{"id":17936,"date":"2025-01-21T01:08:35","date_gmt":"2025-01-20T17:08:35","guid":{"rendered":"https:\/\/www.rumawip.com.my\/?p=17936"},"modified":"2025-01-22T21:23:51","modified_gmt":"2025-01-22T13:23:51","slug":"rumawip-full-financing-options-sjkp-financing","status":"publish","type":"post","link":"https:\/\/www.rumawip.com.my\/ms\/rumawip-full-financing-options-sjkp-financing\/","title":{"rendered":"PILIHAN PEMBIAYAAN PENUH RUMAWIP (SJKP PEMBIAYAAN)"},"content":{"rendered":"

This information is as of 14th August 2024<\/p>\n\n\n\n

This professional analysis focuses on full home financing for RUMAWIP called SJKP loan offered by 4 banks:<\/p>\n\n\n\n

RHB , Maybank , Hong Leong Bank & Bank Muamalat<\/p>\n\n\n\n

Applicants must not earn above a gross of RM 11,000 or joint income (spouse) RM 22,000 (Individual who earn more than RM 11,000 and after combine with spouse end up with the total income of less than RM 22,000 IS NOT ELIGIBLE)<\/p>\n\n\n\n

RHB <\/strong><\/p>\n\n\n\n

RHB Bank offers a SJKP loan with an interest rate of 4.7% to 5.1% (14th August 2024). RHB\u2019s debt service ratio has a maximum limit of 65% (T&C must have nett disposable income of RM 800, in other words money left after servicing all loan including the one you are applying). The debt service ratio is a crucial factor as it determines the percentage of an individual\u2019s monthly nett income (after deducting EPF & SOCSO) that can be allocated towards debt repayments. RHB Bank\u2019s maximum debt service ratio of 65% implies that the borrower\u2019s total monthly debt payments, including the housing loan you are applying, should not exceed 65% of their monthly income. Kindly be aware that variable income will be recognise as 50% net amount only. As for full commission earner; it\u2019s either recognise at 50% to 100% of the nett amount of the commission earned. Lock in period 3 years. (early settlement will have penalty). <\/p>\n\n\n\n

*RHB IS THE ONLY BANK THAT DOES NOT<\/strong> LOOK INTO PTPTN LATE PAYMENT<\/strong> FOR SKJP LOAN BUT ONLY CALCULATE IT INTO DSR<\/em><\/p>\n\n\n\n

For example<\/p>\n\n\n\n

Commission earned recognized as 50-100% <\/p>\n\n\n\n

Example: Latest 6 months commision earned (sample for 80% income recognition)<\/p>\n\n\n\n

RM 7,000
RM 7,300
RM 7,500
RM 6,990
RM 7,250
RM 7,800<\/p>\n\n\n\n

TOTAL RM 43,840 divide by 6 (months) = RM 7306.6 X 80% = RM 5845 is the recognized nett income.<\/p>\n\n\n\n

Latest 6 months commission earned (sample for 50% income recognition)<\/p>\n\n\n\n

RM 7,000
RM 3,500
RM 7,200
RM 7,800
RM 7,500
RM 7,700<\/p>\n\n\n\n

TOTAL RM 40,700 DIVIDE BY 6 (months) = RM 6783.3 x 50% = RM 3391.66 is the recognized nett income.<\/p>\n\n\n\n

CONCLUSION : First choice among those who do not pay for their PTPTN repayment! Islamic financing only available for SJKP financing.<\/p>\n\n\n\n

Maybank<\/strong><\/p>\n\n\n\n

Maybank provides a SJKP loan with interest rates ranging from 4.5% to 4.6%. The specific interest rate offered may vary based on factors such as the loan amount, tenure, and the borrower\u2019s creditworthiness. Maybank allow a maximum debt service ratio of 60%. This indicates that the borrower\u2019s total monthly debt payments, including the housing loan, should not exceed 60% of their monthly nett income. Maybank recognise all variable income at 70% (latest 6 months average) & take in share margin account into DSR calculation (the mechanism can\u2019t be obtain). Zero lock in period. Non flexi loan (Individual is allow to pay extra to save on interest but won\u2019t be able to withdraw it out again)<\/p>\n\n\n\n

You may want to read more about DSR (debt service ratio) HERE<\/a><\/p>\n\n\n\n

Conclusion: Slightly better rate, suitable for rich buyer who can pay off the house ! Convention or Islamic package avaiable.<\/p>\n\n\n\n

Courtesy of, <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Tammie Chew, MBB Mortgage Consultant (Taman Segar Branch)<\/p>\n\n\n\n

Email : chiuhui@.c@maybank.com \/ HP 014-6828245<\/p>\n\n\n\n

Hong Leong Bank<\/strong><\/p>\n\n\n\n

Hong Leong Bank offer 4.55 to 5.35% for SJKP financing. DSR cap at 65% and below. As for income earner of RM 3000 & below, DSR cap at 60% & NDI of RM 850 required. Variable income such as (OT, allowance & etc) recognise at 100%. <\/p>\n\n\n\n

Semi Flexi Option Only Available (more info to be updated soon)<\/p>\n\n\n\n

Courtesy of<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Charlotte Yong, HLB Senior Mortgage Executive (Mortgage Sales Centre, PJ City Development)<\/p>\n\n\n\n

Email: yongks@hlbb.hongleong.com.my \/ HP 60123128258<\/p>\n\n\n\n

MBSB<\/strong><\/p>\n\n\n\n

MBSB term financing interest rates for RUMAWIP is from 5.05% to 5.25% (as of 14th August 2024). DSR set at the maximum of 80% with condition of NDI per applicant of RM 1000 (Nett Disposable Income or in simple term, the left over cash after all loan payment is made inclusive of the current application instalment). Tenure of financing is limit to only 30 years and up to age 70. Variable income recognition is at 60% (latest 6 months average) but capped max at 20% of fixed gross income (salary before deduction of EPF & SOCSO). For example, if the individual salary is RM 3000; no matter how much commission that person has earned for the last 6 months; the variable income recognition will be capped at RM600. Advance payment to principal is allow; but individual need to inform bank 1 MONTH IN ADVANCE! Lastly the lock in period is 5 years.<\/p>\n\n\n\n

Please take note that individual banks have their own scoring system which play factor before approving a loan application; this I won\u2019t be able to find out. (For example, during the covid lockdown, loan applicants from the airline industry will most probably be rejected)<\/p>\n\n\n\n

Summary<\/strong><\/p>\n\n\n\n

RHB Housing Loan<\/em><\/strong><\/p>\n\n\n\n

Pros<\/em><\/strong><\/p>\n\n\n\n

Higher DSR of 65% for loan approval (NDI RM 800 & above)<\/p>\n\n\n\n

Cons<\/em><\/strong><\/p>\n\n\n\n

Most probably higher interest rates<\/p>\n\n\n\n

Lock in period of 3 years <\/p>\n\n\n\n

Variable income recognition may go as low as 50% only<\/p>\n\n\n\n

Islamic loan is semi flexi (can\u2019t withdraw advance payment made)<\/p>\n\n\n\n

Maybank Housing Loan<\/em><\/strong><\/p>\n\n\n\n

Pros<\/em><\/strong><\/p>\n\n\n\n

Most probably lower interest rates (as low as 4.25%)<\/p>\n\n\n\n

No lock in period<\/p>\n\n\n\n

Standardised recognition of variable income of 70%<\/p>\n\n\n\n

Maybank is offering a better package for SKJP loan (in term of financing rates) as of 6th September 2023.<\/p>\n\n\n\n

Cons<\/em><\/strong><\/p>\n\n\n\n

Loan approval subject to DSR of 60% only (please take not that due to the lower interest rates, DSR outcome will be lower too)<\/p>\n\n\n\n

Term Loan which allow advance payment of principal to save on interest (need to inform bank via phone call to branch or walk in after payment made) <\/p>\n\n\n\n

MBSB Housing Loan<\/em><\/strong><\/p>\n\n\n\n

Pros<\/em><\/strong><\/p>\n\n\n\n

Easy Approval \u2013 DSR allow up to 80% (benefit income earner of RM 4000 & above due to prerequisite of NDI of RM 1000 per applicant). Most applicant of RUMAWIP usually have taken up a car loan.<\/p>\n\n\n\n

Cons <\/em><\/strong><\/p>\n\n\n\n

High Interest Rates 4.65%<\/p>\n\n\n\n

Advance payment to principal requires 1 months notice to bank.<\/p>\n\n\n\n

Max Tenure of 30 years (normally 35 years)<\/p>\n\n\n\n

Lock in period of 5 years<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Elijah is an esteemed real estate agent who has dedicated his expertise to the RUMAWIP program since 2018. With a reputation for unwavering honesty, he navigates the real estate landscape with straightforwardness and analytical insight. Alongside his role as a real estate agent, Elijah shines as a marketing consultant, collaborating closely with RUMAWIP developers. His dual perspective and commitment to affordability make him a trusted figure in the industry, consistently guiding clients and stakeholders toward informed decisions and successful outcomes.<\/p>","protected":false},"excerpt":{"rendered":"

This information is as of 14th August 2024 This professional analysis focuses on full home financing for RUMAWIP called SJKP loan offered by 4 banks: RHB , Maybank , Hong Leong Bank & Bank Muamalat Applicants must not earn above a gross of RM 11,000 or joint income (spouse) RM 22,000 (Individual who earn more […]<\/p>\n","protected":false},"author":8,"featured_media":8613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/posts\/17936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/comments?post=17936"}],"version-history":[{"count":2,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/posts\/17936\/revisions"}],"predecessor-version":[{"id":18119,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/posts\/17936\/revisions\/18119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/media\/8613"}],"wp:attachment":[{"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/media?parent=17936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/categories?post=17936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rumawip.com.my\/ms\/wp-json\/wp\/v2\/tags?post=17936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}