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Buyer's Tools > Guideline |
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Owning A Home with IJM
Private Sector Loan Applications
Schedule of Payment of Purchase Price
Government Loan Applicants
Loan Evaluation by End-Financiers
Payment Procedure
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Listed below is a set of criteria that governs the end-financier’s evaluation of housing loan applications:
- Income
The Applicant must have sufficient income to qualify for the loan. The normal requirement is that the monthly loan. The normal requirement is that the monthly loan repayment should not exceed 1/3 of the applicant's monthly income or in the case of joint purchasers, their joint monthly income.
Example: For a RM 200,000.00 loan over a period of 20 years, the monthly loan payment (at 10% per annum x monthly interest) is RM 1958.00. Thus, the applicant must have a minimum monthly income of RM 5,874.00(RM1,958.00 x 3)
You are required to supply evidence of your income, such as pay slip or income-tax return form to enable the end-financiers to ascertain your ability to repay the loan. However, if you are self-employed, you should produce sales invoices, receipts or other documentary evidence to verify your income claim.
- Age
Usually, the age limit for the loan payment is 55, which coincides with the normal retirement age. Some end-financiers might extend the age limit to 60 (Dependent on Individual Banks)
- Guarantor
You may be required to provide a guarantor or guarantors whose joint income should meet the above mentioned minimum requirement.
- Evidence of additional income
You may have a substantial amount in your savings or fixed deposit account which can be used as evidence of additional income which the end-financiers may take into account during evaluation.
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