Loans & Financing
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best suits your financial profile? How about that
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Maybank tailors to your present and future needs with their
Pay Less. Pay Half. Pay Later. flexible home loan repayment
options. Better still, you don't even need to figure it out as they
take care of that! Find out more. |
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| Question of the Month |
09.12
2009 |
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How do I know what is the maximum loan I can get based on my monthly income? Let’s assume that my gross income is
RM2,500 and I would like to plan to buy a residential property in the near future but do not know what I can afford.
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With an average monthly income of RM2,500, monthly repayment instalment would be something like RM850 per month and you would qualified for a RM130,000 loan amount for financing purchase of the property, the MRTA premium and/or any other related expenses . With assumption no other commitments and the Margin of Repayment is 35% of gross monthly income. Repayment amount should generally not exceed 1/3 of gross monthly income. As the general rules, most house buyers will budget a purchase cost between 1.5-2.5 times their annual incomes. For example, a house buyer earning RM40,000 a year would buy a house that cost between RM60k to RM100k.
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27.04
2010 |
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I once had a bad CCRIS & CTOS record butIi've paid all my debts. Is it possible for me to apply for a housing loan?
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For your information, if you had a bad CCRIS or CTOS record previously, it would be difficult for you to obtain the loan. However, it all depends on how long your payments have been regularized since. You would need to provide a copy of the clearance letter for your loan submission, as proof that your outstanding loans have been regularized.
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27.04
2010 |
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I really like to refinance my house need advise. |
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Minimum property value to refinance is RM75,000. Documents needed for refinancing are as follows:-
1) Photocopy of IC (front and back)
2) Latest 3 months salary slip and EA form (If business owner, copy of last 6 months bank statement)
3) Latest EPF Statement
4) Copy of Borang B/BE (with acknowledged receipt from LHDN)
5) Letter of Employment (If business owner, Business Registration or Form 24/49)
6) Last 6 months Housing Loan statement reflecting current outstanding balance.
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27.04
2010 |
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Hi. I’m thinking to buy a lot to build a bungalow. Do you mind letting me know more about the loan facilities? I heard that the loans are separated into 2 loan accounts, one for the land and the other for the building itself, right? |
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Maybank does provide financing for purchase of bungalow lot and for the construction of bungalow. The margin of financing for the land is 65% of the purchase price or market value, whichever is lower. The interest rate package for Bungalow Lot financing is as low as BLR - 1.40%.
There will be a separate loan account for the loan for construction of bungalow. The margin of financing is up to 80% of the construction cost. The interest rates package is as per our standard housing loan package, as low as BLR - 1.80% (subject to locality of property).
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27.04
2010 |
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My husband is 23years old. He earns around RM1800.and we do have a home business which can’t be registered. I am interested in a terrace house which is worth about RM150K. Can i know whether my husband is able to get a loan for 30 years and how much down payment do we need to pay? |
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Based on your information, your husband may be able to borrow up to 30 years loan tenure, or age of 60, whichever is earlier. As for the down payment, it all depends on what are the terms of purchase from your vendor (if you're buying a completed property) or developer (if you're buying a property under construction). Generally, the vendors/developers require at least a 10% down payment. On top of that, you may also need to have some funds for the legal fees cost for the Sale and Purchase Agreement and Loan Agreement. We do however, allow the legal fees on the loan agreement to be capitalised into the loan if necessary.
As for eligibility of loan, assuming your husband does not have any other existing loan commitments or credit cards, his salary of RM1,800 is only eligible for a loan of RM126,000.
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