21/07/2022
HOW TO CHECK IF YOU QUALIFY TO BUY A HOUSE? 🏠
Choose the right bank that fit your salary. If you want to know, every bank has different ways to count maximum Debt Service Ratio (DSR).
Bank A
Salary RM3, 500 and below, 40 % maximum DSR
Salary RM3, 500 and above, 70 % maximum DSR
Bank B
Salary RM2, 600 and below, 55 % maximum DSR
Salary RM2, 600 and above, 75 % maximum DSR
Bank C
Salary RM3, 000 and below, 50 % maximum DSR
Salary RM3, 000 and above, 70 % maximum DSR
So, if your pay is and you want to buy a house with a funding of RM200, 000, what bank is suitable for you to apply for?
Say you have a car commitment RM400 a month.
Your mortgage month's installment will be around ~ RM1, 000 with a 30 year funding period at a rate of 4.5 % or with a 35 year funding period at a rate of 5.0 %.
Bank A
RM3,000 x 40 % = RM 1,200
RM1, 200-RM400 = RM 800
Not approved because DSR less than * RM1, 000
Bank B
RM3, 000 x 75 % = RM2, 250
RM 850-RM 250 = RM 850
Passed because DSR more than * RM1, 000
Bank C
RM3, 000 x 70 % = RM2, 100
RM 700-RM 100 = RM 700
Passed because DSR more than * RM1, 000
So, you don't have to waste time applying for Bank A, it's confirmed that you won't pass your DSR count. Choose a bank that fits your salary. Focus on Bank B and C only.
But you have to remember, for B bank and C bank you only pass the DSR count. If the banker sees your car loan payment is late, your CCRIS score is low, your loan wont be approved.
if useful!
