BUYING a house remains a necessity for most Malaysians, although it may not be easy in the current economy.
With a lack of methods to fund their new properties, a majority of purchasers turn to financial institutions such as banks to borrow a sum sufficient for their desired estates.
“It is important for the bank to recognise your income,” said Smart Financing chief executive officer Gary Chua, referring to the repayment capability of the borrower.
“Most homebuyers miss out on this important factor during loan applications.
“With an income of RM5,000 and a monthly instalment of RM4,355 not including taxes and EPF, you will be left with too little to sustain your basic needs,” he said.
Another piece of advice from Chua is to check your credit record and credibility (CCRIS) as this will be used by the banks as a measuring stick to determine your ability to repay the debt.
“This may seem easy but it is not. Incomplete documentation will either delay your loan approval or get your loan rejected.
“Before applying for a loan, get a full checklist of what is required from the bank,” he added.
Chua advised people not to embark on anything without having adequate knowledge.
“You can always speak to any bank officer to understand the bank policy more and prepare yourself accordingly.
“You need to understand what the bank wants and prepare yourself before securing a property,” he added.
To hear more from Chua, sign up for the StarProperty.my Forum that will take place on July 15 at KDU Glenmarie, Shah Alam, from 12.30pm to 4.30pm.
Participants will be eligible to receive a complimentary bluetooth speaker and Utropolis Marketplace voucher worth RM50.
Moreover, successful entrepreneur Jeevan Sahadevan (pic) will speak on “Seven Values That Will Double Your Wealth”, while seasoned property investor and blogger Ken Teo will share his insights on core guidelines to improve asset value.
This forum is a collaboration between Paramount Property and StarProperty.my
The developer will also be joining the upcoming StarProperty.my Fair at IOI City Mall, showcasing its developments Sejati Residences at Cyberjaya and Greenwoods at Sepang.
News Source: Star Property