How To Get Higher Chances Of Home Loan Approval?
( According to The Association of Banks in Malaysia )
Recently, Property developers have been complaining about bank’s approval rating that was too strict.
In a press release 17th March 2017, The Association of Banks in Malaysia (ABM) said the approval rate for housing loans in 2016 is high at 73.8%.
The association clarified that the different statistics on housing loan rejection rates as reported by the banks and developers might be due to differing statistical approaches used by each industry.
How to get higher chances of approval?
1. Knowing how much he/she is eligible to borrow to purchase a property, based on his/her existing income, expenses and other loan repayment commitments, by checking with the bank.
2. Ensuring that he/she is not over leveraged and can prove financial capability to make monthly repayments. As a general rule, the monthly home loan installments and other debt commitments such as hire purchase financing should not exceed 40% of gross income.
3.Having a good credit record by keeping all payments up to date on existing credit facilities/ liabilities.
4. Fully and accurately disclosing all material information with regard to his/her financial position when applying for a home loan.
5. Homebuyers must also be aware of the factors that banks take into account in evaluating a housing loan application, which may include the location of the property, the applicant’s credit rating, conduct of existing loan accounts and capability to service the debt.
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