Homeowner's Guide

Home Loans

Search for the most attractive housing loan package
Just to ensure that you can get the most out of the information for that property you are eyeing, try to get familiar with mortgage terms and talk to some banks on their housing loan promotions. Be sure to also look into your personal credit so that you can be comfortable on an amount you are willing to spend on your dream property.
Listed below is a set of criteria that governs the end-financier’s evaluation of housing loan applications:
  • Income

    The Applicant must have sufficient income to qualify for the loan. The normal requirement is that the monthly loan. The normal requirement is that the monthly loan repayment should not exceed 1/3 of the applicant's monthly income or in the case of joint purchasers, their joint monthly income.

    Example: For a RM 200,000.00 loan over a period of 20 years, the monthly loan payment (at 10% per annum x monthly interest) is RM 1958.00. Thus, the applicant must have a minimum monthly income of RM 5,874.00(RM1,958.00 x 3)

    You are required to supply evidence of your income, such as pay slip, EPF statement or income-tax return form to enable the end-financiers to ascertain your ability to repay the loan. However, if you are self-employed, you should produce bank statements, sales invoices, receipts or other documentary evidence to verify your income claim.

  • Age

    Usually, the age limit for the loan payment is 55, which coincides with the normal retirement age. Some end-financiers might extend the age limit to 60 (Dependent on Individual Banks)

    Guarantor

    You may be required to provide a guarantor or guarantors whose joint income should meet the above mentioned minimum requirement.


Evidence of additional income
You may have a substantial amount in your savings or fixed deposit account which can be used as evidence of additional income which the end-financiers may take into account during evaluation.
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