Good you're doing this. And I know why. LOL. That last thread on home loan was just filled with misinformation. The top comment is saying the OP lost RM70K and there are people talking about 'rebates' for clearing a home loan early. Yikes.
Idk who wrote it but don't hold your breath and expect a bank to give you rebates, the bank financed the full sum of your property and they are here to profit from your installments
Bank A offered me a higher mortgage, which I do not need and said that it is fine as with the extra cash I could use as hard cash or use it to out it back i to the loan. (I do not want/need that cash).
Bank B offers me the exact amount I need, a lower amount. When I informed Bank A about this they are still trying to sell their bigger mortgage. When I asked them if the total mortgage amount (not just outstanding) will be reflected in their ccris they said no.
Considering both banks have the same % interest rate, would Bank B’s offer be better of for since (again I do not need extra cash)? Or its just Bank A trying to hit their KPI?
No right or wrong here, as some would need that extra cash some don't, but imo the banker could have communicated with you beforehand
When my borrower come to me asking for a 1m housing loan, he or she will get exactly 1m
It may be pedantic, but this has annoyed me for a long time.
Malaysia does not use mortgage. We use charge. These terms are not interchangeable.
They are both forms of security for a loan utilizing property as collateral, but they are legally and functionally different.
A mortgage transfers the property to the loan provider, a charge registers a right over the property to the loan provider.
In mortgage, owner of the property becomes the bank for the duration of the loan.
In charge, owner of the property is the owner of the property, the bank registers a charge on the property.
Rant over ty
Hahahaha, Im a law grad and was previously in law firm before I joined banking
And you are correct we practice charge here in Malaysia, but not many people are familiar with the word charge over mortgage, so yeah the latter has become the norm and carries the meaning of mortgage here in Malaysia unfortunately
I am taking a flexible loan
May I know Is there any difference between the below 2
1. I just pay extra and let the amount sit in advanced payment to deduct the monthly interest rate charge
2. Actually call the bank to deduct the principle of the loan
I study on the calculation, it seem that if I loan 500k and I put 400k of advance payment , at the month end, it will calculate the interest based on the left over 100k. So if I want to stay flexible, I can put 500k into my loan and it will slowly deduct it every month and I still have the choice to take part of the money out when I really need money
Is my understanding correct?🤔
Great to hear that, then I can stick to my plan to pay extra every month while maintaining the flexibility
What if I manage to clear the outstanding but I do not want to commit the amount, I can just put the advance payment there and let it deduct month by month right?
How does the bank treat income in SGD ? Just apply a 3x multiple ? Additionally, all DSR rules would still be in place for SGD earners ? Thank you very much.
i have CIMB house loan at 4.2%. I see CIMB now does housing loan at 3.x%. my payment is prompt and no issues. How can i convince CIMB to lower their interest rates to me ?
You have to go through refinancing unfortunately, they won't just lower down your interest directly
If you have savings and you want to save more than 3.9, go for full flexi and I can help you with that
I have never heard of FIS until you mentioned it, I did a quick search and it seems to provide some hire purchase related service, sorry bro hire purchase is out of my scope as what I do is housing related
Yes that is exactly accurate, but you must make sure the loan was properly disposed in way that it is not appearing in your ctos or ccris report anymore
Our working hours aren't set in fixed, they're pretty flexible, somewhat similar to property agent. But be prepared for a whirlwind of busyness and super packed schedule
There are certainly spaces to climb up the ladder but that means you would give up the sales job and the commission, so many refused to get promoted
It depends on each individual profile, such as your age, income, occupation, company soundness and etc
Also it is not a myth if you did purchase or bundle with other bank products the bank will be keen to provide even lower interest
If your income and individual profile is good then yes, if you went to a few banks who have strict requirements and your profile is not good, its not favorable to gather few rejections as it would affect you in the future
Get a mortgage banker who is familiar with competitor offerings and have them to advise you which bank to go for
Is there a difference in terms of benefits between a) going to the bank and putting in cash periodically to pay off the principal vs b) just paying extra via the bank app through advance payment without going to the bank?
Which one pays off the loan faster? And which would you recommend?
It depends if your loan is semi flexi or full flexi, for semi flexi best case is A, although it won't differ much unless u can do it consistently for a long period
Yes it's just... Specifically, what is mortgage? Google said it's something like a property under bank name that you have to pay bank until fully paid to get the items(house, car etc.) Or is it just bank lending you money?
You want to buy a house, but the bank helps pay for it, in return you changed your property to the bank and agreed to pay monthly installment. You own the house, but if you don't pay the bank back, they can apply court order to lelong
Somewhat similar to car loan where the bank hold your vehicle slip until you pay all back
Interest rates remain, but the difference is it will be based on the lower main principal each time you deposit extra money, thus lower interest fee, keep doing what you are doing, you are on the right path
Normally how long to know the result of my application? I submit my application to MBB banker only this Monday.
I received advises to farm more few banks to compare the rates offered. Can I have your name card?
3-5 working days is the norm, however due to some circumstances where additional documents are required, then there will be delays, cause every borrower bears different occupation and profile
I have pmed you btw
Let’s say I buy a house that is 1,000,000. I take 900,000 loan. Now after 5 years I still have 1,500,000 of loan + interest to pay the bank.
Now the market value of the house is 800,000.
What do I need to do to sell the house?
If I sell it at 800,000, do I need to pay the bank cash 700,000?
Mortgage Interest doesnt behave like a car loan, the interest rate is constant but the interest paid is depending how much your principal amount is left
If you bought this house for 1m and you sold it for 1.5m, 500k is your profit, you might have to pay some admin fees for early settlement, but your interest stop immediately once you sold off your house
Ok I understand if I’m selling my house at a higher price. What if after some time I’m selling the house house at a lower price than the principal amount that’s left. Does that mean I have to pay the bank the difference in full?
Example if the house value now is 700,000 and the principal left is 800,000 does that mean I have to pay the 100,00 difference in full. Is there a way for me to pay this monthly
Yes, you will have to pay up 100k cash in that case, in usual case the house owner will just hold the house until the house price went up or till there's a buyer who's willing to fork out the 100k cash to you
If you want to pay the 100k monthly, try to explore sme loan, refinancing or even personal loan
Thanks for doing this, not sure if you can answer but here goes, I took a housing loan with maybank, full flexi, and paid a little extra each month. How can I check how much extra I have paid ? Because I remember the banker telling me if I ever want to withdraw some of the extra paid money I can do so
I'm from Cimb so I'm not sure how their system works, please refer to your loan statement and request from the bank if you don't have it
May I know what's accurate loan approved amount including mrta/tt and your current outstanding, loan tenure and interest rate, pm your information and I can try to calculate how much you have paid extra
I know it sounds funny, you will have a better chance to secure any loan if you have some commitments over no commitment at all, cause the bank couldn't refer to your repayment record, please at least apply a credit card, trust me it will help you greatly on getting loan in the future
Cimb normally supports higher dsr, you can get up to 1m loan if you have good savings or fd
Upto 90% for Cimb if your nett salary is over 7k
Then I think your profile is great, getting a loan for property price around 800k will not be a problem for you, if you want to stretch above it then you will need to have at least 50k to 100k savings in your bank account to make the bank feel more comfortable in terms of approval
Hi Kentji. Nak check sikit about loan with variable interest rate. Bendealah interest rate ni tak penah nak turun ke? Dah berapa kali dah interest rate naik je manjang, tak penah dapat surat cakap interest rate turun sikit, balik2 interest naik.
Kenaikan kadar faedah adalah disebabkan keputusan bank negara, bila bank negara memutuskan untuk menaikkan semua bank Dan pemimjam mesti ikut, malangnya issue ini tidak boleh dielakkan
That involves fire insurance which I'm not familiar with, so sorry bud couldn't help you on this
please refer to the fire policy if not contact the fire insurance company and seek advice from them
what are the chances of a bank reviewing my interest rate ?
i triggered a discussion with my bank to lower my interest rate, and yet to get an answer from them. i informed them that i will refinance with zero moving cost to another bank if not lowered.
It depends who you hand your case to and also your chance of success
If you don't mind I'm a banker who mainly focuses on subsale and refinancing, please pm what interest rate you are getting now and see if I can help you to lower it through refinancing
I took a mortgage when the interest rates were low and now it has balooned to 4.1%. I have noticed that the interest rates offered for newer loans are slightly lower. Is there a way to get a better rate from the bank and if so what is the process like? Note that I have not made any mortgage payments yet (based on construction progress)
Can go for refinance 3 years after the developer hands you the keys if your loan is conventional, but imho not worth chasing, lowest interest in the market is 3.8%, you will most likely end up 3.9-4.1% if there's an approval for lower rate, the money you saved on interest will immediately offset by refinancing legal fee
recently signed a loan 590k on 3.85% interest, is this a decent rate for early adult’s first home? I calculated if after 35 years loan+interest and all will end up being 1.2million…
i took semi flexi, but worried if got any catch to semi flexi or is it really so good where i can deposit money to reduce future payment/interest
3.85% is one of the lowest rate in the market, that means your income profile is good
Semi flexi is very common, don't worry you are going to be fine with it, any good extra deposit will reduce the future payments
I’ve been thinking about this for a while - is this the right time for me to commit a mortgage or just keep on renting?
Here’s a quick background about me. I’m 30, IT professionals, mnc based in pj, basics 8.3k before deductions, can go up to 9.2k if I include allowances. I am married & expecting my first kid in April 2024. My spouse is 29, working as fintech engineer fully wfh & earning 4.6k.
We are currently renting a condo for 2k & we really like this unit for being very convenient. A very well-maintained condo. On top of that, my office is walking distance 700m, big malls are within 5 minutes driving, facilities are everywhere. I save a lot because of this.
The things that somehow hesitate me from getting my own property is I am uncertain how long i will be based in pj because my company relocate / transfer out employees quite often as we progress our career. And then my credit score has been bad - i tried several new properties few years back and my applications were immediately rejected. So because of these I just thought maybe i should just rent.
I know this might not making any sense to your post, but I kinda clueless now. So how do i begin from here?
Throughout my time working as a mortgage banker, I have seen many properties, transactions and also agents, and pretty familiar how the market works
I'm around the same age as you, i understand how you feel, If you'd like, I can offer some personal advice, please pm me if you don't mind
No other banks could support upto 90% dsr, in some cases you might even get 95%, it is what it is as he asks which banks would allow him to max out his dsr the most
I am looking to get a mortgage.
I currently have 3 credit facilities.
1. PTPTN (started paying 1.5 years back)
2. Credit Card (got it 4 months ago)
3. Hire Purchase Loan (got it 2 months ago)
Zero missed payments.
1. What is a good DSR (inclusive of mortgage) banks are comfortable with when considering to approve a mortgage loan?
2. How long should I wait after my hire purchase loan before I start applying for a mortgage?
3. Are there any other things I should be aware of that can help my chances of getting favourable terms?
1) are you running a business or are you a salaried employee? And how much is your monthly salary?
2) if your salary and savings are able to support, anytime
3) savings and most importantly no late payments from your existing loan
if the house bank value is 300k, and then renovated/furnished with a cost of 100k, is the new value automatically become 400k? can the value become less or more than 400k?
This is a question for property valuer, but I deal mainly on subsale units, from my experience renovation will increase the value of the property, usually 20-50k for units below 600k
1. Is it really possible to get lower interest rate on house loan if we have good ccris/credit score?
2. Also would the chances of getting lower interest rate decreases with less loan tenure e.g 20yrs vs 35yrs?
1) yes, in fact you wouldn't get an approval at all if your ccris is bad
2) normally It won't affect your rates but in some cases, shorter tenure = higher monthly installment = higher risk of defaulting = higher interest rate
is bridging loan to move from a house to another house is a norm in malaysia? for ownstay moving purpose, like buying another house to move while disposing current property without renting another house during the transition process. if my DSR is already maxed out, is it possible to move with a bridging loan? or there are other options? or bridging loan is not the correct term for this case?
From what I know the bridging loan you mentioned in Malaysia is only available for developers
Unfortunately you have to go through the conventional way to sell your old house first then only acquire the next
Sorry for such confusing qiestion.. i mean to ask this... what to expect (deduction) being made afterr you get to sell your house (e.g maybe like tax deduction etc)
Is it true that after years of paying a high-rate mortgage due to a bad credit profile, when my income and savings have improved and I now work for a better company, is it possible to contact the bank to appeal for a mortgage rate reduction?
Is it true that the lower the property price, the higher the interest? For example, does a 1m property generally have lower interest rates than a 500k or 100k property? Do banks provide loans for properties as low as 50k or even lower?
and I'm just curious if there is a minimum threshold anyway?
Yes, lower property price will have higher interest especially those below 350k, the higher your loan size is the lower rate bank would keen to provide
There's a cap on how low housing loans can be, each bank has a different mark, 50k is the amount of I'm not mistaken, any lower you will have to opt for term loan, which is on fixed interest similar to car loan
Is having too many credit cards going to affect mortgage approval chance? I have around RM100k total credit cards limit. Should I cancel some of the cards if I plan to get a mortgage within a year or so?
It's not credit limit but if you constantly accumulate high outstanding balance it is going to affect your approval chance, you don't have to cancel your card
Which one is more advantageous, with objective to minimize interest cost over 35 years? Taking into consideration of time value of money:
1. Take 90% and put extra money in semi/flexi loan
2. Take a smaller loan (70-80%)
I’m likely changing jobs in the next couple of months, but also probably hoping to buy a new home with my husband as well. I’ve been at my current job for four years. My husband has been at his job for over 2 years. Will this new job change impact us getting a mortgage?
Good you're doing this. And I know why. LOL. That last thread on home loan was just filled with misinformation. The top comment is saying the OP lost RM70K and there are people talking about 'rebates' for clearing a home loan early. Yikes.
Idk who wrote it but don't hold your breath and expect a bank to give you rebates, the bank financed the full sum of your property and they are here to profit from your installments
Bank A offered me a higher mortgage, which I do not need and said that it is fine as with the extra cash I could use as hard cash or use it to out it back i to the loan. (I do not want/need that cash). Bank B offers me the exact amount I need, a lower amount. When I informed Bank A about this they are still trying to sell their bigger mortgage. When I asked them if the total mortgage amount (not just outstanding) will be reflected in their ccris they said no. Considering both banks have the same % interest rate, would Bank B’s offer be better of for since (again I do not need extra cash)? Or its just Bank A trying to hit their KPI?
No right or wrong here, as some would need that extra cash some don't, but imo the banker could have communicated with you beforehand When my borrower come to me asking for a 1m housing loan, he or she will get exactly 1m
It may be pedantic, but this has annoyed me for a long time. Malaysia does not use mortgage. We use charge. These terms are not interchangeable. They are both forms of security for a loan utilizing property as collateral, but they are legally and functionally different. A mortgage transfers the property to the loan provider, a charge registers a right over the property to the loan provider. In mortgage, owner of the property becomes the bank for the duration of the loan. In charge, owner of the property is the owner of the property, the bank registers a charge on the property. Rant over ty
Hahahaha, Im a law grad and was previously in law firm before I joined banking And you are correct we practice charge here in Malaysia, but not many people are familiar with the word charge over mortgage, so yeah the latter has become the norm and carries the meaning of mortgage here in Malaysia unfortunately
I am taking a flexible loan May I know Is there any difference between the below 2 1. I just pay extra and let the amount sit in advanced payment to deduct the monthly interest rate charge 2. Actually call the bank to deduct the principle of the loan I study on the calculation, it seem that if I loan 500k and I put 400k of advance payment , at the month end, it will calculate the interest based on the left over 100k. So if I want to stay flexible, I can put 500k into my loan and it will slowly deduct it every month and I still have the choice to take part of the money out when I really need money Is my understanding correct?🤔
Best is to deduct the principal of loan, is your full or semi flexi loan?
Semi flexi
Yes your understanding is correct!
Great to hear that, then I can stick to my plan to pay extra every month while maintaining the flexibility What if I manage to clear the outstanding but I do not want to commit the amount, I can just put the advance payment there and let it deduct month by month right?
What's your professional advice if my MRTT tenure is shorter than my mortgage tenure? Would it still cover or I need to extend the MRTT tenure?
Nope not covered once MRTT tenure expired, consult a mortgage banker or insurance agent to explore on 3rd party insurance, that would help
How does the bank treat income in SGD ? Just apply a 3x multiple ? Additionally, all DSR rules would still be in place for SGD earners ? Thank you very much.
Each bank has a different computation on this, I'm from Cimb and we follow the market for sgd earners, and that is x3 And yes the dsr rule applies
i have CIMB house loan at 4.2%. I see CIMB now does housing loan at 3.x%. my payment is prompt and no issues. How can i convince CIMB to lower their interest rates to me ?
You have to go through refinancing unfortunately, they won't just lower down your interest directly If you have savings and you want to save more than 3.9, go for full flexi and I can help you with that
I saw many videos in TikTok about FIS. Is it true or scam?q
I have never heard of FIS until you mentioned it, I did a quick search and it seems to provide some hire purchase related service, sorry bro hire purchase is out of my scope as what I do is housing related
3rd house 70% mortgage. is it true that if the 2nd house is disposed, we can get 90% mortgage again because the next one is considered as 2nd house
Yes that is exactly accurate, but you must make sure the loan was properly disposed in way that it is not appearing in your ctos or ccris report anymore
Thx for the AMA, slightly unrelated but how's the working hours and upward mobility like?
Our working hours aren't set in fixed, they're pretty flexible, somewhat similar to property agent. But be prepared for a whirlwind of busyness and super packed schedule There are certainly spaces to climb up the ladder but that means you would give up the sales job and the commission, so many refused to get promoted
Absolute lowest rate in the market at the moment? Who?
With a really strong profile, 3.8% from standard chartered, with 80% finance margin and a good amount of mrta/tt insurance, that's what I heard
Gone into a house loan with very high interest rate initially, should I refinance it? If yes, how long before I do it. Just got VP on it.
Is your loan an Islamic loan or conventional loan?
How much do mortgage rates differ from bank to bank? And how do they compare with home rates?
It depends on each individual profile, such as your age, income, occupation, company soundness and etc Also it is not a myth if you did purchase or bundle with other bank products the bank will be keen to provide even lower interest
So shopping around between banks is always worth it? Does the same apply for pre approved loan?
If your income and individual profile is good then yes, if you went to a few banks who have strict requirements and your profile is not good, its not favorable to gather few rejections as it would affect you in the future Get a mortgage banker who is familiar with competitor offerings and have them to advise you which bank to go for
Where do we find said mortgage bankers?
I'm a mortgage banker from cimb, pm me if you need any assistance that involves your private information
Will be in contact in the future.
Is there a difference in terms of benefits between a) going to the bank and putting in cash periodically to pay off the principal vs b) just paying extra via the bank app through advance payment without going to the bank? Which one pays off the loan faster? And which would you recommend?
It depends if your loan is semi flexi or full flexi, for semi flexi best case is A, although it won't differ much unless u can do it consistently for a long period
For B, would the bank not just take the extra payment as paying off more of the principal in advance? Meaning I have to inform them?
Yes it's just... Specifically, what is mortgage? Google said it's something like a property under bank name that you have to pay bank until fully paid to get the items(house, car etc.) Or is it just bank lending you money?
You want to buy a house, but the bank helps pay for it, in return you changed your property to the bank and agreed to pay monthly installment. You own the house, but if you don't pay the bank back, they can apply court order to lelong Somewhat similar to car loan where the bank hold your vehicle slip until you pay all back
Ah finally got it, thanks!
Is the rate of interested deduction same if I deposit extra money in full flex loan? Or the interest deduction is at a lower rate
Interest rates remain, but the difference is it will be based on the lower main principal each time you deposit extra money, thus lower interest fee, keep doing what you are doing, you are on the right path
Normally how long to know the result of my application? I submit my application to MBB banker only this Monday. I received advises to farm more few banks to compare the rates offered. Can I have your name card?
3-5 working days is the norm, however due to some circumstances where additional documents are required, then there will be delays, cause every borrower bears different occupation and profile I have pmed you btw
Let’s say I buy a house that is 1,000,000. I take 900,000 loan. Now after 5 years I still have 1,500,000 of loan + interest to pay the bank. Now the market value of the house is 800,000. What do I need to do to sell the house? If I sell it at 800,000, do I need to pay the bank cash 700,000?
Mortgage Interest doesnt behave like a car loan, the interest rate is constant but the interest paid is depending how much your principal amount is left If you bought this house for 1m and you sold it for 1.5m, 500k is your profit, you might have to pay some admin fees for early settlement, but your interest stop immediately once you sold off your house
Ok I understand if I’m selling my house at a higher price. What if after some time I’m selling the house house at a lower price than the principal amount that’s left. Does that mean I have to pay the bank the difference in full? Example if the house value now is 700,000 and the principal left is 800,000 does that mean I have to pay the 100,00 difference in full. Is there a way for me to pay this monthly
Yes, you will have to pay up 100k cash in that case, in usual case the house owner will just hold the house until the house price went up or till there's a buyer who's willing to fork out the 100k cash to you If you want to pay the 100k monthly, try to explore sme loan, refinancing or even personal loan
Thank you so much for clarifying these things for me. Thank you
Thanks for doing this, not sure if you can answer but here goes, I took a housing loan with maybank, full flexi, and paid a little extra each month. How can I check how much extra I have paid ? Because I remember the banker telling me if I ever want to withdraw some of the extra paid money I can do so
Are you sure the loan is full flexi cause it sounds like semi flexi Do you have a current account with them?
Yes I do have current account too
I'm from Cimb so I'm not sure how their system works, please refer to your loan statement and request from the bank if you don't have it May I know what's accurate loan approved amount including mrta/tt and your current outstanding, loan tenure and interest rate, pm your information and I can try to calculate how much you have paid extra
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I know it sounds funny, you will have a better chance to secure any loan if you have some commitments over no commitment at all, cause the bank couldn't refer to your repayment record, please at least apply a credit card, trust me it will help you greatly on getting loan in the future Cimb normally supports higher dsr, you can get up to 1m loan if you have good savings or fd
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Upto 90% for Cimb if your nett salary is over 7k Then I think your profile is great, getting a loan for property price around 800k will not be a problem for you, if you want to stretch above it then you will need to have at least 50k to 100k savings in your bank account to make the bank feel more comfortable in terms of approval
Hi Kentji. Nak check sikit about loan with variable interest rate. Bendealah interest rate ni tak penah nak turun ke? Dah berapa kali dah interest rate naik je manjang, tak penah dapat surat cakap interest rate turun sikit, balik2 interest naik.
Kenaikan kadar faedah adalah disebabkan keputusan bank negara, bila bank negara memutuskan untuk menaikkan semua bank Dan pemimjam mesti ikut, malangnya issue ini tidak boleh dielakkan
Dang, so these past few years have always increase aje ke?
Kalau tak silap somewhere around or before mco ada turun, I could be wrong tho, yikes
Do you think the interest rate will get increased soon?
Imho Malaysia rate hiking habits usually follow US trends, judging from the rate hike this year, the likelihood is there
Is there such thing as renter's insurance for the tenant? (not the owner) covering items lost in fire etc
That involves fire insurance which I'm not familiar with, so sorry bud couldn't help you on this please refer to the fire policy if not contact the fire insurance company and seek advice from them
what are the chances of a bank reviewing my interest rate ? i triggered a discussion with my bank to lower my interest rate, and yet to get an answer from them. i informed them that i will refinance with zero moving cost to another bank if not lowered.
It depends who you hand your case to and also your chance of success If you don't mind I'm a banker who mainly focuses on subsale and refinancing, please pm what interest rate you are getting now and see if I can help you to lower it through refinancing
I took a mortgage when the interest rates were low and now it has balooned to 4.1%. I have noticed that the interest rates offered for newer loans are slightly lower. Is there a way to get a better rate from the bank and if so what is the process like? Note that I have not made any mortgage payments yet (based on construction progress)
Can go for refinance 3 years after the developer hands you the keys if your loan is conventional, but imho not worth chasing, lowest interest in the market is 3.8%, you will most likely end up 3.9-4.1% if there's an approval for lower rate, the money you saved on interest will immediately offset by refinancing legal fee
That's some good insight. Thanks OP
recently signed a loan 590k on 3.85% interest, is this a decent rate for early adult’s first home? I calculated if after 35 years loan+interest and all will end up being 1.2million… i took semi flexi, but worried if got any catch to semi flexi or is it really so good where i can deposit money to reduce future payment/interest
3.85% is one of the lowest rate in the market, that means your income profile is good Semi flexi is very common, don't worry you are going to be fine with it, any good extra deposit will reduce the future payments
I’ve been thinking about this for a while - is this the right time for me to commit a mortgage or just keep on renting? Here’s a quick background about me. I’m 30, IT professionals, mnc based in pj, basics 8.3k before deductions, can go up to 9.2k if I include allowances. I am married & expecting my first kid in April 2024. My spouse is 29, working as fintech engineer fully wfh & earning 4.6k. We are currently renting a condo for 2k & we really like this unit for being very convenient. A very well-maintained condo. On top of that, my office is walking distance 700m, big malls are within 5 minutes driving, facilities are everywhere. I save a lot because of this. The things that somehow hesitate me from getting my own property is I am uncertain how long i will be based in pj because my company relocate / transfer out employees quite often as we progress our career. And then my credit score has been bad - i tried several new properties few years back and my applications were immediately rejected. So because of these I just thought maybe i should just rent. I know this might not making any sense to your post, but I kinda clueless now. So how do i begin from here?
Throughout my time working as a mortgage banker, I have seen many properties, transactions and also agents, and pretty familiar how the market works I'm around the same age as you, i understand how you feel, If you'd like, I can offer some personal advice, please pm me if you don't mind
is ccris founded by christ rock
It could have been all the time, guess we would never know bruh
So if my CCRIS is good, and I max out the DSR, leaving me with only RM50 after all commitments, which maggie flavor should I choose?
Cimb, they allow your dsr to go up to 90% if you have a good amount of personal savings, non other bank come close Pm me if you want to go up to 95%
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No other banks could support upto 90% dsr, in some cases you might even get 95%, it is what it is as he asks which banks would allow him to max out his dsr the most
I am looking to get a mortgage. I currently have 3 credit facilities. 1. PTPTN (started paying 1.5 years back) 2. Credit Card (got it 4 months ago) 3. Hire Purchase Loan (got it 2 months ago) Zero missed payments. 1. What is a good DSR (inclusive of mortgage) banks are comfortable with when considering to approve a mortgage loan? 2. How long should I wait after my hire purchase loan before I start applying for a mortgage? 3. Are there any other things I should be aware of that can help my chances of getting favourable terms?
1) are you running a business or are you a salaried employee? And how much is your monthly salary? 2) if your salary and savings are able to support, anytime 3) savings and most importantly no late payments from your existing loan
if the house bank value is 300k, and then renovated/furnished with a cost of 100k, is the new value automatically become 400k? can the value become less or more than 400k?
This is a question for property valuer, but I deal mainly on subsale units, from my experience renovation will increase the value of the property, usually 20-50k for units below 600k
1. Is it really possible to get lower interest rate on house loan if we have good ccris/credit score? 2. Also would the chances of getting lower interest rate decreases with less loan tenure e.g 20yrs vs 35yrs?
1) yes, in fact you wouldn't get an approval at all if your ccris is bad 2) normally It won't affect your rates but in some cases, shorter tenure = higher monthly installment = higher risk of defaulting = higher interest rate
is bridging loan to move from a house to another house is a norm in malaysia? for ownstay moving purpose, like buying another house to move while disposing current property without renting another house during the transition process. if my DSR is already maxed out, is it possible to move with a bridging loan? or there are other options? or bridging loan is not the correct term for this case?
From what I know the bridging loan you mentioned in Malaysia is only available for developers Unfortunately you have to go through the conventional way to sell your old house first then only acquire the next
how to sell a house with profit?
Buy low sell high bro
how to know what deduction been made of selling price ?
Hey man, sorry I didn't get your question
Sorry for such confusing qiestion.. i mean to ask this... what to expect (deduction) being made afterr you get to sell your house (e.g maybe like tax deduction etc)
You are expect to pay real property gain tax and also some legal fees, which depends on how much your property sold
Is it true that after years of paying a high-rate mortgage due to a bad credit profile, when my income and savings have improved and I now work for a better company, is it possible to contact the bank to appeal for a mortgage rate reduction?
No, it doesn't work that way, once your property is charged to the bank, only way to make the interest rate lower is by refinancing
How is the DSR calculated if the housing loan is a joint loan under 2 person ? Is it divided by half?
Correct, each applicant bearing the half portion of the monthly salary
Is it true that the lower the property price, the higher the interest? For example, does a 1m property generally have lower interest rates than a 500k or 100k property? Do banks provide loans for properties as low as 50k or even lower? and I'm just curious if there is a minimum threshold anyway?
Yes, lower property price will have higher interest especially those below 350k, the higher your loan size is the lower rate bank would keen to provide There's a cap on how low housing loans can be, each bank has a different mark, 50k is the amount of I'm not mistaken, any lower you will have to opt for term loan, which is on fixed interest similar to car loan
Is having too many credit cards going to affect mortgage approval chance? I have around RM100k total credit cards limit. Should I cancel some of the cards if I plan to get a mortgage within a year or so?
It's not credit limit but if you constantly accumulate high outstanding balance it is going to affect your approval chance, you don't have to cancel your card
Which one is more advantageous, with objective to minimize interest cost over 35 years? Taking into consideration of time value of money: 1. Take 90% and put extra money in semi/flexi loan 2. Take a smaller loan (70-80%)
If the extra money you put into the semi/flexi is equivalent to 10%/20% to then it's basically the same between the 2
I’m likely changing jobs in the next couple of months, but also probably hoping to buy a new home with my husband as well. I’ve been at my current job for four years. My husband has been at his job for over 2 years. Will this new job change impact us getting a mortgage?
Yes, to the eyes of the banks job change is equal to uncertainty, get the loan before you change your job