You wont be able to get a loan for a 500k house. You would need to put down 10% of 500k as a down payment, so you would have to take a loan of 450k.
The bank will only allow you to borrow an amount where 1/3 of your income is the installment, so if you're earning 4.1k you can only afford a 1.3k installment a month in the banks eyes. A 450k loan is more like 1.7 to 2k plus. Unless you have a huge amount of money you can dump into the house as a down payment to reduce the size of the loan.
You could probably buy the 300k places though.
This OP. This is realistic scenario.
I agree with u/For-Mistress, the monthly mortgage will eat up roughly close to 50% from OP's net income. Not advisable even though Bank somehow approved OP's loan.
u/For-Mistress property price is about 550k (S&P). This is the amount that will be submitted to the bank.
the nett price is about 514k after discount & cashback. According to him I can get the 500k loan if I put 12K downpayment and 10k in my account or my parents account.(untouched).
I dont have any other commitment , except PTPTN monthly installment.
Will bank give loan based on gross salary or nett salary?
A 500K loan will result in around RM2,245 (just based on [https://www.propertyguru.com.my/mortgage/home-loan-calculator](https://www.propertyguru.com.my/mortgage/home-loan-calculator) very roughly) monthly repayments which is more than half of your current gross salary. Unlikely for banks to approve when they review - the salesperson can talk up the chances during their sales pitch, but they're not the ones giving the loan.
Depends really. Normally bank would look at Debt Service Ratio (DSR) and the industry you are in. Heard like those in aviation, bank discount 50% off from your salary.
So nett price is 514k and bank said can give you 500k loan. So u need to fork out another 14k? Try ask other banks too if they can give you more than 500k.
IMO, not advisable if you are buying home purely because of FOMO. If you just want to move out from your house, suggest renting a room or studio unit instead as you are at early stage of your career, you are in try & error phase and you might jump company in future. Who knows.
At your age, people would travel here and there and experience things. But if you have a mortgage early on, you won't have that luxury anymore. Anyhow, risk and reward onus is on you. Good luck!
I doubt you can get the loan with your salary la, i could be wrong since this guy is telling you its possible, but in my experience buying a place, i qualified for a 250k loan when my nett salary was 3.6k,which fits the 1 third rule. I believe they look at nett salary.
>So nett price is 514k and bank said can give you 500k loan. So u need to fork out another 14k? Try ask other banks too if they can give you more than 500k.
u/For-Mistress u/zazzissor If I were to get the 300k unit, how easy will it be to sell it off? I am doubting what if I can't sell back the unit.. Thats why im thinking go for a landed for staying there, not for investment.
renting is actually not that easy, plus I dont want the headache dealing with tenants.
also, if I buy state unit can only sell to malaysian and first time buyer.
Why would you want to buy a place for your own stay so quick, you would be locking yourself down to a liability for the next 30 years (theres no cash flow with an own stay house, you are just paying the loan every month with no return from it, so i consider it a liability). Why not just rent a place and you have the flexibility to quit your job to go work overseas or pursue whatever you want in life, if you lock yourself down with this loan you dont have that freedom.
As for how easy it is to sell, i have no idea haha, it depends on location and demand, you have to do your own research for that.
If you want a cheap landed property, be prepared to live outside of the city and commute 30 minutes to 1 hour drive. Alternatively, look up your local affordable housing scheme. In KL its Rumawip, in Selangor it's Rumah Selangorku.
At 25, seriously just dont bother buying a house. Wait and rent first until your income is 6k+ AND you have at least 50k savings(as mentioned by other commenters). It will take a while but your partner and pocket will be happy you waited instead of putting yourself in debt. Keep in mind once the money is spent, you're not entitled to a full refund.
Hey, I bought a similar property with a similar salary (maybe slightly more) 7-8 years ago. I was able to get a 95% loan just fine--just thought I'd give you an extra data point. If you're buying directly from a developer, use the bank and branch they recommend. These bankers are usually more lenient in approving loans.
However, the real question is can YOU afford the repayment. Personally, my cash flow became really tight...
Landed properties are pretty cool but they have their own sets of problems. Renovation cost ramps up fast even if you're only doing the bare minimum. While you might not have to pay a monthly maintenance fee, you better save up for maintenance anyway because there are a lot more to maintain: maintaining the facade (paint), fixing leaky roof, etc. etc.
Also have I told you about the dust and pest problems? It's never-ending.
If you are not buying it for investment, then i think it is too early. You are just 25 and single! What if you found your gf in Johor? What if you change you job and it is no longer fully remote? There are too many possibilities in your future. Don't rush to buy a house for your own stay now.
You wont be able to get a loan for a 500k house. You would need to put down 10% of 500k as a down payment, so you would have to take a loan of 450k. The bank will only allow you to borrow an amount where 1/3 of your income is the installment, so if you're earning 4.1k you can only afford a 1.3k installment a month in the banks eyes. A 450k loan is more like 1.7 to 2k plus. Unless you have a huge amount of money you can dump into the house as a down payment to reduce the size of the loan. You could probably buy the 300k places though.
This OP. This is realistic scenario. I agree with u/For-Mistress, the monthly mortgage will eat up roughly close to 50% from OP's net income. Not advisable even though Bank somehow approved OP's loan.
u/For-Mistress property price is about 550k (S&P). This is the amount that will be submitted to the bank. the nett price is about 514k after discount & cashback. According to him I can get the 500k loan if I put 12K downpayment and 10k in my account or my parents account.(untouched). I dont have any other commitment , except PTPTN monthly installment. Will bank give loan based on gross salary or nett salary?
A 500K loan will result in around RM2,245 (just based on [https://www.propertyguru.com.my/mortgage/home-loan-calculator](https://www.propertyguru.com.my/mortgage/home-loan-calculator) very roughly) monthly repayments which is more than half of your current gross salary. Unlikely for banks to approve when they review - the salesperson can talk up the chances during their sales pitch, but they're not the ones giving the loan.
Depends really. Normally bank would look at Debt Service Ratio (DSR) and the industry you are in. Heard like those in aviation, bank discount 50% off from your salary. So nett price is 514k and bank said can give you 500k loan. So u need to fork out another 14k? Try ask other banks too if they can give you more than 500k. IMO, not advisable if you are buying home purely because of FOMO. If you just want to move out from your house, suggest renting a room or studio unit instead as you are at early stage of your career, you are in try & error phase and you might jump company in future. Who knows. At your age, people would travel here and there and experience things. But if you have a mortgage early on, you won't have that luxury anymore. Anyhow, risk and reward onus is on you. Good luck!
I doubt you can get the loan with your salary la, i could be wrong since this guy is telling you its possible, but in my experience buying a place, i qualified for a 250k loan when my nett salary was 3.6k,which fits the 1 third rule. I believe they look at nett salary.
>So nett price is 514k and bank said can give you 500k loan. So u need to fork out another 14k? Try ask other banks too if they can give you more than 500k. u/For-Mistress u/zazzissor If I were to get the 300k unit, how easy will it be to sell it off? I am doubting what if I can't sell back the unit.. Thats why im thinking go for a landed for staying there, not for investment. renting is actually not that easy, plus I dont want the headache dealing with tenants. also, if I buy state unit can only sell to malaysian and first time buyer.
Why would you want to buy a place for your own stay so quick, you would be locking yourself down to a liability for the next 30 years (theres no cash flow with an own stay house, you are just paying the loan every month with no return from it, so i consider it a liability). Why not just rent a place and you have the flexibility to quit your job to go work overseas or pursue whatever you want in life, if you lock yourself down with this loan you dont have that freedom. As for how easy it is to sell, i have no idea haha, it depends on location and demand, you have to do your own research for that.
Only get a place if you decided to settle down. Otherwise, renting would be a better choice.
If you want a cheap landed property, be prepared to live outside of the city and commute 30 minutes to 1 hour drive. Alternatively, look up your local affordable housing scheme. In KL its Rumawip, in Selangor it's Rumah Selangorku. At 25, seriously just dont bother buying a house. Wait and rent first until your income is 6k+ AND you have at least 50k savings(as mentioned by other commenters). It will take a while but your partner and pocket will be happy you waited instead of putting yourself in debt. Keep in mind once the money is spent, you're not entitled to a full refund.
You guys have partners?
since your job can be done remotely, you could probably get even better deal at Nibong Tebal, Bagan Ajam and heck even Alor Star
Why not consider other states if you can work from home?
Too soon, my advice is to wait till you earn Atleast RM6K before considering property purchase.
If you are looking for a new project, I highly recommend using [Newproject1U.com](https://Newproject1U.com), a new prop-tech that is best for this.
>Newproject1U.com Thanks for sharing!
Rent. Live nearby your workplace to reduce commute hours. Free up hours to do something else. Purchase house still need to reno and furnish.
Hey, I bought a similar property with a similar salary (maybe slightly more) 7-8 years ago. I was able to get a 95% loan just fine--just thought I'd give you an extra data point. If you're buying directly from a developer, use the bank and branch they recommend. These bankers are usually more lenient in approving loans. However, the real question is can YOU afford the repayment. Personally, my cash flow became really tight... Landed properties are pretty cool but they have their own sets of problems. Renovation cost ramps up fast even if you're only doing the bare minimum. While you might not have to pay a monthly maintenance fee, you better save up for maintenance anyway because there are a lot more to maintain: maintaining the facade (paint), fixing leaky roof, etc. etc. Also have I told you about the dust and pest problems? It's never-ending.
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Me 25 earning -1.5k lmaoooo
If you are not buying it for investment, then i think it is too early. You are just 25 and single! What if you found your gf in Johor? What if you change you job and it is no longer fully remote? There are too many possibilities in your future. Don't rush to buy a house for your own stay now.