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News Updates & Article sharing

How to Get or Increase Your Chances of Approval for Mortgage Loan

4/24/2017

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"Oh no, my loan got rejected again."
"The bank reject my application."
Kind of familiar huh? Nowadays, mortgage loan approval is the main issue for property pruchasing. So how to get or increase the chances of approval for your mortgag​e loan? 

Here's some advice from Malayan Banking Bhd (Maybank) head of consumer finance Abdul Razak Mohd Nordin.

​Raise your debt service ratio to get that loan

By Lum Ka Kay from Theedgeproperty
Thursday, 20 April 2017 19:34:41 PM
Picture
(From left) Abdul Razak, Malathi, Soam, Ahyat and Kamaruddin at the Rehda Property Forum 2017. (Photo by The Edge)
KELANA JAYA: The most crucial factor in securing a housing loan with the desired financing margin is to have a high debt service ratio, according to Malayan Banking Bhd (Maybank) head of consumer finance Abdul Razak Mohd Nordin.
​
Speaking as a panellist at the Real Estate and Housing Developers’ Association Malaysia (Rehda) Property Forum 2017 titled “Status quo or road to recovery?” held on April 19, Abdul Razak said one thing is to have a good credit record and the other is to have a strong debt service ratio.

“For single [loan] applicants, you can consider having a joint application with your significant other or family members to increase your debt service ratio.

“Applicants can also choose affordable homes such as those priced RM500,000 and below. For us [bankers], when we realise you are unable to service the loan based on your debt service ratio, we will reject you.

“And if you are living in an urban area with a monthly household income of less than RM5,000, you’re under the vulnerable segment,” he said.

He added that for the vulnerable segment, the debt service ratio that banks consider ranges around 40% to 50%.

“For the higher income earners, we go as high as 70%.”
The general trend among Malaysians when they start working is to get a new phone and then a car, he said.

“All these will eventually affect your ability to repay the housing loan. We also have to look at your Central Credit Reference Information System (CCRIS) report.

“It all boils down to responsible lending. Banks would love to take the risk but we are regulated by Bank Negara Malaysia,” added Abdul Razak.

The other panellists at the forum were Malaysian Industrial Development Finance Bhd (MIDF) chief economist Dr Kamaruddin Mohd Nor, Jones Lang Wootton executive director Malathi Thevendran and property investor Ahyat Ishak. The forum was moderated by Rehda deputy president Datuk Soam Heng Choon. The forum was held following the launch of Rehda’s Property Industry Survey 1H2016 and Market Outlook 1H2017.


The panel members had mixed views on when the property market would recover from the current slowdown.

According to MIDF’s Kamaruddin, from a macro and global perspective, “things have hit rock bottom in 2H2016” hence he expects a recovery of the general economy from here onwards.

“As far as the domestic market is concerned, we expect 4.9% or 5% growth in terms of gross domestic product (GDP). Looking at the property sector, it will recover but perhaps not in 2017,” he said, adding that the property market may rebound in 2018.

Ahyat, however, said the Malaysian market “has yet to see the worst”.
“For me, the market cycle is experiencing a long flat,” he said.
For Jones Lang Wootton’s Malathi, there will be “nothing much” to show for 2017.

“There will still be launches going on as there will be upgraders and a limited number of investors. And if you really market it properly, the foreign market will also see opportunities.

“With our climate and other factors, we are a haven for Malaysia My Second Home (MM2H) but we are not marketing our country well enough,” she said.
Maybank’s Abdul Razak said the property market will mostly bottom out by the end of this year.

Article refer from TheEdgeProperty
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  • Home
  • New Property Launch
    • Best Investment 2022 PJ Damansara Low Risk Low Entry Price High ROI
    • 2022 PJ Rumah Mampu Milik RM270k Damansara
    • Bangsar South 2 Rooms from RM390k BELOW Market Price
    • 10% ROI PJ Project near Ikea and One Utama Mall
    • Mid Valley Seputeh New Launch
    • Pavilion Damansara Heights 柏威年 白沙罗岭 马来西亚 吉隆坡 精选楼盘
    • 马来西亚RM300千的PJ屋子-首购族,年轻人月入3千能买房
    • 2021 Penang Most Awaited Project
    • 2021 New Launch - KL Metropolis
    • 2021 PJ Spacious and Affordable 5 Star Condo
    • Freehold LRT Linked 3 Room Suites in Glenmarie
    • New SPACIOUS Kepong Landed 6 Room 6 Bath
    • Bangsar Last Piece Land New Launch
    • Avara Seputeh (Mid Valley)
    • Project Announcement Registration. Malaysia New Property Launch
  • Existing & Past Project
    • 2020 Lowest Risk & Price in Klang Valley with Great ROI
    • Kiara East Suite Dex
    • 2019 SAFEST PROFITABLE HIGH CASHBACK INVESTMENT
    • Best Property Investment Projects in 2018
    • KL City Freehold Spacious Affordable 3 room Project
    • Jalan Kuching Freehold New Office & Shoplot
    • Jalan Ipoh New Freehold Shoplot & Offices
    • RM300k KL Sentral New Prelaunch
    • The Olive Condo, Sunsuria City
    • Prelaunch Landed House Bukit Rahman Putra
    • RM260k No Downpayment Puchong South Suites
    • PJ North RM400k High Cash Back Project
    • Denai Sutera @ Alam Sutera, Bukit Jalil
    • First Phase of Banting New Township
    • Neu Suites 3rdNVenue @ Embassy Row by Titijaya & CREC
    • COURT 28, Jalan Ipoh KL City New Property Launch Service Apartment. Malaysia New Property Launch
    • Semanja Kajang New FREEHOLD Kajang Double Storey Houses. Malaysia New Property Launch
    • M Suite @ Desa Park North
    • BIJI LIVING @ Sek 17 PJ City by Conlay. Malaysia New Property Launch
    • Amani Residence Bandar Puteri Puchong New Freehold Service Apartment. Malaysia New Property Launch
    • SFERA RESIDENCY @ Puchong South. Malaysia New Property Launch
    • KL North Last Release
    • PreLaunch Freehold Double Storey
  • LAND
  • News & Articles
    • Educational Articles
    • Ho Chin Soon Greater KL Map Sharing
  • Other Reference Link & Services
    • Land Sale Malaysia
    • Malaysia New Property Launch
    • Lets Buy Property Malaysia
    • Other Professional Services
  • Referral
  • Career
  • MPIG
    • About Us
    • Contact Us
  • Get Professional Advice
  • PJ八打灵2021全新地产项目分析手册