Due to the pandemic, there is a rise of enquiries from divorcee (female) on buying RUMAWIP (now known as Residensi Wilayah Keluarga Malaysia). It is understandable housing is the main concern of a divorcee especially if one is a mother. This article is written to spell out the challenges face by a divorcee in buying a RUMAWIP and to suggest the solution to these problems.
The common scenario is the individual often female in the process of divorce will rush to buy any RUMAWIP! Due to the pandemic, there isn’t any completed RUMAWIP to be purchase so there is no need to rush to find one. Now when one haven’t complete the divorce procedure, the individual is officially married. If one would want to buy a RUMAWIP, the person should and need to apply for approval as a married person in the Kementerian Wilayah Persekutuan portal. Please take note it is legal to obtain approval in KWP as married but SPA (Sales and Purchase Agreeement) and mortgage under an individual husband or wife name . This maybe awkward to request all the documents from the person you are trying to divorce but it is the best solution. It is also fair, if the other person who wish to buy a RUMAWIP for themselves can apply later on as a divorcee. Another way around is what I warn people against is to apply as single before the divorce process is finalise. One application maybe terminated or maybe ban when KWP do a check up!
As an official divorcee, during application for KWP approval one just have to select “duda” for male or “janda” for female. This applies to widower or widow too. This is the recommended way to apply and it is to your best interest not to mess with Kementerian Wilayah Persekutuan as appealing will not be a straight forward task.
DSR (Debt Service Ratio) & Bank Scorecard
Most RUMAWIP buyer is usually first time home buyer, they often ask what is the minimum salary to apply for RUMAWIP? To be more precise, it is the DSR that the bank look at. The maximum bank loan tenure is 70 years, which means if you are 35 years old or below you can opt for 35 years housing loan tenure. If you are older, its 70 minus your age = maximum housing loan tenure. For example if you at 35 of age earning a net income of RM 4000 (after deducting EPF & SOCSO) and is currently paying a car loan say RM 500, RM 500 + RM 1200 (average montly payment for a RUMAWIP loan 35 years) = RM 1700. The way to calculate is RM 1700 divide RM 4000 = 0.42 / 42%. The DSR requirement is 60% and below as most buyer are utilising the program “My First Home Scheme”. At 42% a person will most likely able to secure the housing loan. Bank scorecard is another roadblock one may face. For example, if you are a divorcee with 3 children and your DSR is at 55% with a net income of RM 4000; you may be rejected as what the mortgage personnel reply as “scorecard reject”. No banks will ever disclose the scoring mechanism in the scorecard nor it is the same with all banks . Therefore if you are in this scenario, just apply the housing loan with more banks. Please subscribe to the telegram link https://t.me/RUMAWIPUPDATE to be updated with the latest RUMAWIP project & always deal with an experience agent from rumawip.com.my in order to successfully secure your favourite RUMAWIP unit!