Jan 6 2008, 01:27 PM
QUOTE(dreamer101 @ Jan 6 2008, 09:48 AM)
youngkies,
There is a 33% rule on loan. So, to take a loan of RM1.7K, you need to earn 1.7K X 3 = Rm5.1K per month just to qualify for the loan. This is assuming that you have NO OTHER LOAN repayment outstanding. If you do, you need to earn a lot more.
So, it cannot be done with income of RM3k per month.
Dreamer
Dreamer, TS can always opt for longer loan tenure. A 200k house typically requires 180k loan, and current monthly repayment based on todays loan rate (5%) and 30 years is only RM966 per month. There is a 33% rule on loan. So, to take a loan of RM1.7K, you need to earn 1.7K X 3 = Rm5.1K per month just to qualify for the loan. This is assuming that you have NO OTHER LOAN repayment outstanding. If you do, you need to earn a lot more.
So, it cannot be done with income of RM3k per month.
Dreamer
Its a bit of a strecth, but do-able IMO.
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