Step 1: Derive Your maximum loan Borrowing Capacity. 

 

There are TWO key factors to determine the maximum loan amount:

 

a) TDSR (Total-debt-servicing-ratio): The new mortgage repayment & your other existing loan monthly commitment should not exceed 60% of your combine income. If the subject property is an investment property with minimum 6 months balance lease, this portion of income could be included into the total income.

 

b) Maximum Loan-to-valuation (LTV):  
    i) Only ONE residential property mortgage - 80%
    ii) Second residential property mortgage - 50%
    iii) Third & Above residential property mortgage 40%   

 

Once you know your maximum loan borrowing capacity, you can always work backward to derive your budget for new property purchase

save your time & effort. Let MxRICH calculate for you. 

Step 2: Apply for IPA (In-principle-Approval)

 

It is an important step. With a written IPA from bank will give you a peace of mind for securing a mortgage and avoid unnecessary lost of booking fee. We always ask our client do not underestimate this step especially under stringent regulation and check in bank. 

 

We will recommend you a few bank packages based on your criteria, and assist you on the documentation and follow up with respective banker. 

 

Normally, IPA only last for 1 month. Any annoucement of new regulation, IPA will always become obselete.  

Step 3: Bank Indicative Valuation

 

You can always send your shortlist property detail to MxRICH. We will obtain the bank indicative valuation for  you. 

 

Most banks require at least 2 valuers to match the asking price.  
The indicative valuation is extremely important if you are planning for maximum loan. 

save your time & effort. Let MxRICH assist you.