Apr 25 2009, 01:13 PM
QUOTE(wankongyew @ Apr 25 2009, 11:29 AM)
Not sure if this is the appropriate place to ask this question, but what percentage of income is the maximum monthly payment that is allowed by banks when arranging a loan?
Furthermore, is it possible to have multiple loans while under this limit? For example, let's say if you're allowed a maximum of 33% of your monthly income as installment, so if my monthly income is RM3k, then my maximum allowed installment should be RM1k, right? If so, am I allowed to have two separate loans for installments of RM500 each?
Some bank is 33.33%, some is 40%. Furthermore, is it possible to have multiple loans while under this limit? For example, let's say if you're allowed a maximum of 33% of your monthly income as installment, so if my monthly income is RM3k, then my maximum allowed installment should be RM1k, right? If so, am I allowed to have two separate loans for installments of RM500 each?
But some time if your margin of finance is low, it can be nego.
Yes, you can have 2 RM500 installment in this case.
A very simple question i always tell my client.
If you are the bank, will you approve the loan for yourself. Consider all the condition of yourself
If your salary RM5k, will you approve a loan with installment RM3k/mth?
Or
If your salary RM5k, will you approve a loan if your total loan/debt installment = RM3k already?
Onn
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