Welcome Guest ( Log In | Register )

Bump Topic Add Reply RSS Feed

Outline · [ Standard ] · Linear+

 Wana buy house!, Sick of renting room !!

views
     
ed0gawa
post Aug 17 2008, 12:24 AM

coconut
*******
Senior Member
4,398 posts

Joined: Jan 2003
QUOTE(kanasai88 @ Aug 17 2008, 12:18 AM)
Hi, really sick of renting house! Wana buy house ASAP !

Do u think this is an good investment?
and am I afford to buy it?
Really lack of experience in buying property.Appreciate if anyone could help me out, see what have I lack of or what i have missed. Million Thanks.

Property:
Price of the Property:  RM165000
Terms of Loan (yrs): 30
Interest Rate :5.99  %
Down Payment :  RM16500
Monthly Payment:RM889
Rental: RM1000-1200
Maintenance: RM100-120
Type: Apartment, lease hold (now I believe is ald 25+-years old)
Condition: Old, near LRT, quite low class and messy.. but i think many ppl will willing to rent because is near to LRT and shopping complex, near city center

Personal Finance:
Salary:RM3000 (able to save RM1200 - RM1500 every month)
EPF: RM 10000
Savings: RM12000
*
Interest rate 5.99%?
I guess it is those fixed rate by AIA?

Anyway, the monthly installment is RM900
Your salary is RM3000.

RM900/3000 = 30%
If you do not have other commitments, i believe you should be able to get your loan approved easily.
ed0gawa
post Aug 17 2008, 01:44 AM

coconut
*******
Senior Member
4,398 posts

Joined: Jan 2003
QUOTE(donki85 @ Aug 17 2008, 01:19 AM)

NOTE: Things to look out for when getting loan.

When u plan to get a housing loan (given u r going to hold the house for 5 or more years) opt for those that provide FREE LAWYER FEE (normally they will tell u ZEC (zero entry cost) or FMC (free moving cost)) When they offer u such MAKE SURE THAT IT IS PAID BY THE BANK OR FINANCIAL INSTITUTION AND NOT ABSORBED INTO UR LOAN AS IF IT IS ABSORB U HAVE TO PAY INTEREST FOR THAT AS WELL WHICH CAN COST A BOMB!!!

please pay attention to abovementioned note

if they give u bullshyt about no1 pay for the lawyer fee go for other bank/financial institution
*
It is true that with his income, he should be able to get a loan for a 250k property.
But that is subjective too ..... if he doesn't have any credit record, or a job that are seen as 'unskilled/unstable/unprofessional' by those kolot credit reviewer.. then it might pose some problem.

Well, also on your point of having the legal fees absorbed in the loan, it might be good and bad.
Let's say the bank offer you -1.85% ZEC package VS a -2.2% NZEC package but allows you to add in the legal fee to the loan. It turns out the -2.2% package monthly installment is lower than the -1.8% package.


@ kanasai88

Older property might have a better location compared with new projects.
Like in Johor Bahru (erm yeah, i am based in JB .. so i don't know much bout other states). All the new projects now are located quite far from the town area. Lands nearby are all taken up and developed. The price of a 'old property' near town might be the same price as those that are further away from town but are 'sparkling' new.

It goes back to what you want actually. A house near town which is convenient for you? Or a new property further a little ....
So is it worth it?
Personal preferences actually..

Personally i like non landed property (condo/apartment) and i don't care if it is leasehold or freehold ... but people around me keep asking me ' WHY ? WHY WHY? ' . Just personal preferences lo ....
« Next Oldest · Property Talk · Next Newest »
 

Add ReplyOptions
 

Change to:
| Lo-Fi Version
 0.0159sec    0.43    6 queries    GZIP Disabled
Time is now: 16th December 2025 - 12:31 AM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.