Loan Eligibility Report assumptions

The purpose of this Report is to help You estimate Your loan eligibility. This estimate is based on the information entered by You and the information sourced from third parties, and does not factor in the complete loan eligibility criteria nor Your complete financial position.

Indicative Loan Eligibility

The loan eligibility amount may not be the final amount needed to (re) finance Your property and should be used only as an indication of the loan amount that You may be eligible for and the repayments, if You took out a loan for that amount.

It’s important to know there maybe differences in the loan eligibility amount that is calculated by each bank. This is because every bank has their own calculation methods for income and commitment recognition for the maximum allowable Debt Service Ratio (DSR), which may vary from time to time. The DSR is typically determined by income level where certain banks may not include all Your income in an application (e.g. overtime, commission, gross vs net, rental and foreign derived income, etc), but may also be determined by net worth, educational qualifications and age. This may impact the actual amount You borrow.

Assumptions

Also, we’ve made some assumptions when generating this Report, which may affect the reliability of the Indicative Loan Eligibility amount. Our main assumptions are:

Interest rate: an interest rate of %{interest}%, subject to change by the banks;
Maximum Loan tenure/term: 35 years and up to a maximum age of 70 years old;
Interest rate and repayments: the initial repayment amount is payable for the entire loan term, however repayment amounts may change due to a variety of reasons, including any changes to interest rates and the type of repayment plan;
Margin of finance: at 90%;
Type of loan: residential property, only;
EPF and SOCSO deductions are automatically calculated based on employee’s monthly gross salary/income and yearly gross income, and is already taken into account to the loan eligibility calculation;
PCB (Monthly Tax Deductions) is not automatically calculated based on employee’s monthly gross salary/income. You will need to input your monthly tax deductions for more accurate loan eligibility calculation;
Nationality of applicant: the applicant is Malaysian; and
Bank(s): the banks are licensed financial institutions in Malaysia.

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Bukit Mertajam, Penang

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