Is me again! Hope everyone is doing fantastically great!
Today I have one super great topic to share with you.
Please read this before purchase any house.
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Okays, Let’s get started.
If you refer to the topic, you know I’m going to talk about what you should do before purchase a house or even apply any housing loan.
The 1st and beginning step you must do, that’s the most important things.
Make it right the 1st time and you will have fewer headaches later.
1) Prompt payment record and conduct with banks (in Malaysia) or any lending companies.
- Any loan facilities you have with the banks, you are obliged to pay it on time. On time mean, monthly basis. NOT every 2 months once.
- Loan Facilities included credit cards (at least minimum payment), housing loan, shop loan, term loan, personal loan, card loan or any financing loan. Must pay on monthly basis.
- Most banks are still okay with 1 month delay, but if reach 2 months, some will have concern. If this happen to you, please regularised the payment until “0” arrears before apply for loan and keep the payment receipt you make.
2) Print CCRIS Report
- If you still do not know what is CCRIS report? Please check out my article on CCRIs report here. https://malaysiahousingloan.net/2012/05/03/housing-loan-why-ccris-report-affected-my-housing-loan-application/
- CCRIS report will state your conduct for 1 year. From here, bank’s underwriter will analyse borrower character of payment.
- You can find out a lot of information such as loan amount, outstanding amount, bank details, conduct and history of payment.
- If you do not know, how to analyse the report. You can always consult the Bank Negara staff or you can email us the CCRIS report. We can help you to translate the data.
- You can go to Bank Negara to print the CCRIS report. It is located at ground floor. It is a kiosk machine.
- Bring along Mykad to print. Its works just like KWSP kiosk machine.
- The best part , It is “FREE”
- Bank Negara Contact information as follows:
Laman Informasi Nasihat dan Khidmat (LINK)
Bank Negara Malaysia
P.O. Box 10922
50929 Kuala Lumpur
Tel : 1-300-88-5465 (1-300-88-LINK)
SMS : 15888
Operating Hours: 9.00 a.m. – 5.00 p.m. (Monday – Friday)
3) Print CTOS Report
- CTOS report is a report about summons you have in Malaysia.
- It can be from banks or even creditors or the Telco companies.
- You can get this report print too. There may be some minimum charge about less than RM10.
- If your report cleans, you will not have any remarks.
- If you have summons, you may want to get it clarify from respective parties or fully settle it. Then, ask CTOS to update it fully settle. Before, get any loan
- Again, if no one can help to analyse the report, you can email to us. We can help you.
- Nowadays, there is many ways to print CTOS report. Please refer to the following link to check out.
- CTOS company information as follows :
CTOS Service Center
Unit A-9-6, 9th Floor,
Megan Avenue 1,
No. 189 Jalan Tun Razak
50400 Kuala Lumpur
Tel: 03-2722 8833
Fax: 03-2722 8822
4) Eligibility For Loan
- Everyone needs to know their entitlement for loan. And how to do it?
- Well, we can teach you a basic calculation. However, the calculation not 100% accurate. Just for estimation only.
- The formula is ;
DSR (must be less than 68-70) = ( a + b ) / c x 100
Debt service ratio ( DSR)
New instalment ( a)
All monthly commitment (b)
Nett income (c )
Debt service ratio ( DSR) = ( New instalment + all monthly commitment) / Nett income x 100
Debt service ratio ( DSR)
New instalment ( a) : RM1000
All monthly commitment (b) : RM2000
Nett income (c ) : RM7000
(1000+2000=3000) / 7000 x 100= 42.85 (DSR less than 70, so this is good)
- If you find this is still difficult to understand. Then, please go to the following link and we shall give you an eligibility report.
5) Prepare A Back Up Plan
- What is back up plan? I never heard of this… I think no one will advise this. But, we do.
- You must have someone to be your back up co-borrower or guarantor, just in case your loan not able to approve.
- It must be your immediate family member like, sibling, parents, children and spouse.
- Another back up plan is to prepare more cash, just in case the bank approved 80% or even 85%. Or in case you property value cannot match the property purchase price.
6) Consult Your Mortgage Consultant or Banker
- It is definitely a good idea to consult professional like us, we can give you valuable advice because we are not only doing 1-2 cases, we have come a long way. We came across so many cases a year.
- For a normal person, in whole life, you probably come across buy and sell property in average 5-6 unit.
- But, for us we have go through about hundreds of cases a year. You can multiply this with 10 years of doing this. I think you can do the math.
- We believe we have so many valuable advices to give you. Engage us and you will found out.
- The best part, our services are FREE!
If you need refinancing or new housing loan advice, please contact us here.
We hope you enjoy our NEW tips!
Good luck guys!