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TSmark0411
post May 18 2008, 09:51 PM, updated 16y ago

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Hi Guys,


I've just paid the deposit for a house at Saujana Utama 3 (developed by Glomac). The property price is 313k and it is still under construction.Would i be able to secure the loan if my gross salary is 4600 and my fiancee gross salary is 2300 + 700(overtime). I'm looking at 90% margin of financing and the loan tenure should be 35 years. The other question that i have is, i haven't confirmed my employment with my current company, will that be a problem since i don't have confirmation letter from the company? FYI i will be joining another company on June which offer 5000 base salary + 600 allowances. Lastly, for property that is under construction, does any particular financial institution have any loan package that will waive the 1st year payment?

Age :26
Current commitment
My credit card =rm200
Study Loan =150

Fiancee Commitment
Car=190
Study Loan=150


Regards
yewkhuay
post May 18 2008, 10:12 PM

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bank looks at ur bank statement n occupation as well, it doesn;t matter if u change job, as long as there were consistent income for the past 6months in ur bank statement + other financial proof tht u hav. the way i see it, ur own income should be just sufficient to get 90% loan.

nowadays some banks do offer 0% for 1st yr or ) payment until completion, u hav to check with the panel banks.

ur car loan ? any?
TSmark0411
post May 18 2008, 10:19 PM

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yeah,i think so too, however the bank officer at maybank seems to think otherwise. He said without any confirmation letter it will be hard for me secure full amount of the loan applied. Nope, no car loan to service as i 'inherited' my mum kancil.

Any loan officer here care to give me any quotation?
yewkhuay
post May 18 2008, 10:29 PM

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QUOTE(mark0411 @ May 18 2008, 10:19 PM)
yeah,i think so too, however the bank officer at maybank seems to think otherwise. He said without any confirmation letter it will be hard for me secure full amount of the loan applied. Nope, no car loan to service as i 'inherited' my mum kancil.

Any loan officer here care to give me any quotation?
*
saujana utama only got maybank as panel? perhaps u wanto try UOB /Public /OCBC



This post has been edited by yewkhuay: May 18 2008, 10:34 PM
wheimeng
post May 18 2008, 10:33 PM

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as a rule of thumb for loan application:

if you loan 90%, your salary ratio your debt is 30%. so that means adding up all your monthly commitment (loan), it should not exceed 30% of your salary. in your case, lets just say its 7k (both), your loan repayment cannot exceed rm2100/mo, which i think you are paying at about RM1.4-1.5k/mo for your property max. so you should be all good.

80% loan then is 40% ratio and if you are seeking for 60% loan, you are approved without any justification required.

and that's HSBC policy, not sure if it is the same for other banks but should be pretty same...
TSmark0411
post May 18 2008, 11:11 PM

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QUOTE(yewkhuay @ May 18 2008, 10:29 PM)
saujana utama only got maybank as panel? perhaps u wanto try UOB /Public /OCBC
*
Nah, i just made a quick stop at maybank booth today. I'll enquire more info from glomac sales staff on the list of panel bank's tommorow.
wheimeng
post May 18 2008, 11:16 PM

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yeah, i avoid maybank like plague smile.gif

UOB and PBB are pretty good in home loan, i've got mine for BLR - 2%...

dreamer101
post May 18 2008, 11:46 PM

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QUOTE(mark0411 @ May 18 2008, 09:51 PM)
Hi Guys,
I've just paid the deposit for a house at Saujana Utama 3 (developed by Glomac). The property price is 313k and it is still under construction.Would i be able to secure the loan if my gross salary is 4600 and my fiancee gross salary is 2300 + 700(overtime). I'm looking at 90% margin of financing and the loan tenure should be 35 years. The other question that i have is, i haven't confirmed my employment with my current company, will that be a problem since i don't have confirmation letter from the company? FYI i will be joining another company on June which offer 5000 base salary + 600 allowances. Lastly, for property that is under construction,  does any particular financial institution have any loan package that will waive the 1st year payment?

Age :26
Current commitment
My credit card =rm200
Study Loan =150

Fiancee Commitment
Car=190
Study Loan=150
Regards
*
mark0411,

1) If you are 26 years OLD, how can you get a 35 years loan?? I thought loan can only goes up to 55 years old aka retirement age. So, maybe a 29 years or 30 years loan.

2) Let say it is a 30 years loan, so monthly payment is $1,700. Current loan (200+150+ 150+ 190) = $690. So, total loan payment = $690+ $1700 = $2690 ~ $2700

3) 33% rule = Monthly income need to be $2700 X 3 = $8,100

The bank may be able to give you a loan. But, you better ask yourself a simple question, can you AFFORD the house?? Your financial situation is VERY TIGHT. If we hit recession or you lose your income for a few months up to a year, you may lose the house.

Dreamer

This post has been edited by dreamer101: May 18 2008, 11:47 PM
tzeyin
post May 19 2008, 12:31 AM

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QUOTE(dreamer101 @ May 19 2008, 12:46 AM)
mark0411,

1) If you are 26 years OLD, how can you get a 35 years loan?? I thought loan can only goes up to 55 years old aka retirement age.  So, maybe a 29 years or 30 years loan.

2) Let say it is a 30 years loan, so monthly payment is $1,700.  Current loan (200+150+ 150+ 190)  = $690.  So, total loan payment = $690+ $1700 = $2690 ~ $2700

3) 33% rule = Monthly income need to be $2700 X 3 = $8,100

The bank may be able to give you a loan.  But, you better ask yourself a simple question, can you AFFORD the house??  Your financial situation is VERY TIGHT.  If we hit recession or you lose your income for a few months up to a year, you may lose the house.

Dreamer
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loan is upto age 70yrs old now.
TSmark0411
post May 19 2008, 12:42 AM

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QUOTE(dreamer101 @ May 18 2008, 11:46 PM)
mark0411,

1) If you are 26 years OLD, how can you get a 35 years loan?? I thought loan can only goes up to 55 years old aka retirement age.  So, maybe a 29 years or 30 years loan.

2) Let say it is a 30 years loan, so monthly payment is $1,700.  Current loan (200+150+ 150+ 190)  = $690.  So, total loan payment = $690+ $1700 = $2690 ~ $2700

3) 33% rule = Monthly income need to be $2700 X 3 = $8,100

The bank may be able to give you a loan.  But, you better ask yourself a simple question, can you AFFORD the house??  Your financial situation is VERY TIGHT.  If we hit recession or you lose your income for a few months up to a year, you may lose the house.

Dreamer
*
1) Correct me if i'm wrong, there are several banks that offer loan tenure up to 40 years. The retirement age for this case would be 65-70.


2) If i'm loan from UOB, the monthly installment would be roughly around 1536 for 30 years tenure. If 40 years tenure is indeed possible the monthly installment will be 1386.

3) Based on your logic, i may not be able to afford any house at all. If i were to factor in the risk of recession or getting my employment terminated, than no house is affordable enough if i dont have any money to pay...even though i purchased cheaper house.

Anyone from UOB here?


cuebiz
post May 19 2008, 11:01 AM

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You should not have a problem to get the loan. Your combined salary with fiancee is enough to get a home loan.

As long as you get employment offer letter from your company, it should be fine. 3months Payslip and bank statement must be tally.
Pai
post May 19 2008, 12:08 PM

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QUOTE(mark0411 @ May 18 2008, 09:51 PM)
Hi Guys,
I've just paid the deposit for a house at Saujana Utama 3 (developed by Glomac). The property price is 313k and it is still under construction.
Congrats smile.gif

QUOTE(mark0411 @ May 18 2008, 09:51 PM)
Would i be able to secure the loan if my gross salary is 4600 and my fiancee gross salary is 2300 + 700(overtime). I'm looking at 90% margin of financing and the loan tenure should be 35 years.
Getting a loan at 90% should not be a problem . Maybank has always been a bit rigid so check with CIMB and PBB, as I chat with them recently and they say they got no issues with changing employments.

I strongly recommend that you dont take loans that is longer than 30 years as the interest oayout would be substancial and I guarantee u'll regret this 2-3 yeasr down the road. Try performing an analysis of a 30 & 35 year loan respectively and u'll see what I meant.

QUOTE(mark0411 @ May 18 2008, 09:51 PM)
The other question that i have is, i haven't confirmed my employment with my current company, will that be a problem since i don't have confirmation letter from the company? FYI i will be joining another company on June which offer 5000 base salary + 600 allowances.
Put your GF as the main borrower, and you as the secondary borrower/guarantor. That should solve it.

QUOTE(mark0411 @ May 18 2008, 09:51 PM)
Lastly, for property that is under construction,  does any particular financial institution have any loan package that will waive the 1st year payment?
GO for first year 0% loans, and think UOB and stanchart has that package.

Btw, as a reminder, try to purchase the property alone since you could afford it. She's not your wife yet, so things can be very complicated if it didnt work out between the 2 of you. I've seen many cases b4, so Im telling u this as a pre-caution.


yewkhuay
post May 19 2008, 03:48 PM

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public bank has offered 0% 1st yr, TA BLR-1.6%. , non-zero.
TSmark0411
post May 19 2008, 08:00 PM

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If i were to take a loan for 35 years just to get lower monthly installments and later refinance it to reduce the tenure and principal, will that be a good idea?

I'm not comfortable with the idea of paying 1500-1600 per month, i would rather pay between 1200-1300 instead until i could manage to get higher salary etc.


wheimeng
post May 19 2008, 08:11 PM

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there are banks that do step up loan repayment scheme that allow you to repay at lower for the start and gradual increment as to expect your salary to increase too.

dreamer101
post May 19 2008, 08:37 PM

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QUOTE(mark0411 @ May 19 2008, 12:42 AM)
1) Correct me if i'm wrong, there are several banks that offer loan tenure up to 40 years. The retirement age for this case would be 65-70.
2) If i'm loan from UOB, the monthly installment would be roughly around 1536 for 30 years tenure. If 40 years tenure is indeed possible the monthly installment will be 1386.

3) Based on your logic, i may not be able to afford any house at all. If i were to factor in the risk of recession or getting my employment terminated, than no house is affordable enough if i dont have any money to pay...even though i purchased cheaper house.

Anyone from UOB here?
*
mark0411,

3) That is why you make sure that you have EMERGENCY FUND / Savings to cover 3 to 6 months worth of expenses before you make a major commitment like buying a house. This is the problem with MOST PEOPLE when they calculate whether they can afford certain house. They used up ALL their savings for down payment and they have NO EMERGENCY FUND. Then, we hit a recession and they lost their house.

QUOTE(mark0411 @ May 19 2008, 08:00 PM)
If i were to take a loan for 35 years just to get lower monthly installments and later refinance it to reduce the tenure and principal, will that be a good idea?

I'm not comfortable with the idea of paying 1500-1600 per month, i would rather pay between 1200-1300 instead until i could manage to get higher salary etc.
*
mark0411,

Take a longer tenure loan to give yourself some breathing room in monthly payment. You DO NOT have to refinance to pay off the loan earlier. Get a flexible loan that allow you to pay down the principal if you want to. You can pay off 35 years loan in 10 to 15 years if the loan term and condition allows.

Refinancing cost $$$. Get the RIGHT loan and save yourself a lot of trouble and $$$.

Dreamer
Pai
post May 19 2008, 10:04 PM

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QUOTE(mark0411 @ May 19 2008, 08:00 PM)
If i were to take a loan for 35 years just to get lower monthly installments and later refinance it to reduce the tenure and principal, will that be a good idea?

I'm not comfortable with the idea of paying 1500-1600 per month, i would rather pay between 1200-1300 instead until i could manage to get higher salary etc.
*


Unless you plan to get 50 years financing, your monthly repayment will not be anything less than 1.3k p/m. Its a not woth going for more than 30 years financing.

your combined income is more than 8k, but not comfortable to take up a 1.5k commitment. Can tell us why coz it seems quite odd.


tinkerbel
post May 19 2008, 10:05 PM

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@Pai,
Perhaps TS has other financial commitments he didn't elaborate to us about. He would be in the best position to evaluate his own cash flow, right? biggrin.gif
Minolta
post May 19 2008, 10:16 PM

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Mark,

Ur 26 years old with a salary touching RM5k. And a GF/fiance with a salary touching RM3k. U can definitely afford a RM313k home with a very safe margin to live. In fact, If I were you, I'd be looking a something more high end if you're an investor. Else, If you're gonna get married and have kids soon, just stop after this house purchase. Just look for the bank giving you the best interest. Interest rates have never been this good....not even when BLR was 6%. Can you imagine banks competing to offer loans up to 30 years at BLR-2%???


Good luck,
minolta
tinkerbel
post May 19 2008, 10:21 PM

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In addition to what Minolta said, someone mentioned being offered BLR-2.2% by Allianz Bank on some other thread [unable to go search through the forums at this point but will do that when I'm available in a day or two]

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