Lowyat.NET: Latest topics by Madgeniusfigo

HUOBI GLOBAL vs Luno vs REMITANO

Madgeniusfigo — Mon, 16 Dec 2019 11:06:22 +0800

-A

[WTS] Selling DELL 3000 SERIES DIRT CHEAAAP

Madgeniusfigo — Sun, 24 Jul 2016 08:33:49 +0800

Item(s): DELL INSPIRON 15 3000 SERIES

Package includes:Free logitech mouse + battery+ charger

Price:RM1800

Warranty:3 YEARS

Dealing method:Meet up

Location:KL or PJ

Contact method/details:
---

Item(s) conditions:Very good, used for 1 and 1/2 year

Picture:

Reason for sale:Going to buy microsoft swift laptop

Finding partner for startup

Madgeniusfigo — Wed, 20 Jul 2016 20:39:49 +0800

Dear All,

1.
I am envisioning a future for certain industry and the potential of the idea that it could rip and shatter the industries in next 4-5 years time.

Research, case study, business plan had been written down and jotted precisely. So down the road, I would need few capable people who I can partner together and kickstart few of this startups.

2. I am a mortgage consultant as you can see from my signature cum entrepreneur. I have started executing ways to innovate in mortgage industry and it's in the process with my another buddy partner.

In the mean time, we wanted to branch another startup for another industry all together in Malaysia market then South East ASIA.

3. I wanted to get to know you whom are in programming field, that either can program web platform or apps. People like you who have a dream to make a different in your society and start your own startup.

It won't be an easy path as it's a rocky mountain up ahead, So I hope anyone who are interested to be partnering with us, be prepared.

If you are interested to be partner, do contact me via watsapp, number do get it from my fat ass signature!

Cheers!

Any surfer out here?

Madgeniusfigo — Tue, 19 Jan 2016 04:40:51 +0800

Hello guys,

I have been picking up on surfing sports few months ago, learnt surfing at lombok and fell in love with it. There's surf ground along east coast pahang. Would like to know any surfer here or surfer group that I can join?

Cheers

Gym Workout: Superset vs normal routine

Madgeniusfigo — Wed, 21 Oct 2015 21:12:57 +0800

Dear all,

I am into gym and fitness lately, It has been 2 months since I tried superset workout routine.

1 week 5days of workout

Monday
Chest + Biceps
10 exercise

Tuesday
Back + Shoulder
10 exercise

Wednesday
Rest

Thursday
Legs+Triceps
10 exercise

Friday
Chest+Biceps
10 exercise

Saturday
Back+ shoulder
10 exercise

Sunday
Rest

I see great result, but am I over working my body or are there any better methods that I can apply?

Thanks

5 tips for employees to secure Housing Loan

Madgeniusfigo — Tue, 13 Oct 2015 15:25:59 +0800

5 tips for employees to secure Housing Loan

As you know, banks are the ultimate buyer at our property market and not “us” the consumer. They finance 100%-90% of the housing purchasing cost and we only fought out 10%-0% of our capital to own the house. Banks throughout 2011-early 2015 has been financing huge amount supplies of under-construction projects, it is all purely cash outflow and their capital investment has not been recovered yet, because we have not started repaying the bank their capital and interest. Too much cash has been poured into the market by the banks and the market outlook is in stalemate, hence they are tightening their guideline which means they are more selective with applicants.

They will select loan applicants with best background, best debt service ratio and best personal financial portfolios, profiles and assets etc. So, normal working class group applying for loan will be a challenged as their income is fixed. To purchase more properties they will need a pay raise or joint borrower(s). This group is not as flexible as business owner that can tweak and arrange their income portfolio with ease.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

So, here I am sharing with you 5 tips to strengthen up your personal financing profile, so when bank purview your documents, they will open heartedly hug you, kiss you and accept you into their family.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

1. Validate every income received from employer.

I come across a lot of employees who are working under sdn bhd or sole proprietors where employers pay cash to their employees, instead of normal SOP crediting salary into employees’ accounts via company current accounts.
Bank would never look at income that are without a legitimate source. (It is still possible but banker needs to put a lot of efforts in explaining and convincing the credit approval department)

-Make sure all income receivables (Gross-salary, OT, commission, Allowance and Bonus are credited by the company to your account)
-Make sure the income receivable tally with pay slips and bank credited amount.
-Make sure your employer credit 11% of your gross salary and 13%-16% (or higher) of employer contribution to your EPF account

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2. Be responsible and Pay Your Tax!

Providing BE income tax document to apply loan is one of a way and the best way. You just need to provide banker your income tax form BE and proofs of tax being paid (Baki cukai kena dibayar) or letter proving that tax has been overpaid (lebihan cukai dibayar), then you can apply loan with the stipulated income in the tax form and supporting evidence.

-Bear in mind, every RM1000 income you declared. You are entitled for RM100,000-RM200,000 of loan from the bank (depends on bank’s guidelines).

-To make things easier, for people who wants to entitle for higher property loan, just declare higher income (make sure it is legitimate). Even though you have over declared, LHDN would never disturb you because you are giving them extra cash $_$. *Would you argue with people who pay you more?*
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
3. Debts and commitments

People had this doctrine believe that the less debt I have, the better position I will be in the eyes of the bank. Sadly, this never ring right to the bank.
Your debts and commitments are shown in CCRIS (Central Credit Reference Information System). At first stage, bank will evaluate your CCRIS before determining whether to proceed your loan application or decline your loan :’(

(read more of CCRIS here CCRIS )

CCRIS is a piece of system that shows our debt payment record. Bank borrow us money but they do not know who you are, hence CCRIS is your personality written in the system itself, only when we have payment record, bank will only understand who we are and decide whether they are confident to borrow you cash.

-Easiest way is to at least take an unsecured loan such as credit card and use it for more than 6 months or more. So that bank can know us and assess us.

-You have to allow bank to evaluate your payment pattern, so that only will they have confidence to borrow you their money.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
4. Debt service ratio

We always heard this sentence “Sorry sir, your loan is rejected because of high DSR! Who the fuuu is DSR??!!!”

Debts service ratio, it is calculated based on your
(Monthly debts commitment + new installment) / Net income= DSR%

Each bank has its own DSR threshold, some banks with big appetite will recognize 70% of your net income, some 80% and some 85%. Your profile is the same but different DSR recognition by different banks. Hence, that is why some banks will reject your loan but some other banks would accept your loan.

Debt and commitments:
a)Hire Purchase loan
b)Mortgage loan
c)Credit card outstanding
d)Personal loan
e)Overdraft
f)ASB loan
g)PTPTN

-Before your loan application, reduce your commitment on credit card. Try reduce as much outstanding debt you have before end of the month eg.”October 31” and apply your loan by next month eg “November”. CCRIS record will update data every end of the month and would only be reflected on the 15th of the following month)

- Try to limit your credit card usage to below 80%. Credit card utilization of less than 80% would be rendered by banks as a thrift spender and it would more appealing to the banks

-If you have too much debt commitment, try settle it off before applying. (Consult a mortgage consultant before any plan of loan settlement)

- Never ever ever x100 default any of your debt repayments. One time default is alright but consecutively 3 months, it will be terrible. You will need to settle the loan or wait another 12months for the default record to disappear, before applying for loan
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
5. Last but not least, seek for a quality mortgage consultant.

Loan application is not just about finding a banker, providing them the documents according to banks guideline, then key in data and submit, 3-7days receive loan letter offer to sign.

Most of the time, mortgage application is not as easy as it seems. Mortgage consultant need to do lots of homework and due diligence
Seek mortgage consultants who are able to:

- Pre-assess your loan qualification

-Who ask a lot of question regarding your personal finance, nature of purchasing property, nature of your business, nature of your DSR. The more you disclose to them the more would be able to increase your loan approval chances.

-Consultants who are passionate in helping you. Sometimes they need to write 1 long essay in order to explain your conditions to improve your chances of loan approval

-Who keep you updated from time to time, this is the quality where it shows that they are eager to help you and do their best to secure your loan.

- Who doesn’t over-promise (or compromise). Over-promise is fatal.

- Who could answer all your inquiries and being honest if they are not sure about it.

-Who take all available documents from you (to reduce any trouble and delay), assess and provide you the best solutions

-Who have multiple banks in hand, because different banks have different policies. They will understand your profile and select a sure win bank for you.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Q&A

How to calculate my loan eligibility?
1st
----Gross income (Gross salary + ( 3 months Commission / 3) + Allowance + OT) – EPF – Sosco – Tax =Net income
2nd
Net income - Hire purchase – Housing loan – Credit card – Personal loan – PTPTN = Loan income

3rd
Loan income >RM3000 * 70% (varies across all banks)
Loan income <Rm3000 *70% (varies across all banks)
= Loan borrowing capability

Loan borrowing capability *200= New loan amount (estimation)

Debts installment calculations (estimation, varies across all banks)
*Housing loan/PTPTN financed amount ( 5.85% / 30 years loan tenure)
*Credit card total outstanding (5%)
*Personal loan (Amount *1.63%/108 months)
*Hire purchase (Amount *1.245/84 months)
*ASB (amount *5.8%/100/12months)

With the above calculations, you can roughly estimate your eligible loan amount.
*It is better to consult a mortgage consultant to calculate for you*

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I have never contributed to EPF and I have never paid income taxes, can I still apply loan?

--Technically Yes.
-- Certain banks will need you to show EPF, certain banks have less restrictions in terms of documents. When you apply for loan as an employee, bank will look at few income documentation.

Payslips + bank statement
or
Pay slips+ EPF
Or
Tax (Borang Be)

Answer is Yes.

If you don’t have EPF or income tax slips, bank will tally and look at your pay slips + bank statements instead. You need to consult your mortgage consultant to inform you on the banks that allow the above mentioned documentation set.

Bear in mind, when you have never paid any income tax and you are applying for a 1 million loan…… Please pay your tax the next period available season.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

How come my DSR below 70%, my loan couldn’t be approve?

---Well this comes with different factors as follows:

1) The property is nearby high extension cable, hill slope, oxidation aka shit pond, facing a traffic intersection (T-junction), close proximity to cemetery/ grave yard and etc… bank would not finance such properties

2) Your credit card limit utilization is above 80%. Bank will be cautious when you fully utilize your credit card. Even if the bank approves your loan, margin would be reduced.

3) You do not possess a satisfactory risk profile (young –below 30 years old - but earning a high income, low education level, inconsistent income for the past 6-12 months, new employment, working oversea where income is not verifiable, poor repayment records, blacklisted due to unsatisfactory utility bill repayments such as TM Net, PTPTN, medical bill guarantorship, telephone bills etc)

Self employed or freelance, loan approval prep!

Madgeniusfigo — Thu, 24 Sep 2015 22:54:43 +0800

Nowadays, applying for loan is never as easy as last few years time. We are having hard time accepting rejection, crushed and demotivated to continue purchasing our dream houses. So this is just a sharing, how we could prepare ourselves to get our loan approve.

(For people who owns business or starting their own business)
Every bank has their own appetite and each of their requirement will be different. Here I will give you few tips where every bank will definitely accept your loan without you delaying to get other documents done...

1. Already had sdn bhd business more than 2 years.

a) Remember to register your company under SSM.
b) Pay income tax Form B, be a good citizen.
c) Remember, if you pay tax. Try to pay PCB with your own account and not through your accountant company account. Trust me, this will save you alot alot of time and complexity when applying loan.
Bank will need the following documents

a. Your SSM registered cert >2 years
b. Income tax Form B
c. Your company bank statements

You are all set.

2. What if my company is less than 2 years or I work as a freelance.

a) Register a company with SSM
b) Open company bank current account
c) Register your company under KWSP
d) Contribute a fixed salary to yourself, lets'say RM6000 as your salary. Credit the amount monthly consistently form your company bank current account to your personal bank account. This will create a proper employee income proof.
e) Contribute KWSP to yourself, deduct 11% from your Rm6000 INCOME and 13% contributions from your own company.
(Bank will need to look at EPF and Bank statement credited salary as a proof of income)
f) Create your own payslips.
Now you can apply loan as an employee of your own company. Bank will need to look at you Payslips, bank statement with RM6000 credited monthly, EPF shows 11% and 13% contributed for your Rm6000 income.
This will be sufficient to apply loan.

Q&A
-----------------------------------------------------------------------------------
Why I can't use my company tax BE form or Company bank statement to apply for loan?
--- Because bank wouldn't look at company with SSM registered less than 2 years. That's why it is hard for people who just established company to apply for loan if they didn't prepare as I stated as above---
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Why I work as hawker and credit a monthly fixed income into my own account. Still, bank wouldn't accept my loan?
---Because your income doesn't shows where it comes from, bank view this as a very vague income proof. Bank will wonder where your income comes from, even you show him picture of you goreng chay kuew teow, it is not enough. They wouldn't accept your loan as you could be a syndicate crediting your income from drugs money.
Bank is a simple minded creature, all they need is a solid document to show them. Just follow point no.2 and you can apply loan easily. No matter you are a hawker, a freelancer, someone who earn a living from money dropping from skies or had a goose that lays gold egg. No problemo.-----
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Why bank wouldn't accept my loan when I have my company registered under SSM for 1.5 year and my company profit is very solid and strong. Moreover I am a responsible citizen who pays tax!!??
--- First of all, bank is quite cocky. They want to be insured that your business is strong and solid and not crumble when wind blows, company established more than 2 years will make them believe so.......lol.... anyway, bank will only accept loan application through your company income and profit if given your company has established for 2 years or more.
Other solution? Buy a empty shell company established more than 2 years old, with transaction in their bank statement...... this is not encourageable... but oh well.. -------
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The end
Anonymous writer.

Any other good suggestions or ideas, do present it out. This is and open ended discussion.

Should I sell or refinance ?

Madgeniusfigo — Wed, 10 Dec 2014 03:47:16 +0800

My view on investment (SUBJECTIVE to my view)

SCENARIO
Property 2007-2014
7 years appreciation from 180K (2007) - 300K (2014) . A total 66% appreciation yield.
So on 2014 should I sell it off or refinance

(no rental receive scenario)

2007 RM180K
-Loan 90% @RM162,000
-DOwnpayment @ RM18,000
-Installment @RM781 (X12months = RM9372)
-Miscellaneous LVS @ RM5,000
-Maintenance fees @ RM200/Month

-Total initial capital outlay @RM23,000

2014
CAPITAL GAIN @RM 120,000
-EQUITY @RM120,000 + RM18,000 = RM138,000 (IN THE brick)

U made a total RM138,000 in 7 years
COCR = (RM23,000+ RM9372X7) / RM138,000 = 64%
CONSIDER not bad for investment

REFINANCE the property

DO consider ur income eligibility for 10years DSR based on ur net income.
consider this ur 1st house, still eligible for 90% MOF

- Refinance RM300,000 X 90% @RM270,000 (new loan amount) - RM140,000 (outstanding amount)
- CASH OUT @RM 130,000
-REPAYMENT increase from @RM781 ------> @RM1302
-Equity still lock at @RM8,000

ASSUME the property appreciate another 10% at 2015 @RM330,000
-CAPITAL at equity RM8,000 PRofited at RM30,000 ( CAPITAL GAIN)

TOTAL ROI EQUITY OF @26%

not a bad investment.

CASH out amount RM162,000 can used to create income to purchase further property. (This one we leave it aside first, but 20% return on equity is good)

2. SELL OFF THE PROPERTY

-Sell at RM300,000 - (RM180,000) =@RM120,000
-AGENT,lvs, Misc = RM 12,000
-Balance profit RM 108,000 + Initial capital RM 18,000 =RM126,000++ CASH OUT APP
-NO RPGT SINCE 7 YEARS PROP
-Benefit to free 1 quota of house purchase.

Lets say you use this money to purchase a property at klang valley area goo quality property RM500,000 / 800SF
-Down payment @RM 50,000
- Early bird discount 5% RM25,000
-BOUGHT 2 unit
-PORTFOLIO Invested =RM50,000 (2UNIT TO BE completed on 2017)
-mof 90% RM500,000 X2-------->(RM1,000,000 MORTGAGE)
-Total repayment for 2 unit /month =rm4259
-RM126,000 (CASH FLOW) - RM50,000 (DOWN PAYMENT) = RM76,000 (to pay off progressive interest or to be prepare for desperate seller deal)

-Assume the property has a 6% capital yield RM500,000 6% =@RM30,000X2 =RM60,000 TOTAL CAPITAL GAIN ON BOOK VALUE

-Capital on investment RM50,000 with RM 60,000 CAPITAL GAIN
-Remaining cash flow of RM76.000

total 120% ROI

SUMMARY

Option 1 (RM130,000) CASH FLOW - (RM300,000) DEBT - (RM30,000) PROFIT - (26% ROI)

Option 2 (RM126,000) CASH FLOW - (RM1,000,000) DEBT - (RM60,000)PROGIT - (120% ROI)

which one will you choose ?
PRos and cons applied. haha
icon_idea.gif

2015 Base Rate

Madgeniusfigo — Wed, 10 Dec 2014 03:19:04 +0800

I have received a message too from different property agent that I deal with, same message as in property that LO accepted after 19th december 2014, all the LOAN will turn into base rate.

So, I ask around, no one found an answer, and I call BNM 1 of my friend working inside, He said IT'S BULLSHIT.! straight on my face. No such thing.

Come to think about it, I call my friend another one manager working inside loan department about this, he said is not something announced BUT!

BUT! BUT! after 19th, eventhough LETTER OFFER has been signed, bank can delay the LOAN AGREEMENT till next year, and have it made become base rate.

CONCLUSION: SPECULATION IN ACTION !

QUOTE

The Base Rate will be determined by the financial institutions’ benchmark cost of funds and the Statutory Reserve Requirement (SRR). Other components of loan pricing such as borrower credit risk, liquidity risk premium, operating costs and profit margin will be reflected in a spread above the Base Rate. This increases the visibility of the factors underlying changes to the Base Rate. The greater transparency in turn will enable more informed decision making by consumers. Under this cost-plus structure, spreads will always be positive as it would not be possible for financial institutions to offer lending rates below the reference rate. Financial institutions will be given the flexibility to determine their respective benchmark rates. The expected strong link between the Base Rate, market interest rates and the Overnight Policy Rate (OPR) will facilitate more complete adjustments to retail loan repayments when market interest rates adjust to an increase or decrease in the OPR.

BASE ratewill be

BASE RATE + 1%/2% etc ! NO MORE NEGATIVE MINUS !

Home Loan service 130% Finance

Madgeniusfigo — Wed, 10 Dec 2014 02:48:08 +0800

Hi

If you have any Home LOAN questions, I can answer and consult for free.

I give free home loan processing services

-I proved HOme loan 130% margin of financing

90% Loan
10% LVS
20% RENOVATION
10% cash out

-Refinancing from any bank

-TOP UP

-RESIDENTIAL / COMMERCIAL

Any inquiries, DO comment at the bottom, I will reply ASAP !