1-2 years buffer to save/earn for slight reno, internal furnishing, etc... just my opinion...

@youngkies,
dreamer101 is right on the 33% rule. In order for the bank to give u the approval of a RM1.7k repayment loan per month, u would need to earn roughly 1.7k x 3 = RM5100 p/month before the bank would consider ur application.

Perhaps if income is slightly below RM5100 p/month the bank might still consider but this theory of 33% is about right.

Yes, you can purchase a new house with free legal fees and stamping. Don't think about 2nd hand, because you will need to pay legal fees and stamping (another few thousands).

Of course you can withdraw your EPF to pay downpayment.


What do you mean by "that time" ?? Do you mean your Car Loan.... ?? Perhaps after 3-4 years time you will have to buy another new car...

Yes, if your GF is in the picture. Then you can use ur salary + her salary x 33%... but i think with you salary alone you are affordable to get a loan.. the problem is not whether you can get a loan. The problem is whether you are able to pay the installment.

Get 30 years loan with daily interest.. so you can settle it earlier if you are rich at that time.

To buy a house with GF? I don't see any problem if both of you are stable and comfortable. This no body can help, try to think yourself... is true that will be a lot hassle if you break with your GF... but don't be too pessimistic..

I bought a house with my GF. We have no problem with it...

Dun worry house can get just spend wisely and save in addition you can now withdraw your EPF account 2 on a monthly basis to help settle your home loan.

Personally IMHO its better to get a house at a yourger age if you can afford it.

You can take a longer loan tenure 30 years which would help to reduce your monthly repayments and lessen your monthly financial burden.

Example:-

30 years
RM200k house - 10%downpayment @ 5.99% interest = RM1200 monthly repayment

20 years
RM200k house - 10%downpayment @ 5.99% interest = RM1450 monthly repayment

BTW where do you plan on settling down?

patrickyeo21 I agree with what tinkerbel says most forumers do get their properties fairly yound.

Check out the poll HERE and please vote too while you're there.

I also agree that purchasing a home with your GF might not be a good idea