Home Loan Calculator: Loan search made easier

Face the fact: A mortgage or Malaysia home loan is the single largest financial commitment brought upon your life, not to mention others like cars, credit cards and so forth, in an average of 30 years for an average-paid guy. In fact, a household’s disposable income will account to mortgage or loan repayments up to 40% of their monthly disposable nett earnings after thorough calculations.

Choosing the right home loan is essential; better still if you have the choice to either afford a $200,000 or $300,000 loan. Rushing off to the bank makes things much more complicated – As many would usually push loans to a minimal level where the stakes are not so high. This home loan calculator and packages finder will not only help you choose the right loan, but also generate the best package for you based on the market value, purchase price, preferred loan tenure, preferred margin of finance and so forth.

Out of 402 home loan packages in Malaysia, this home loan calculator will pick the best out of your preferences entered in the wizard and display to you the top 10 loans matching your criteria. It’s simple and easy – As attaining the right home loan could mean a swift home loan approval or a difficult one.

This home loan calculator gives you the information you need about the 26 banks running their banking businesses across Malaysia. Not only home loans, but also calculators like the EPF Estimator Calculator, Fire Insurance Calculator, Loan Repayment Calculator and Refinance Calculator.

But most of all, Fiscal Wise makes the home loan search much easier for you with its revolutionary home loan calculator, developed to suit all your Malaysia home loan search needs; Without the hassle of wasting precious time roaming from the 26 banks and choosing between 402 packages around Malaysia.

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Home loan calculator & Malaysia home loan made easy

In Malaysia, there no better way to get a Malaysian home loan consultancy and home loan calculator other than in Fiscal Wise. My recent loan problems gave me a long haul of thoughts and I didn’t have enough time to check with the banks on several issues regarding attaining a Malaysian home loan. As an expat, I don’t see where else am I going to. The banks didn’t offer much help to me, as Maybank’s home loan calculator didn’t provide me with enough information. The Maxi plan calculator was hideous.

One of Wise’s consultants was explaining to me about BLR (Base Lending Rate) as a context in Malaysia home loan packages. It seems that BLR is actually a minimum interest rate calculated by financial organizations based on a formula which takes into account the organization’s cost of funds and other administrative costs. According to Wise’s Historical Base Lending Rate Chart, Jan ’98 – ’99 hiked a stunning 12% figure due to the inflation that has caused massive downturn in the Malaysian economy. The general public was facing a staggering financial crisis.

Anyway, I was happy Wise’s consultant was able to point out certain key points about obtaining a Malaysian home loan with their home loan calculator tool. Their goal was to actually help Malaysians capture the best home loan available in all 26 banks and 398 home loan packages offered. Since financial institutions would only promote their own package, I’m lucky to have found Wise because they showed me the top 10 loans out of 398 Malaysia home loan packages available today. Better yet, Wise also said choosing the right package could mean being able to afford a RM$200,000 house and a RM$300,000 home loan.

I’ll be talking to Wise’s consultants again tomorrow regarding the processes of obtaining a Malaysia home loan. I’d recommend you to at least check them out. They are way better than all the standalone banks as they pick and choose which home loan suits you best from 26 banks.

Malaysia Home Loan Packages Finder or http://www.fiscal-wise.com.my/
Wise’s Home Loan Calculator

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Malaysia Home Loan – Improving approval chances

Malaysia home loans are easily acquired, provided that you service your debts in a timely fashion and in good will. This is what you call the debt service ratio (DSR). Your DSR is an estimated ratio of debt payments to disposable personal income, which also represents your ability to handle your current debt(s) accordingly. Debt payments consist of estimated required payments on outstanding mortgage and consumer debt. So the lower your DSR percentage is, the better your chances are at getting home loan approvals.

An average of 40% DSR is what majority financial institutions would accept, some up to 60% and some as high as 30% for Malaysia home loans. Factors affecting DSR percentage includes credit repayment track record and favourability of the collateral. Among the ways to improve chances of getting a Malaysia home loan approved are:

1. Consolidate advancements to minimize monthly repayments
Consolidating your debts could lower your interest rate altogether, besides saving your hassle to pay off the number of loans tied around your belt. Not only financial institutions take into consideration the available balance but also your loan balances. Get a debt reduction plan to cover your smaller loans/advancements first. For example, credit card debts.

2. The financial obligations ratio (FOR) for Malaysian home loans
Includes automobile lease payments, rental payments on tenant-occupied property, payments on consumer debt and automobile leases, mortgage debt, homeowners' insurance, and property taxes, homeowner’s insurance, and property tax payments – All contribute to the percentage of debt service ratio (DSR). You can also check out the Home Loan Calculator.

3. Settle intended debts 1 month prior to Malaysia home loan application
Financial organizations scour through a reference information system. While the reports are usually out at least once a month, settling your debts would definitely give you an advantage over the home loan process.

4. Declare other income sources to improve DSR
Some financial organizations calculates your DSR based on your primary and secondary income. Includes rentals, salary interests, capital gains from mutual funds, insurance commissions, director fees, share capital gains or dividends or profits from companies.

5. Joint applicants
For joint applicants, both incomes will be taken into consideration. This creates a stronger DSR.

Financial organizations will look into your home loans more favourably if you have a solid DSR. Most likely, those with stronger DSR tend to take shorter approval time and better chance of securing Malaysia home loans. Check out Fiscal Wise Malaysia home loans for more information.

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