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Bank Loans

 
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graceb



Joined: 01 Jul 2005
Posts: 2

PostPosted: Fri Jul 01, 2005 11:37 am    Post subject: Bank Loans Reply with quote

Hi,

I am Malaysian and my husband is a foreigner. We both live abroad and I am not working. As we are interested in purchasing a property in Kuala Lumpur, does anyone know if it is possible to secure a bank loan with only one income earner in a foreign country?

Thanks !! Any suggestions / comments would be helpful.
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candic3



Joined: 07 Jun 2005
Posts: 96
Location: Alliance (Mortgage)

PostPosted: Sat Jul 02, 2005 12:32 am    Post subject: Reply with quote

I came across with this kind of cases, as what i know, HSBC and Standard Chartered can do the case. My customer got the offer at 85% of the margin from Standard Chartered. If u dont mind, i can pass my frd's number to you. You just contact him directly for more details.
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pooh0



Joined: 12 Jun 2005
Posts: 58

PostPosted: Sat Jul 02, 2005 9:37 am    Post subject: Reply with quote

Should be OK - just have the property in your name alone - makes it easier. An approval process required when foreigners are involved which cd lead to delays in closing of transactions. Since you are not earning an income, the loan should be in both your names. Most important criteria would be the financial supporting documentation you can provide to the banks. Most of the bigger banks should be willing to do the loan, eg Citibank, Standard Chartered, HSBC, UOB. Not sure about the local banks like RHB, Public Bank, Maybank, though.
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candic3



Joined: 07 Jun 2005
Posts: 96
Location: Alliance (Mortgage)

PostPosted: Sat Jul 02, 2005 1:23 pm    Post subject: Reply with quote

Graceb,

If ur husband not Malaysia PR, property is advisable just put under your name. Citibank cannot finance your case but Standard Chartered and HSBC can but HSBC offer lower margin than Standard Chartered in this case. Your husband will be co-borrower and using his income. Smile
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asialink



Joined: 26 Jun 2005
Posts: 8

PostPosted: Sat Jul 02, 2005 11:24 pm    Post subject: Reply with quote

Has anybody have the experience whereby both you and your spouse are Malaysian and you got a loan solely on your income but the property actually registered to your spouse name? Care to share Rolling Eyes
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Sat Jul 02, 2005 11:42 pm    Post subject: Reply with quote

I have experience that is almost similar but not exactly.

Should not be a problem as long as the joint applicants to the loan have adequate income or assets to show for the loan. This is irregardless of who owns the property but the property owner should be one of the parties to the loan as well.
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candic3



Joined: 07 Jun 2005
Posts: 96
Location: Alliance (Mortgage)

PostPosted: Sun Jul 03, 2005 12:22 am    Post subject: Reply with quote

Many local banks allow only one of the owner take up the loan but its not fair to the other owner because he or she will lost the property if you do not pay back the loan.
Both of you actually can take up the loan together and only using your income (provided your income is sufficient).
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graceb



Joined: 01 Jul 2005
Posts: 2

PostPosted: Tue Jul 05, 2005 9:48 am    Post subject: Reply with quote

thanx for your feedbacks.

Candic3, u have offered to pass me your friend's contact number for more details. Is this friend the loan borrower or working in Std Chartered?
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ChaanPardesi



Joined: 22 Sep 2005
Posts: 36
Location: London, UK

PostPosted: Wed Oct 05, 2005 6:19 am    Post subject: Reply with quote

hey I am in the same boat.I am a malaysian and my wife used to be malaysian , but is now british..I work and live in the UK.I already have one property in malaysia which is fully paid for.

I would like to purchase anothe property, so what would be the best process for me to go through?

I am comming into Penang shortly and would love to get a propertya round the Batu ferringhi area.Preferably in a gatted community or an exclusive condo.

Which banks would I need to check with to get the best possible deals?Thanks for any advise.
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Nische Kar Apni Jeet Karon-Victory be to GOD.
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TinkyWinky



Joined: 26 Sep 2005
Posts: 275
Location: Pooh Land

PostPosted: Wed Oct 05, 2005 11:05 am    Post subject: Reply with quote

ChaanPardesi wrote:
hey I am in the same boat.I am a malaysian and my wife used to be malaysian , but is now british..I work and live in the UK.I already have one property in malaysia which is fully paid for.

I would like to purchase anothe property, so what would be the best process for me to go through?

I am comming into Penang shortly and would love to get a propertya round the Batu ferringhi area.Preferably in a gatted community or an exclusive condo.

Which banks would I need to check with to get the best possible deals?Thanks for any advise.


eh, tell me how your wife get british residency lah? and you didn't? hmmm ... you married her off to a british citizen izzit?
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raistlin



Joined: 01 Jun 2005
Posts: 1104
Location: Krynn

PostPosted: Wed Oct 05, 2005 5:10 pm    Post subject: Reply with quote

Hey ChaanPardesi, are you the guy that was features in the Global Malaysian website recently? Very Happy Wink
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ChaanPardesi



Joined: 22 Sep 2005
Posts: 36
Location: London, UK

PostPosted: Fri Oct 07, 2005 6:31 am    Post subject: Reply with quote

raistlin ???I was featured ???in the global Malaysians???how ???I dont understand???I had an isue with the Malaysian High Commission .....yes I was in the malay mail ....can you send me the global malaysians link pls????Thanks ...
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Nische Kar Apni Jeet Karon-Victory be to GOD.
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