Mar 4 2010, 10:32 PM
QUOTE(GenY @ Mar 4 2010, 07:20 AM)
Hi all,
I read that banks will usually give home loan if the monthly payment is not more than one third of my income.
My questions are:
1. Is that 33% of gross income (before EPF, tax deductions) or net income?
Thank you.
my monthly instalment is 44% of my gross income and 2 of my loan applications has been approved, currently waiting for the 3rd one with the best rates so far. they told me that if other banks approve, then no problem with the rest.I read that banks will usually give home loan if the monthly payment is not more than one third of my income.
My questions are:
1. Is that 33% of gross income (before EPF, tax deductions) or net income?
Thank you.
anyway, a mortgage consultant calculated for me that as my 44% is still alright and approvable. i asked what if i take a car loan after this. he said that would be exceeding 50% of my gross pay already and not so good though.
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