Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

> Thinking to buy a house, my 1st time here.............

views
     
ed0gawa
post Aug 7 2008, 07:53 PM

coconut
*******
Senior Member
4,397 posts

Joined: Jan 2003




QUOTE(capix @ Aug 7 2008, 12:31 AM)
Hi,

I'm 22....already work for a year currently..my basic income per month is RM2.5K + OT n allowance Rm2.8-3.k(nett)
Already got car which i had to pay Rm600 per month.Can i buy a house approximately Rm230k?What is my longest period of installment?

need advice here

Thx
*
Just take 2500 as your net income
less RM600 car installment
less RM500 for ur living expense

You are left with RM1400.

Let's say the property is RM230k, you get a loan of RM207k (90%). With 30yrs tenure and a I/R of BLR - 1.70%. You will be paying atleast RM1100 per month and this figure is without MRTA.

Question, can you afford this RM1100-1200 installment per month?

Your car loan and housing loan is around RM1700 out of RM2500 that you made. (70%). No way the bank will approve the loan unless you shows them RM1million FD receipt and pledge it with the bank biggrin.gif
mIssfROGY
post Aug 7 2008, 11:48 PM

Look at all my stars!!
*******
Senior Member
2,155 posts

Joined: May 2005


QUOTE(ed0gawa @ Aug 7 2008, 07:53 PM)
Your car loan and housing loan is around RM1700 out of RM2500 that you made. (70%). No way the bank will approve the loan unless you shows them  RM1million FD receipt and pledge it with the bank biggrin.gif
*
HAhahah dun scare the poor fella la....200k fd enuf oredi la..no need 1 mil. biggrin.gif
muscaa
post Aug 8 2008, 08:53 AM

Regular
******
Senior Member
1,223 posts

Joined: Sep 2005
QUOTE(capix @ Aug 7 2008, 06:57 PM)
thx fellas

btw i really admire to buy 2.5 storey house.my plan is to rent the house 1st around 2-3 years before move in...currently work at P.gudang(o&g company)...wanna buy house at KL or Selangor area
*
be ready to pay RM500-600k for 2.5storey houses in KL
Zeroize
post Aug 8 2008, 09:06 AM

Hardcock Gamer
*****
Senior Member
895 posts

Joined: Jan 2003
From: -- Alor Star, Kedah -- -- Gelang Patah, Johor --



QUOTE(muscaa @ Aug 8 2008, 08:53 AM)
be ready to pay RM500-600k for 2.5storey houses in KL
*
I think its still cheaper comparred to penang island.
muscaa
post Aug 8 2008, 09:17 AM

Regular
******
Senior Member
1,223 posts

Joined: Sep 2005
QUOTE(Zeroize @ Aug 8 2008, 09:06 AM)
I think its still cheaper comparred to penang island.
*
what's the market price for penang 2-2.5storey houses? shocking.gif
TScapix
post Aug 8 2008, 02:35 PM

Casual
***
Junior Member
467 posts

Joined: Mar 2006

QUOTE(Pai @ Aug 7 2008, 07:39 PM)
Bad idea.
*
what ur sugggestion?? thumbup.gif
Pai
post Aug 8 2008, 03:36 PM

~ Billionaire in training ~
*******
Senior Member
3,318 posts

Joined: Dec 2004
From: 1Malaysia



QUOTE(capix @ Aug 8 2008, 02:35 PM)
what ur sugggestion?? thumbup.gif
*
Dont buy until TS studied enough nlive in kv smile.gif
ed0gawa
post Aug 8 2008, 04:53 PM

coconut
*******
Senior Member
4,397 posts

Joined: Jan 2003




QUOTE(mIssfROGY @ Aug 7 2008, 11:48 PM)
HAhahah dun scare the poor fella la....200k fd enuf oredi la..no need 1 mil.  biggrin.gif
*
Actually maybe 50k also more than enough
TScapix
post Aug 9 2008, 12:20 AM

Casual
***
Junior Member
467 posts

Joined: Mar 2006

if i wait another couple years....how big da price diff?
shadowz
post Aug 9 2008, 12:51 AM

On my way
****
Senior Member
510 posts

Joined: Dec 2004
From: Somewhere in Msia >.< I might b lost. I cant tell~


That depends. Alot of people are forecasting property price to decline as recession is the verdict many people are coming to. Other than that, location of the property, property demand, owners holding power (if they can afford it and are prepared to wait for the price they insist on then they wont sell...), etc.

Do note that if the loan interest increases significantly then the amount banks will loan you will decrease or tenure becomes longer or you just have to pay more every month cuz 40% of your paycheck not worth the same it worth now...

eg. Assume your gaji is RM4000/mth and u get a -2.25 interest loan for 400K property which you apply for 80% MOF, now that means your interest rate is 4.5% and u pay abt RM1604/mth - that is ngam-ngam abt 40% of your paycheck; but later if interest rate creeps all the way up an extra 1.75% to 8.5% then your paying interest of 6.25% and your monthly payment becomes RM1970/mth - almost 50% of your paycheck...

Thats an extra RM366/mth...

O_o So hard to say. Property price go down but interest rate go up u may pay abt the same unless underpriced property. *shrugs* You eventually have to make your own analysis and decide la...

This post has been edited by shadowz: Aug 9 2008, 12:52 AM
muscaa
post Aug 9 2008, 09:35 AM

Regular
******
Senior Member
1,223 posts

Joined: Sep 2005
QUOTE(shadowz @ Aug 9 2008, 12:51 AM)
That depends. Alot of people are forecasting property price to decline as recession is the verdict many people are coming to.
*
user posted image
"hello, hello!! dont use the word recession... a lot of people dont know about recession..." flex.gif
tinkerbel
post Aug 9 2008, 06:26 PM

Fanaddict!
Group Icon
VIP
13,469 posts

Joined: Dec 2006
From: KL, Malaysia


@capix,
Your guess is as good as mine and if I can be so sure, I would definitely NOT have this much time to spend here tongue.gif
georgechang79
post Aug 10 2008, 09:36 PM

Getting Started
**
Junior Member
289 posts

Joined: Jun 2008
From: Penang


QUOTE(shadowz @ Aug 9 2008, 12:51 AM)
That depends. Alot of people are forecasting property price to decline as recession is the verdict many people are coming to. Other than that, location of the property, property demand, owners holding power (if they can afford it and are prepared to wait for the price they insist on then they wont sell...), etc.

Do note that if the loan interest increases significantly then the amount banks will loan you will decrease or tenure becomes longer or you just have to pay more every month cuz 40% of your paycheck not worth the same it worth now...

eg. Assume your gaji is RM4000/mth and u get a -2.25 interest loan for 400K property which you apply for 80% MOF, now that means your interest rate is 4.5% and u pay abt RM1604/mth - that is ngam-ngam abt 40% of your paycheck; but later if interest rate creeps all the way up an extra 1.75% to 8.5% then your paying interest of 6.25% and your monthly payment becomes RM1970/mth - almost 50% of your paycheck...

Thats an extra RM366/mth...

O_o So hard to say. Property price go down but interest rate go up u may pay abt the same unless underpriced property. *shrugs* You eventually have to make your own analysis and decide la...
*
Shadowz,

What if you withdraw out EFP to contra the interest price increase? It should be sufficient to offset it right?
ed0gawa
post Aug 10 2008, 11:03 PM

coconut
*******
Senior Member
4,397 posts

Joined: Jan 2003




QUOTE(georgechang79 @ Aug 10 2008, 09:36 PM)
Shadowz,

What if you withdraw out EFP to contra the interest price increase? It should be sufficient to offset it right?
*
What if EPF no money?
tinkerbel
post Aug 11 2008, 11:13 AM

Fanaddict!
Group Icon
VIP
13,469 posts

Joined: Dec 2006
From: KL, Malaysia


@georgechang79,
That's a valid point but having worked only about a year, there wouldn't be too much in that EPF account, right?
shadowz
post Aug 11 2008, 12:37 PM

On my way
****
Senior Member
510 posts

Joined: Dec 2004
From: Somewhere in Msia >.< I might b lost. I cant tell~


What tinkerbel said-you would need to work a while to accumulate enough in EPF unless your buying a low cost property la... if after 1-2 years got enough to put down 40K-80K for a property then gaji must be dang high right?

Anyway, even with more money paying up the principal of the loan, I think most loans dont decrease the amount paid monthly but decrease tenure... Of course, when in financial distress you can always refinance and work out a new deal with them like increase your loan tenure or something...

But remember that as long as interest rates creep up, which is always a serious possibility, then the amount you pay will increase as well barring you have a fixed interest rate loan.
agape_ian
post Aug 11 2008, 04:00 PM

Casual
***
Junior Member
468 posts

Joined: Apr 2007
From: PJ


You are earning alot for a 22 years old but you need to do alot of thinking before getting a property now. I would advise you to save for a few years. When the time is right, you put your money more for the down payment and you shall borrow less from the bank (save on interest). Do not burden yourself into it now.
tinkerbel
post Aug 11 2008, 04:28 PM

Fanaddict!
Group Icon
VIP
13,469 posts

Joined: Dec 2006
From: KL, Malaysia


Yup.. buying a house is not something U want to rush into; there is just too much at stake to be impulsive so weigh your options v carefully.
TScapix
post Aug 11 2008, 11:09 PM

Casual
***
Junior Member
467 posts

Joined: Mar 2006

ok noted guys...thx
JREnterprise
post Aug 13 2008, 04:55 PM

Getting Started
**
Junior Member
89 posts

Joined: Aug 2007
From: Penang


QUOTE(muscaa @ Aug 8 2008, 09:17 AM)
what's the market price for penang 2-2.5storey houses? shocking.gif
*
Min from 450k at downtown area, Bt Ferringi or Tg Bungah area atleast 700k to millions.

 

Change to:
| Lo-Fi Version
0.0151sec    0.18    5 queries    GZIP Disabled
Time is now: 29th March 2024 - 10:01 PM