HOW TO CALCULATE YOUR LOAN ELIGIBILITY (EP 2)

Rena FB page: / rena.choong
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In this episode, we will learn how to calculate loan eligibility. This is very important for us to filter our search during property hunting. We will go through DSR calculation, CCRIS, and CTOS.

[@limtzeming1125]

Omg... There's episode 3. Awesome. This Rena really so knowledgeable on this loan, financing, etc etc. GREAT JOB, Sean. Thanks for inviting Rena to your channel.

[@faiz88ish]

This is very good. Trust me, not all bankers know about this especially the one in other departments. Myself is a banker for 11 years and today only understand this.

[@msprettyangelbaby]

Very insightful session and motivates me to start planning 2nd home purchase with clearer creditability picture on my mind! Thank you Iherng and Rena..

[@rrenny4090]

before you engage in anything, get educated from this channel with Rena Chong and not forgetting Sean! clap clap clap

[@louispang966]

Tq Sean and Rena. This video has amazing content and knowledge. To win financially, we must know the rule of the game. Pls keep this up. Truly bridging the knowledge gap.

[@kennyteoh4409]

Thank you Sean & Rena. Very easy to follow.

[@iherng]

Thanks for watching Kenny:)

[@jovin9495]

Nice informative video there Sean, may I get your help to ask Rena how & what is the loan computation for Malaysians that work overseas like Singapore, Brunei, & etc. Appreciate a new video can be done to explanied in it details...thank you & please keep up the good job👍👍

[@sengchuinlu8964]

I should have calculated my loan eligibility, and look at my CTOS before submitting so many bank loan application. Didn't know that my CTOS score is not ideal with all the hire purchase and credit cards application within 2 years working in Malaysia. Never too late to learn!

[@lawrencechoong242]

If u guys can open a 1-2 hour live stream and let 3-5 viewer call in to ask question it would be a nice content

[@荀彧-i7p]

Come on lahhh... Do you know how much he had paid for all these knowledge.? How much are you going to compensate for his FREE advise..?

[@nickling4835]

Very indepth and practical talk !!

[@nickling4835]

I am from Hong Kong exploring property investment options in Malaysia in particular at KL. From a foreigner perspective, can you brief me the following options in terms of loan arrangement, gross income, expense, nett return, surety / steadyness of return, taxation? a) buy-to-let b) buy to AirBnb c) buy and hotel-operated with "guaranteed return" for a fixed duration I am currently looking at several projects: 1) Agile Bukit Bintang, rebated price at circa RM1500/ft2, mostly for buy and AirBnb 2) The Conlay, price at circa RM1700/ft2, mostly for buy-to-let 3) The Allevia Mont Kiara, price at circa RM900/ft2, mostly for buy-to-let Looking forward to hearing from you soon. Thks

[@medunno]

Question: Does having many credit cards affects LE/CCRIS/CTOS negatively or positively, or neither.?

[@paultan2527]

usually wont yeah as long repayment record is good and usage is below 50%

[@adelynfong6597]

Very interesting and informative session. I do have a question - if I take a loan for 35 years but I continue paying extra yearly, I need to check the loan contract to see if there's a clause indicated that I get charged penalty if I payoff before my loan tenure, correct? Thank you Sean & Renna.

[@iherng]

Usually there's a minimum year of tenure before paying off, I think it's normally 7 years. If settle early then there will be a penalty. But please always check within your contract.

[@johntan8422]

Hi Question. If I have 1 property and rented out, does the bank take into account your rental income? E.g.: Eligibility = RM4000 House loan = RM2000 Rented out at = RM1500 Does the bank recognize rental income and thus youre eligible for RM3500 instead of RM2000? Thanks

[@oilgas1016]

Great insight!

[@ncs2000]

If taking mortgage, instead of taking full loan, take 60% loan, will the bank give lower interest?

[@davidnigelkoh2409]

What if loan approved, purchaser then decided not to take up the loan due to sudden change in mind. Will this affect the next loan application?

[@paultan2527]

if you did not sign the letter offer, you have right to surrender or reject the offer. Wont affect your future applicant it is ok

[@topville370]

Can know what about rental income, can the bank consider it under additional income

[@iherng]

Yes but you must have stamped tenancy agreement and 6 months of transaction proved by bank statements.

[@praveenmarkandu]

RIP Rena's inbox. Full of questions regarding which bank accepts two pay slips.

[@paultan2527]

if you just change job to new company for 2 month, you can try CIMB

[@chingwangyap7962]

Thanks Sean & Rena

[@Ram-oy3vh]

60% from 3,000 is 1,800.

[@xhrisnkf]

How's the calculation work for 35 years tenure multiples by 250 to get the number of 775 000?

[@eileenng4571]

May I know how does bank calculate the DSR if the property is a joint name with spouse?

[@faridzaiman5625]

This one so good thanks

[@iherng]

Glad you like it Aiman!!

[@jimleo2002]

Thanks for the great contents sharing !

[@iherng]

Thanks for watching Jim:)

[@neehyan]

Hi, how about if my house is rented out and the amount is more than my monthly house loan repayment to the bank?

[@paultan2527]

rental income bank take in up to 80%

[@nawawiabdullah4970]

How many percent for housing loan did bank consider for my hustle income?

[@Antraz8814]

Income is based on gross or net income? for DSR calculation

[@paultan2527]

majority now bank use net pay to calculate DSR

[@iamloco666]

eccris is more convenient nowadays. Everything done online, no need to go to bnm or kiosk anymore

[@iherng]

Yupe! It saves so much time:)

[@limkengyein5301]

for flexible loan if u put amount more than u owe, u wont get any interest just to let u all know. I brought property1.2m i put in current accounts for this loan 1.2m so no interest at all for me. But times go by it will accumulate amount more than u owe due to 4000 u pay is all for principle only no interest at all. So it will become balance in ur account 800k but u only owe 650k. The exceed 150k u wont get any interest at all.

[@matteolai7804]

Probably easier to email you Sean 😁. Rena probably too famous to get a hold of LOL.

[@iherng]

I think so too hahahahaah:)

[@matteolai7804]

@@iherng Bro thanks for being so down to earth. I’ll hopefully be TheMakeoverGuy’s future client. Just found out you have promo code, so happy. Will quote you next time I contact them. Watched a lot of your videos recently, thank you, for the knowledge.

[@davidnigelkoh2409]

Hi Sean, CCRIS can only be obtained from BNM kiosk? Am guessing this is only for klang valley residents. Any other alternative for non klang valley residents?

[@dericleeyy]

Oh just noticed they don't do online registration anymore... I activated my account last year, fully via phone call and email.

[@louispang966]

The kiosk is available in AKPK offices nationwide too

[@davidnigelkoh2409]

@@louispang966 oh thx for the info. Will do just that.

[@KelvinLew]

What if I have an investment portfolio (stocks, bonds) which generate passive income enough to cover the instalments? I'm not a business owner nor draw a salary. How would banks treat this?

[@irfanhakimi2828]

Gotta declare the total sum of your income to the IRB and bank la

[@KelvinLew]

@@irfanhakimi2828 Income from dividends and capital gains are not taxable in Malaysia. If I declare it in the income column, it will be calculated as taxable.

[@axzae]

1:42 Sean just failed his math there. 60% of 3000 is 1800

[@stevenyong100]

Rina said bank borrow me money.....im a bit confused.

[@steventruong8359]

No stream maybe later

[@thomasleong3510]

Hmm i remember last month i register and check my eccris, macam no need go bank negara to.get OPT 🤔 immediate can see the report liao . Please tell me if im wrong😂

[@ling8271]

Hi, how u register for OTP? I saw website need to go BNM to get 1st OTP to register the eccris

[@williamf0ng863]

salary 3k, 60% is rm1800. can i know which bank take into consideration for two jobs income (Full time + part time commission) ??

[@paultan2527]

if net pay over RM 3K some bank's DSR up to 80%, try CIMB

[@puiyinchai1437]

@@paultan2527 hi paul, may i knw for the LE commitment part, isit the existing loan commitment only or included the new loan (house that im going to apply). Video amount is RM500

[@paultan2527]

@@puiyinchai1437 include new loan

[@garylee6545]

Say my credit card is 10k, I just bought something at 9k, but I immediately paid my card 7k before the statement date, does that calculate based on the 9k or 9-7=2k?

[@paultan2527]

2K outstanding x 5% is minimum payment

[@garylee6545]

@@paultan2527 thanks for clarifying 👍 I use credit card a lot for the convenience, probably need to start paying before statement instead of waiting for the statement (I do pay full whenever I receive the statement tho)

[@car678ol]

Does Rena accept consultation 😅😊

[@craftinganddiscovery1466]

Thanks Sean, Thanks pretty girl

[@iherng]

Appreciate it:)

[@5m4llk1ng]

My CTOS score is 700 but still my application for Credit Card did not approved.. My "00" and "23" are also good with all "0" every month.. Very pening can't even apply credit card.. how could I even get house loan like this T_T

[@paultan2527]

credit card is unsecure loan to bank, so risk calculation is tighten than bank yeah

[@yoshiYoishIRL]

You should try have a face to face to talk with the sales department in the bank. Rather than applying by yourself(online or the service give you pen & paper)They had guided me through on what I needed to do especially since I'm self employed. A plus is that you can also get connections with the bank staff, so you can ask any question regarding loan, like Rena.

[@5m4llk1ng]

oh I see.. thanks for the insight.. this happened like 3 years back.. I will try again in the near future.. thanks a lot :)

[@cyeng5121]

I have encounter issue like you for the credit card application, hence i still can make loan for my car (house loan idk lol). After loan approved for few months, bank offer me CC instead of making application lol

[@paultan2527]

@@cyeng5121 some bank review repayment record for months or years and offer extra facilities such as credit card to client

[@kevinkhor100893]

eh?? I thought BNM only allows DSR of only 30% to 35%. DSR of 75% means we can borrow more 😂 great video

[@paultan2527]

yes it is. Know more banker friend then

[@micy9714]

BNM report is free

[@StevenLeongg]

60% of 3000 not 1800? hahaha