Wah..RM100k it about Sg45k...! erh wat about if i use my wife name as first applicant and i secondary applicant will it make any diff? Im in my late 30s n my wife hehehe 40 liao.
i think when u settle down which house u gg to buy , the sales person and loan officer will advise u ...
anyway , i copied over what Wuqi has posted on loan requirement :
Those who are buying properties in the near future, please take note of the following to avoid wasting your time and that of the property owner or agent as well.
Applies mainly to residential properties. This is by no means 100% accurate and case by case exceptions do take place from time to time. When in doubt, seek legal or expert aid.
For any property for any development, if you are not Singaporean and have no Malaysia/Singapore wife = Most of the time cannot get any loan above 60% of the valuation for the property.
For any property for any development, if you are Singaporean and have no credit history in Malaysia = 70-80% loan for most of the time. Exception is if you and/or spouse are drawing a high enough pay, then can appeal for 85-90% loan but on a case by case basis. Except if its the 2nd or third property. Then 80% for 2nd and usually 70% for the third property.
For any property for any development, if you are Malaysian = 80-90% loan for most of the time except if its the 2nd or third property. Then usually 70% for the third property. If you are a Singaporean or a foreigner with a Malaysian wife, you may be able to get into this category especially if she is working in Malaysia and has a credit history that they can refer to.
*To be eligible for most bank loans at 80%, a couple combined income must be at least 10,000 MYR (Ringgit) or 5000 SGD monthly (They use 2x rather than 2.4 or 2.5) For those who are Malaysians or married to one, then they may use 2.4 to calculate.
Stocks, rental yield and bank statement as well as CBS statements can also be used to support higher bank loan percentage.
Assuming 80% loan, the following applies:
For a 500k property, one must prepare at least 20%, meaning about 100k MYR (Ringgit). This is not inclusive of any stamp duty, levy or legal fees.
Added on, It can go up to another 30,000 MYR (Ringgit) - Meaning one needs at least 130,000 MYR (Ringgit) to be on the safe side.
For a 700k property, one must prepare at least 20%, meaning about 140k MYR (Ringgit). This is not inclusive of any stamp duty, levy or legal fees.
Added on, It can go up to another 3-40,000 MYR (Ringgit) - Meaning one needs at least 180,000 MYR (Ringgit) to be on the safe side.
For a 900k property, one must prepare at least 20%, meaning about 180k MYR (Ringgit). This is not inclusive of any stamp duty, levy or legal fees.
Added on, It can go up to another 3-40,000 MYR (Ringgit) - Meaning one needs at least 210,000 MYR (Ringgit) to be on the safe side.
Ones monthly loan for a house should be at a maximum of 1/3 of ones monthly income. For someone to service a monthly loan of 3000 MYR for example, their combined income (couple) should be 10,000 MYR monthly.
Am just worried that people may take forum advice wholesale and start buying without doing proper due diligence like talking to banks about chances of getting loan, how much can get etc.
