Stricter Home Loans

Quite a number of buyers who booked new launch units have found later that their housing loan has not been approved. Bank Negara has imposed now very strict rules and raised the limit of eligibility. If one is buying a new launch unit, at most, the developer will forfeit RM500 off the booking fee for administrative charges. However, in most cases, sub-sale sellers would forfeit the entire booking fee. So, it is important to check whether you can qualify for the loan amount before committing. But a lot of people find this difficult to do especially when you have gone off to a hot cake property launch and you need to be fast enough to grab that choice corner unit.

The nearest I can find is a Indian home loan eligibility calculator at http://homeloaneligibilitycalculator.net/. I think it is even more stringent than Malaysia's rules. I have checked this with someone who can get approval for a loan up to RM240k with ING but this calculator says he is only eligible up to RM190k. So, this is quite safe to use.

You must have in hand the following information about yourself:

- Gross Income
- Car Payment
- Monthly Debt Payments
- Interest Costs
- Home Down Payment
- Property Tax
- Condo Fees / Home Association Owner Fees