Mr Faizal (not the real name) is a fresh graduate. He is happy to get a new job. His salary is RM1500 per month. For him, it is sufficient for now because he is single and he doesn’t have any commitment.

Until one day, he needs to buy a house. He is interested in purchasing a low cost apartment at RM60k purchase price.

He put a booking and apply for a bank loan from multiple banks.

Within a few days, he gets replied from them. Most of them rejected his case. And only one Bank approved his loan with RM39,000 loan. Still, he needs to come out with a lot of cash.

Downpayment RM21k, SPA lawyer Fees about RM3k-4k, Loan Lawyer Fees about RM3k and Valuation Fees RM600. Total RM28,600.

Some people might say he is still lucky to get a loan in his situation but still for a fresh graduate to come out with RM28,600; it is a difficult task.

The next move, he might need to ask from his parents for that kind of cash, and hopefully, they will be able to help him.

We guess a few factors contributed to the loan rejection are as follow:-
1. Faizal has a low income; the ideal income will be above RM2500.
2. He is still new at his job. So, job stability is the main issue here.
3. Customer without any commitment used to be a good factor in the old days. On the current trend, bank prefers a borrower to have minimum one loan facility, so that the borrowing and repayment habit can be tested.
4. Most banks are not keen on doing less than RM100,000 loan. Sometimes, they will offer a high-interest rate home loan, slash down the home loan margin or even reject the application.



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