06/01/2021
HOW TO CHECK IF YOU QUALIFY TO BUY A HOUSE? 🏠
Choose the right bank that fit your salary. If you want to know, every bank has different ways to count maximum Debt Service Ratio (DSR).
Bank A
Salary RM3, 500 and below, 40 % maximum DSR
Salary RM3, 500 and above, 70 % maximum DSR
Bank B
Salary RM2, 600 and below, 55 % maximum DSR
Salary RM2, 600 and above, 75 % maximum DSR
Bank C
Salary RM3, 000 and below, 50 % maximum DSR
Salary RM3, 000 and above, 70 % maximum DSR
So, if your pay is and you want to buy a house with a funding of RM200, 000, what bank is suitable for you to apply for?
Say you have a car commitment RM400 a month.
Your mortgage month's installment will be around ~ RM1, 000 with a 30 year funding period at a rate of 4.5 % or with a 35 year funding period at a rate of 5.0 %.
Bank A
RM3,000 x 40 % = RM 1,200
RM1, 200-RM400 = RM 800
Not approved because DSR less than * RM1, 000
Bank B
RM3, 000 x 75 % = RM2, 250
RM 850-RM 250 = RM 850
Passed because DSR more than * RM1, 000
Bank C
RM3, 000 x 70 % = RM2, 100
RM 700-RM 100 = RM 700
Passed because DSR more than * RM1, 000
So, you don't have to waste time applying for Bank A, it's confirmed that you won't pass your DSR count. Choose a bank that fits your salary. Focus on Bank B and C only.
But you have to remember, for B bank and C bank you only pass the DSR count. If the banker sees your car loan payment is late, your CCRIS score is low, your loan wont be approved.
if useful!
Sharing from Harith Faisal
#房屋贷款 #房地产