There are a lot of processes and steps that need to be followed before you apply for a home loan to buy your dream home, and we want to make sure you don’t miss any of them.

To ensure that you are eligible for a home loan, we have put together some more information for you to read. 

Employment/Work History

To be eligible for a home loan, all lenders require you to provide them with proof of employment. This is to ensure that you have a stable income. A minimum of two years of employment history is required by lenders to prove you have a stable income. 

This will help you get approved for a home loan, and will also help you get the best interest rate.

If you are unable to provide work history, we would recommend that you provide another source of income.

Your Debt To Income Ratio(DTI)

Your debt to income ratio is the total amount of your debt, as compared to your income. This is the amount of your debt, as a percentage of your income. This number is often calculated when applying for a loan. In Malaysia, the average accepted percentage of debt to income ratio is a maximum of 30%.

If you are found to have a higher proportion of debt to income, you may end up purchasing a low costing house. Although these are general requirements, do note that each lender has different regulations. 

Here’s how you can calculate your eligibility: Calculate Your Eligibility

Knowing Which Loans Are Suitable For You

The first thing you should know is what kind of loan is suitable for you. There are three different types of home loans in Malaysia, Basic term, Semi-flexi, and Full-flexi. Each type of loan comes with different interest rates and home loan fees. 

This guide will help you understand the differences between the three loans, so you can decide which one is right for you.

What Type of Home Loan Should I Get? Understanding Basic, Semi-Flexi and Full-Flexi Loans