There is various ways to owning these value buy property. One usually goes to Residensi Wilayah website and apply for one. That is usually the way but if you have tried, you may know understand that you are usually having issues submitting all the right documents, always a few step behind in getting the right unit, don’t even understand how to apply at all and totally miss the launch!
The question now is how to obtain the unit you desire and not miss out? Here are 5 steps to owning your desired RUMAWIP or known now to be Residensi Wilayah.
1) CCRIS – CCRIS stands for Central Credit Reference Information System. It is a system created by Bank Negara Malaysia (BNM) which synthesizes credit information about a borrower or potential borrowers into standardized credit reports.
Rule number 1 – Pay your bills and pay it ON TIME! From the car loan to your telco bills, pay on time! To those who lend your name to others as guarantor, make sure they pay their bills! 90% applicant of RUMAWIP projects will be rejected by sales representative due to CCRIS or DSR issues.
Always google around for the latest launches for RUMAWIP/Residensi Wilayah whether from official website from the government (usually it’s slower) or from any other source. Advertisement will start to appear in Facebook or Instagram, engage the sales person. Always ask them to send you the information on the project so that you can compare and know the relevant questions to ask! Sometimes you have to meet them, as they can only send you the information after Developers Licence and the Sales & Advertising Permit, or APDL is out. Meeting them, you stay ahead from the crowd who will rush in when the property is launch. This is very IMPORTANT for project that is First Book, First Select Basis.
3) Trust the Sales Person
He or she is the one making the commission from your purchase. Work with them, they usually ask you lots of questions as they need to know are you eligible to buy this government initiated affordable housing project? Will your loan be approved? It is their job to study all these related factors and assist you to own this property. It’s too hard for you to do it as you may not have time to do your on submission to Kementerian Wilayah Persekutuan or study every bank loan in the market as each bank have different appetite for borrowers. My First Home Scheme usually requires one DSR (Debt Service Ratio) below 60% but each bank have their own way to recognize ones income. Do not argue with the Sales Person when he/she keep asking you questions, as it actually save you time or even prepare you to own the unit now or the future. A pro sales person should handle all paper work for you! Even though you may have studied on the DSR calculation, have faith in the sales person more than your own research because they are the ones consistently dealing with the mortgage personnel, they may not know everything but definitely in a better position to advise you on the loan. They will be updated on any changes on net income recognition where you won’t be. Bank scorecard is something very secretive too, that will definitely affect the approval for the housing loan. It takes lots of experience to know which bank to apply for the housing loan to have the highest chance of approval and to obtain the lowest rate. If you are not aware of all these variables, you may write off the sales person opinion and he or she will not confront you as they will be afraid to offend you. Conclusion : Have faith with the person you are dealing with! (If one can’t simply answer most of your questions, then you may seek another person to serve you & if he or she simply ask you to do everything yourself RUN away as you may lose your booking fee when you fail to get all the paper work done on time!)
4) Pay Safe
Every project has different approach in the booking procedure. On paying the booking fee is the most sought after question with buyers. Well on this matter, GOOGLE the developer name when you are presented the HDA bank account for booking fee (not easy to duplicate) and call the office to double verify if you are really worried. Pay as soon as you are sure, especially when the project allow you to select the unit you desire! For balloting, you probably have more time to check before placing booking. Never bank into an individual name for booking fee! On project that does not need booking fee, you probably need to submit your personal documents to the sales person. Cross it the documents WITHOUT blocking the information, with Project Name for eg. Sky Awani V Application Only, to prevent scammers from using your documents for fraudulent purposes.
5) Be Fast
There is a timeframe for every project on reserving a unit. Do not delay in providing your documents for the sales person if he or she is assisting you to apply for approval from Kementerian Wilayah Persekutuan or to the banker preparing your housing loan. The government can take 2-4 weeks for approval, and may request for more supporting documents so is the bank too. These may delay you and may cause your booking to be cancel by developer.