Tuesday, November 3, 2015

Housing Loans Case Study for Married Couples

How To Get 90% Housing Loan Despite 2 Existing Loans

Most of us dah tahu bahawa when we apply for housing loans, bank mampu memberikan borrower 90% housing loan untuk rumah pertama dan kedua, manakala starting from rumah ketiga bank hanya akan provide 70%. Bagaimana menangani limitation ini?

Guarantor Scheme
Husband has 3 loans and wife has 1 loan
Husband has a higher income than wife
Buy a new property and apply loan under wife's name AND husband stands as guarantor
Only applicable to immediate family members

Use 3rd Party Loan
Husband has 3 loans and wife has 1 loan
Sign SPA under husband and wife's name but loan application under WIFE name only.

OR

Husband and wife has 2 loans each
Sign SPA under husband and wife's name but loan application under SON/DAUGHTER's name.

Refinance existing loan to husband/wife
Say husband and wife has 2 loans each
Refinance 1 existing loan under husband to wife's name
Now wife has 3 existing loans but husband has only 1 loan
Therefore, husband is eligible for a 90% quota again

Refinance existing loan to company name
Transfer existing loan with low outstanding balances to COMPANY NAME
The 70% loan guidelines is only applicable under individual borrowers only

Play With Time (when buying undercon)
From the time you book a new unit to first disbursement of loan usually takes 9 months to a year (for high rises)
Do not apply for a loan until 9 months later while waiting for either policy changes or sell off 1 of your property to be eligible for the 90% loan





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