How to apply for a housing loan

Added by Want to buy but can't afford lah at 18 May 2010 16:15 5 pts
Ok, I've done some reading on how to purchase a house. Unless you have loads of cash under the pillow, you would want to get a housing loan to buy the house.
You need to know if you can pay the loan for a certain house before you actually go and book one. Basically:
1. The montly installment that you pay to service the loan should be less than 1/3 of your total income.

And add this up for 25 years, meaning that your loan will be for a 25 years period.

Example, so lets say you're pretty well off and you take home cash monthly is RM6K, this means that you can afford to pay a monthly installment of RM2K (6000/3 = 2000)
So times this for 25 years, which brings us to RM2K x 12 (months) x 25 (years) = RM600K
Congratulations, you earn enough to buy a RM600K house. Mind you that RM2K/month is actually on the high end.

Next, what are the documents you need to bring to the bank to get this loan? Ok, you'll need these:

If you're working in a company and bring back salary every month:
(a) Letter of appointment (for new employee)
(b) Latest three months’ salary slip
(c) Latest three months’ bank statements to show the salary credited
(d) EA form
(e) EPF statement
(f) Borang BE
(g) A photostat copy of your IC (identity card)

If you are self-employed, the required documents are:
(a) Latest one year’s B form
(b) Latest two years’ audited accounts / trading accounts
(c) Form 24 & 49 & Company Registration
(d) Business registration form (A/D)
(e) Six months’ bank statements (personal account)
(f) 12 months’ bank statements (company account)
(g) A photostat copy of your IC (identity card)
(h) Other supporting income documents

Also, get the booking slip or Sales & Purchase Agreement (SPA) for the particular house you're aiming for.

There's many banks in Malaysia that offer housing loans, so you should go to any that you think offers the best deal. It's too compilcated to talk about the various loan types, but hopefully other posters can contribute to this.

Just don't go to Ah Long to get your money.....

#9 by CliteOpelve at 19 Aug. 2010 16:24 2 pts
Hi,

i'm new here, and just want to say hello!
#7 by Mr. Anonymous at 01 Aug. 2010 12:53 2 pts
i thnk they were deleted because of spam..
#5 by Mr. Anonymous at 29 July 2010 20:16 1 pts
looks like you have a lot of deleted comments on this topic..
#2 by Want to buy but can't afford lah at 23 May 2010 09:58 2 pts
no 1 for refinancing basically it's the same documents as the above, but you also need the loan statment on your current loan too from your current bank.
#1 by Mr. Anonymous at 19 May 2010 10:24 2 pts
> op
thanks! this is really helpful. does anyone have any guides on refinancing too?

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