Guide to Apply Housing Loan

First Home Buyer - Knowledge - Malaysia Banking Knowledge by adelemtproperty

“What documents I Need to Prepare when I Apply for Home Loan?”

(In fact, not only a Home Loan knowledge, but also the same list applies when we purchase our Commercial Property)

Sound familiar? It’s a daily common question when there’s a purchase of property. Let us back to basic and understand what is a Loan.
 
Loan are apply through financial institution, the general financing application is done through registered banks and not from unlicensed financial institution. (eg. Loan Shark)
 

With assistance from our property agents with our property purchases, liaising with bankers are much convenient today (when we do not have any bankers that we could seek for assistance) – provided that purchasers willing to provide full collaboration as well.

 
Firstly, we should know the difference of various type of loans that we can apply today :-
i) Term Loan
ii) Semi Flexi Loan
iii) Flexi Loan

While booking a house is easy, with merely a booking fee from RM100 (depends on projects), we will be going for the application of bank loan if we are not opt for Fully Cash Payment.

To proceed with loan application, there’s sets of documents that we should prepare and forward to the property agent (on behalf of purchaser) or direct to the bank officer for our new purchase.

 
We shall categories our applicants into five (5) types :
i) Employee (Salary Earner)
ii) Commission / Dividend Based
iii) Self Employed / Business Owner (Sole Proprietor / Partnership)
iv) Business Applicant (Sdn. Bhd.)
v) Overseas Income (Singapore / Brunei)
 
Here’s a compilation by referring to few banks and stated with the list of documents that we should prepare. And take note that if we have invested our income as part of saving plan, this is the time to prepare when we purchase a property too!
 

Many may wonder about the above “Overseas Income“.

While our neigbour country are Brunei and Singapore, we tends to have many Malaysian who are working in Brunei and Singapore. Therefore, there are also banks available for loan application for Overseas Income applicants.

As we know, Hong Leong Bank is one of the financial institution who have the said loan application.

Other Supporting Documents

Noticed that many of us have invested our saving to Fixed Deposits/ shares and such that generate interest, these would benefit us when we provide the said statements together when we are proceeding with our loan application.

Why said so? Because these are not categorised as “Expenses”, meaning that part of our income were used as an investment and we have strong cash flow.

That’s all for today’s topic on “Documents for Loan Application”!

 

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