Banking & Finance (includes credit cards posting)

[Jetstream]

I'm new to vesting in JB and would be grateful if any brothers and sisters who have vested in JB property without loan could share their experiences on their preferred way to remit the progress payments to the developer? Thanks in advance!

 

[captainjones]

Anyone know what are the charges for transferring $ from Malaysian bank a/c to Singapore bank a/c?

 

[rosnyus]

hi wuqi

sorry to disturb, but i once stumbles upon a thread where you've outline how much cash outlay is needed for each price range. However, unable to locate it now.

do you mind sharing with me the info?
i'm looking at buying a property at HH for at least 800k
thanks in advance!

 

[potter]

hi wuqi

sorry to disturb, but i once stumbles upon a thread where you've outline how much cash outlay is needed for each price range. However, unable to locate it now.

do you mind sharing with me the info?
i'm looking at buying a property at HH for at least 800k
thanks in advance!

..I copy over what Ah tiong had copied over from Wuqi that 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.

 

[rosnyus]

thank you! i'm hoping to get to qualify for a 90% loan (both of us are Singaporeans) based on the fact that both of us have an annual combined income of at least SGD$150k.

sometime when we earn more, we also spend more haha.. so need to save up for that downpayment haha

 

[potter]

thank you! i'm hoping to get to qualify for a 90% loan (both of us are Singaporeans) based on the fact that both of us have an annual combined income of at least SGD$150k.

sometime when we earn more, we also spend more haha.. so need to save up for that downpayment haha

Do get back to us if you can secure a 90% loan lobang. Lots of them here are Q-ing for it..

 

[crystal_tiong]

hey potter

Dun call me ah tiong leh , i dun wan to be mistaken as a PRC ....

 

[tonto]

Malaysia ringgit's fixed deposit rates are average 3% to 4%. Do you think thats good return considering Singapore dollar deposits are about 0.1% return? Are there any tax on FD interest in Malaysia?

 

[Movingaway]

Any good fixed D to recommend? Pls kindly pm.

 

[tonto]

All MY banks. Rates checked on 12 Nov 2012 and valid till 31 Dec 2012 or when banks change them, whichever comes first.
Disclaimer: Check with bank for latest FD terms and conditions

CxxB
1-5 months 3.10%
6th month onward 4.88%
Average rate 3.4%
Minimum RM5,000
Need to open savings account to credit interest. RM8 annual fee for ATM card.
Forfeit period: Must hold minimum 3 months (get half the interest)

MxxBxxx
1-6 months 3.25%
Rollerover 6 months 4.05%
Minimum RM20,000
Forfeit period: Must hold minimum 3 months (get half the interest)

Hx Bxxx
1-3 months 3.08%
4-6 months 3.18%
12 months 4.28%
Minimum RM10,000
Need to open savings account to credit interest. RM8 annual fee for ATM card.

 

[Movingaway]

Thanks tonto, noted.

 

[potter]

hey potter

Dun call me ah tiong leh , i dun wan to be mistaken as a PRC ....

dun worries la, everyone knows 你是奴沙意思达曼人..

 

[myrsing]

All MY banks. Rates checked on 12 Nov 2012 and valid till 31 Dec 2012 or when banks change them, whichever comes first.
Disclaimer: Check with bank for latest FD terms and conditions

CxxB
1-5 months 3.10%
6th month onward 4.88%
Average rate 3.4%
Minimum RM5,000
Need to open savings account to credit interest. RM8 annual fee for ATM card.
Forfeit period: Must hold minimum 3 months (get half the interest)

MxxBxxx
1-6 months 3.25%
Rollerover 6 months 4.05%
Minimum RM20,000
Forfeit period: Must hold minimum 3 months (get half the interest)

Hx Bxxx
1-3 months 3.08%
4-6 months 3.18%
12 months 4.28%
Minimum RM10,000
Need to open savings account to credit interest. RM8 annual fee for ATM card.

Seems like CxxB pay better interest 4.88%.

Bro, confirm again no tax (browsing thru previous pages) on interest earned for foreigners?

And for M$100K deposit, acceptable?

Thanks tonto.

 

[snowbird]

Malaysia ringgit's fixed deposit rates are average 3% to 4%. Do you think thats good return considering Singapore dollar deposits are about 0.1% return?

The FD rates seems good but one also needs to consider the depreciation rate of the weak ringgit unless of cos you prefer to keep it indefinately there.

 

[tonto]

Seems like CxxB pay better interest 4.88%.

Bro, confirm again no tax (browsing thru previous pages) on interest earned for foreigners?

And for M$100K deposit, acceptable?

Thanks tonto.

I also dunno if there is tax. Someone once mentioned that whats earned in Malaysia will be taxed in Malaysia, so I also wonder if interest is taxed as Singapore don't tax bank interest. For RM100k, best to check directly with the bank whether they have upper limit.

 

[tonto]

The FD rates seems good but one also needs to consider the depreciation rate of the weak ringgit unless of cos you prefer to keep it indefinately there.

Good point, especially if the amount is huge. The loss due to forex can easily wipe out the interest and some principal...

 

[myrsing]

Good point, especially if the amount is huge. The loss due to forex can easily wipe out the interest and some principal...

I am quite surprise how come FD rate so good at 4.88% when average HL interest at 4.2%? Its intended to offset my loan repayment. No intention for investment or ex back to S$.

 

[tonto]

I am quite surprise how come FD rate so good at 4.88% when average HL interest at 4.2%? Its intended to offset my loan repayment. No intention for investment or ex back to S$.

Maybe you misunderstood on the CIMB rate. They told me the rate averages out to only 3.4% pa.

 

[myrsing]

Maybe you misunderstood on the CIMB rate. They told me the rate averages out to only 3.4% pa.

I thought so. Unlikely FD rate higher than HL rate on annual basis.

 

[Mingchye]

I am quite surprise how come FD rate so good at 4.88% when average HL interest at 4.2%? Its intended to offset my loan repayment. No intention for investment or ex back to S$.

http://www.cimbbank.com.my/promo/step_up_fd/

Only the 6th month is the interest 4.88% hahah. Seriously nothing would beat the "offset" interest rate of flexi accounts. Banks need to make money on the interest spread so there is no way they can offer depositors more interest they can earn