Table of contents
PTPTN Payment Default
The top reason Malaysian fail to purchase their dream RUMAWIP is due to the default on their PTPTN payment. Many banks have been lenient towards the applicants for mortgage by only requesting them to pay up their PTPTN payment up to date. Nevertheless if this happens to you when developer request for a bank letter of offer before allowing you to reserve an unit of RUMAWIP, you will definitely miss out if the project is in high demand.
Payslip for Self Employed?
The maximum cap on income for RUMAWIP applicant for single is gross income of RM 10,000 & for married couple is gross joint income of RM 15,000. The common issue here is that there is two ways to show your income to Kementerian Wilayah Persekutuan; one is your company bank statement. KWP recognise your cash inflow into the company bank account and they have no way to deduct your cost which often reflect an inflated income. So I suggest that self employed individual should alway pay themselves a salary with epf contribution, this will have a higher chance of approval from KWP if one salary is below the guideline.
Changing Job
Due to the rising cost of living, many Malaysians are switching jobs more frequently in order to get a higher salary. This is one reason that hinder a person buying a RUMAWIP when it comes to loan application, it’s rejected due to fail bank scorecard or the interest rates for the bank loan offer is higher than average.
No CCRIS Record
It is advisable to have at least a record of borrowing in the bank such as a credit card. Minimum outstanding to none, this is a plus when it comes to applying a housing loan. When an individual have no record with the bank, loan maybe rejected, interest maybe higher or at times more documents such as a degree certificate maybe requested by the bank.
Upfront Cost for Self Employed
Please take note that self employed is only eligible to a maximum of 90% housing loan (excluding the MRTA/MLTA). A preparation of a minimum of RM 30,000 deposit is necessary before buying a RUMAWIP. Often there is lawyer fees involve too!
Password & Email Address Forgotten
During an unofficial launch of a RUMAWIP project, that is the time where serious buyer gets to reserve the best unit according to their personal preference. Often the final step to secure the unit is to obtain approval from Kementerian Wilayah Persekutuan within a specific timeframe set by the developer and quite a number of RUMAWIP applicant have lost their password to the KWP portal together with their email address which delay the approval process causing them to miss out on their RUMAWIP purchase.
DSR Fail
DSR stands for Debt Service Ratio. If a person is taking 100% financing for their first home known as My First Home Scheme, DSR must be below 60%. If a person is earning RM 1000, bank approval can only be obtain if his/her existing loan payment combine with the monthly instalment for the housing loan they apply is below RM 600 / 60%. Monthly instalment for a RM 300,000 RUMAWIP for 35 years is averagely RM 1,400. Click HERE to understand this better.
High Credit Card Utilisation
It is advisable to keep credit card utilisation as low as possible. The basic guideline is utilisation at 50% max. If you have 1 credit card which have a limit of RM 1000, you should not use more than RM 500 within that month. If you have 2 credit cards, each RM 5000 limit; best to keep both usage below 50% / RM 2500 and below. Remember the lower the utilisation the better.
Procrastination
It’s a common practice among real estate agents to push for sales using the fear tactic “unit running out soon” to rush potential client to book the unit! As for RUMAWIP projects, it is not an empty threat especially for the Non B.umi buyer. The over supply of residential high rise many seen in the media report is not inclusive of RUMAWIP projects. (Bumi Lot often sell slower) Most RUMAWIP projects quota is 50% BUMIPUTERA & 50% for NON BUMI.
Income Not Recognise by Bank
Ride sharing driver, food delivery rider & individual with payslip without EPF contribution will not be able to secure a housing loan as the income is NOT recognise by the banks. A joint applicant for the mortgage maybe needed if you fall in these categories (must be family member for most banks).
Inexperience Agent
Experience is crucial in grabbing a hot selling RUMAWIP. For example, Residensi Armani (Bukit Lanjan) sold out in a week. The real estate agent experience will contribute positively in this kind of scenario. Experience applicant are the ones who wins most of the time as they truly understand the need to speedily provide all the necessary documents to the agent and bank personnels.
Bonus Month
As mentioned above, max gross income for a RUMAWIP applicant is RM 10,,000 & RM 15,000 for married couple (or joint applicant between family members). KWP take in consideration of every amount shown in the salary slip & some applicant receive their yearly bonus at the time of application for approval from KWP. This often end up causing the application to be rejected as KWP may recognise this as a quarterly bonus & view the applicant as high income earner. In RUMAWIP our agents are equip to deal with this type of issue.
Self Submission
Many first time applicant opt this method to apply directly from the government portal when the project launches. This is a legitimate way! The problem here one may face is, at times developer requires a pre approved loan before forwarding your application to KWP ( yes , your application goes to the developer before it is forwarded to KWP), when you are not inform you will be delay or even miss out on it! A client once refuse to apply for the loan first, bypass the agent and lodge a formal complain on the pre approval loan condition. This causes the developer to just forward his application to KWP without proper follow up, it was rejected & our agent are not aware of it until it’s too late! Please take note, when a RUMAWIP agent request that you apply for the mortgage; he/she will gain nothing until you sign the Letter of Offer, Letter of Agreement & S&P Agreement. IT IS NEVER THE REAL ESTATE AGENT IDEA TO APPLY FOR THE HOUSING LOAN BEFORE SECURING AN UNIT NUMBER BUT THE DEVELOPERS. Lodging a formal complain against the need to have a Pre Approve Loan won’t be the RUMAWIP Developer best interest. This is not to make applicant’s life hard but there is a quota for BUMI & NON BUMI, property developer want those who is able to secure the loan to obtain the approval from the government or it will delay the sales of the project (when individual who is not able to secure the housing loan hold up the quotas when approved).
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