Klang Valley: Home Loan and Refinancing

Needto find the best mortgage loan?
Thisblog gives an insight and explains the basics, technical terms and gives you invaluable tips on financing a house.

Mortgage rates in Malaysia are affected by the

a)   type of property

b)   stage of completion

c)   moving financial cost

d)   cost of the property

These rates vary from bank to banks and margins of finance can be found up to 95 per cent whilst repayment can be 15years or up to the age of 70, whichever comes first.

Your source of funding can be:

a)   Personal Savings

b)   Personal borrowings from relatives, banks

c)   Withdrawal from Employee Provident Fund (EPF)  account

d)   Loan facility from a financial institution

Normally you should pay the initial down-payment of 5% to 10% using personal savings plus you should allow for incidental expenses like legal fees, MRTA insurance, renovations and moving in expenses.

Sometimes you can make EPF Withdrawals from your Account 2 to make the initial down-payment. It is necessary to check with your nearest EPF office to inquire about your withdrawal eligibility.

Choosing your Loan facility

Shop around and don’t just take your developer’s recommended bank before you decide
on any financial institution.

Factors you must consider:

a)   interest rates

b)   tenure of your loan

c)   your monthly repayment

d)   possibility of lump sum repayment

e)   possibility of increasing frequency of payment

Other factors:

a)   what is the penalty of early repayment

b)   what is the BLR  interest rate adjustment mechanism

c)   availability of bank branches

d)   which loan package suits you best?

e)   What financial charges involved? Example, legal fees, service fees, document fees, government fees and charges, etc

Loan
processing might take one to two weeks before approval is given provided you have submitted all the relevant documents such as:

a)    photocopy of identity card or passport

b)   Your latest 3 months’ salary slip/Fixed deposit/savings passbook

c)   latest income tax return form (Form J) or EA form

d)   Sale and Purchase Agreement/deposit or booking receipt/letter of offer from the housing developer

e)   photocopy of the land title (if any)

f)    Valuation report for completed houses and/or

Once
you acceptance of the letter of offer, you can proceed to appoint a lawyer to draw up the loan documentation. Normally, you would choose from a list of panel lawyers provided by your financial institution. In most cases, the timeframe for the completion of this legal process should not exceed 6 months.

It is preferable to consult advice of a friend or relative, who’s had the experience to avoid inflated rates, extra and unnecessary costs and hassles.

"Why some people almost always get the lowest mortgage rates?"

"Why some people almost always get the lowest mortgage rates?"

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25 Responses to Klang Valley: Home Loan and Refinancing

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    • Noony says:

      I am a mortgage uterrweindr and PMI is for conentional loans only. FHA loans have MIP. This is not new. No, mortgage insurance is not required on a conventional loan when 20% is down. If less than 20% PMI is required. The 3% loan he speaks of is now 3.5% now in todays market is an FHA loan. Most folks that do not speak on that type of loan is not approved to do FHA loans. Not too many companies do 2nd liens any more. The lender is the best loan to do because the fees are less.

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