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How you know your loan is pass or fail?
How you know your loan is pass or fail?
Sometime we have submitted for our documents and at the end, the banker update back your loan is rejected?
How may i know for my loan application to be Successful ?
At this time, you have to know how to calculate your DSR first before applying any of the housing loan. So that it won't really happen for your loan rejected.
What is DSR?
What is DSR?
DSR is the Debt Service Ratio, this is one of the method of bank define that how much the loan amount you are eligible.
For this Debt Service Ratio is calculated based on the total net salary(after deduct with your EPF, Socso, & Income Tax) and the total commitment (Debt) with bank. For the Commitment, you can refer back to the Commitment Part.
The Formula as below:
(Total Existing Commitment) + (Total Current Commitment) x 100%
(Total Net Income)
If the DSR show below than the 70%, then your loan is the first step get approval, for sure when applying any of the project, you have to depend different reason of getting loan rejected, Such as: Scoring Fail, Ccriss Problem, Ctos Problem, DSR Burst, Less NDI and Etc.
For DSR Percentage (%) also depend on different Bank with different Criteria. Based on your own salary, some of the bank will get up to 70% and some only go for 65% and some even low to 50%. Before applying any for the loan, try to ask with the respective agent ot sales person to calculate the DSR for you with the Salary income you have now.
What consider as Commitment?
What consider as Commitment?
For Commitment is the part that you have the debt is related to the Bank and still paying the installments every month, That is 6 of them:
Housing Loan
Car Loan
PTPTN Loan
Credit Card (Total Outstanding x 5%)
Personal Loan
ASB Loan (For Bumiputera)
For the Rental of House, Rental of Car, Transport Fees, Unifi Fees is not consider as one of the Commitment that bank calculated.
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