As reported in The Star Online, during a talk at the Tamansari BRDB Sales Gallery, property and mortgage expert Michael Yeoh shared his knowledge on mortgage solutions to overcome financial obstacles.
Yeoh says borrowers need to keep their debts low In order to be financially strong.
He advised the attendees to ensure that they have a well thought-out financial plan to increase the chances of getting approval for property loans. In addition, he said that homebuyers need to know what banks look for in loan applications.
He went on to add that due to the current economic situation, getting approval for property loans will be more difficult. However, it will help if applicants followed a few important tips: submit the right and complete financial documents, have the right mortgage officers, and have good credit rating.
In order to have financial strength, borrowers need to keep their debts – such as credit cards and personal loans – at a minimum, or even eliminate them.
The high debt contributes to a vast majority of loan rejections today. Yeoh explained that Malaysia's household debt against the gross domestic product (GDP) is among the highest in the region at 89.1%, with the most common culprit being credit cards and personal loans. The more debts that an individual possesses, the lower the chances of getting that loan approval. Therefore, one needs to start from the smallest debt and with proper financial planning, pay it off successfully.
One of the key notes of the talk was when Yeoh strongly advised the public to not apply for credit cards and personal loans in order to avoid falling into a debt trap.
The real killers are the credit cards and the personal loans, so the public really should not fall for the free gifts that come with the bank's offers. Another important thing to note is that if you use 70% of the card limit, you will then be termed as 'high-risk'.
The recent talk was held in partnership with BRDB Developments Sdn Bhd to help homebuyers achieve their dream homes easily and at an affordable price.
Located in Rawang, Tamansari is one of BRDB Development Sdn Bhd's residential projects, sited on a plot of land that is approximately 245 acres in size. With gentle undulating hills, linear parks and waterways just 500m from the Rawang plaza toll, this project contains three-storey terrace houses as well as a variety of designer homes, making it a great choice for those who appreciate resort-style living.
Yeoh enthused that BRDB ensures its buyers get an attractive and value-for-money package: a beautiful home located in a strategic location with affordable payments.
Easily accessible via the North-South Expressway and the upcoming interchange connecting Bandar Task Puteri (BTP) to Latar Highway, Tamansari is within easy reach of shopping malls such as AEON Rawang, Tesco, Giant Hypermarket as well as Rawang town.
