Updated: 100% Housing Loan Requirements - Must See

Posted by Kris | Monday, April 11, 2011 | | 0 comments »

Below are the requirement from Cagamas to apply for the 100% housing loan.Your chances to get this loan is higher but NOT guaranteed if you followed the rules below.

The banks are very strict and scrutinize closely when applicants apply for this loan as compared to you buying applying a 90% loan. Not sure whether the banks are getting nervous about the risks of a property bubble in Malaysia or there is something else. Or they are worried to loan out cash to an RM3K income earner. (rising inflation, car loan, food , etc surely will make a RM3K salary so small that borrowers might default if the economy turns bad, etc)

The point that I want to highlight is that you need to ensure that you have a saving or current account with CASH for at least 3 month in the bank that you want to apply for. I got friends that got rejected because of this simple requirement above.

I will update more on this post, if i heard more "un-written" or to-be-watch-out rules about this scheme.


UPDATE: 
It takes like 2 months of processing the red tape from Cagamas to approve the bank loan besides getting the approval from the banks. So you might need to seek time extension from developers (might be difficult) or potential sellers in the 2nd market (easier).

Ciri-ciri dan Faedah Utama
Pembelian rumah pertama (bergantung kepada kemampuan)
  • Pembiayaan sehingga 100% 
  • Harta kediaman sahaja


Kriteria Kelayakan
Peminjam/Pelanggan Yang Layak
  • Warganegara Malaysia
  • Pembeli rumah pertama
  • Individu berumur sehingga 35 tahun
  • Pendapatan kasar peminjam/pelanggan perseorangan tidak lebih daripada RM3,000 sebulan
  • Sah dalam jawatan dan bekerja dengan majikan yang sama tidak kurang daripada 6 bulan
  • Secara amnya, jumlah pembayaran balik tidak boleh melebihi 1/3 daripada pendapatan bulanan. Jumlah ini boleh meningkat sehingga 50% jika sekiranya terdapat faktor-faktor tambahan pengurangan kredit yang dibenarkan dibawah polisi penajajaminan bank-bank yang terlibat.
Harta Yang Layak
  • Harta kediaman yang terletak dalam Malaysia
  • Nilai minimum hartanah RM100,000
  • Nilai maksimum hartanah RM220,000
  • Dihuni oleh pemilik (pembeli mestilah menghuni kediaman berkenaan)
Keperluan Pembiayaan
  • Tempoh pembiayaan tidak lebih daripada 30 tahun
  • Kemudahan untuk melunaskan sahaja (tiada ciri yang memberi kemudahan untuk pengeluaran)
  • Bayaran ansuran melalui potongan gaji bulanan atau arahan tetap
  • Rekod simpanan (rizab kecairan untuk 3 bulan ansuran)
  • Insurans/takaful kebakaran diwajibkan


See here


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