Loan Rumah Tertunggak? Elok Jual Rumah Sebelum Muflis

R2D2

PETALING JAYA: It is better for homeowners struggling to repay their housing loans to sell off their properties and avoid bankruptcy, says a property expert.

Ernest Cheong said in doing so, a property owner avoids ending up with the bank foreclosing property if he defaults on payments and worse, declaring him bankrupt if outstanding loan amounts remain unpaid.

Commenting on recent remarks by a think tank that Malaysia’s property bubble was set to burst, Cheong said the situation was bleak for property speculators and genuine house buyers who overestimated their ability to afford properties worth more than RM800,000 between 2010 and 2015.

“I believe those who purchased properties under RM500,000 will be okay.

“But for those who bought properties closer to the RM1 million mark, it might be a bit too late for them to get themselves out of a sticky situation.

“Say, for instance, you bought a RM800,000 condominium in 2014/2015, when the property market was at its peak.

“If you took a RM700,000 loan for 30 years, the monthly repayment is RM3,500 a month.”

To repay a RM3,500 loan a month, a person’s household income would need to surpass the RM10,000 mark at least.

“But as we know, salaries haven’t increased at the same rate as the rising cost of living.

“On top of that, some people may have incurred new commitments like having a child or sending one to college. These cost a lot of money.”

So, Cheong said, there was bound to be those who are struggling to repay their loans and this was evident in the increasing number of housing loan defaults and the affected properties being auctioned.

Last May, it was reported that 6,225 residential properties were put up for auction in the first quarter of this year compared with 5,442 properties in the corresponding quarter of 2016.

Exit strategy

Still, he said, speculators or home buyers who bit off more than they could chew a few years ago, should now look for an exit strategy, especially given that property prices are plummeting while the cost of living is increasing.

“My advice is that if you feel you are unable to sustain your monthly housing loan repayments, try to sell it even if you end up making a loss, which is highly likely.”

Cheong said since 2016, property prices have been dropping and on average, in the Klang Valley, property prices have dropped by around 30%.

“If you took a RM700,000 loan for a RM800,000 property, for the first three years, you’re only paying the interest. You still owe the bank the RM700,000 principal amount.

“So, if you can get an offer for RM800,000, you should consider yourself lucky given the drop in property prices.”

Cheong said if a person managed to sell the house at less than the purchase price, he may still owe the bank the difference between the selling price and the outstanding loan amount.

But, he said, at least such homeowners could negotiate with the bank to convert the difference into a personal loan repayable over 10 or 20 years.

Cheong said this was a relatively “good” outcome for someone in a financial quandary as it was better to sell the house at a loss than defaulting on the loan and letting the bank foreclose and auction off the house.

Avoid default at all cost

Cheong said those struggling to repay their loans must avoid defaulting at all cost.

“Forget sentiments or profit that could’ve been. Cutting losses is better than the worst-case scenario which could end in bankruptcy.”

He said in the worst-case scenario, the property will be foreclosed and auctioned off.

“But if after the auction, the homeowner is still unable to settle the outstanding payments to the bank, they may be declared bankrupt.”

Cheong added that if a homeowner fell behind their loan repayments for three months, they’ll get a foreclosure notice from the bank.

From that point on, if they try to sell their house themselves or if the bank forecloses it, it could take up to 18 months before the property is actually disposed of by auction.

“You could even end up losing large amounts of money as you would have to pay various fees such as auctioneer’s fees and legal costs from the auction price which may be significantly lower than the market price.

“If you bit off more than you can chew, take this experience as a lesson. It’s okay to cut your losses and start again.

“There’s nothing wrong with selling your home and renting a house. It’s better than being declared bankrupt.”

Upmarket properties harder to sell

Mohd Izwan Abdul Latiff, a property auction agent, says he is seeing more upmarket properties being auctioned.

“Nowadays, I am seeing more properties above the RM800,000 mark being auctioned.”

For now, he said most of his clients who are investors are into the market for affordable homes under the RM400,000 mark and higher-end properties were harder to sell.

What is certain, he said, was that it’s difficult for homeowners to get their desired selling price because the property market is in the midst of correcting itself.

“People who are struggling with their housing loans should opt to sell their homes before it is put up for auction, even if it means selling at a lower price,” Izwan said, giving the same advice as Cheong.

Izwan said it is better for homeowners to sell the house on their own rather than have it auctioned, except for homes in really “hot” areas.

“If you default on your loan and the house is auctioned, you’ll be charged higher interest rates. So you’ll incur more debts.

“If the property is in an area which is not high in demand, it’ll fetch a lower price.

“But if the location of the property is hot, then it may actually be better to let the property be auctioned even though it means higher interest rates as you’re likely to get a better deal due to the sheer number of bidders.”

Property, he said, is all about location, and properties in good locations may even fetch market rates.

Last year, economist Hoo Ke Ping predicted that Malaysia would be hit by a recession in 2018, resulting in, among others, the prices of medium and high-end properties dropping.

Previously, Cheong had also warned that the glut of unsold luxury properties could result in a financial crisis.

sarahmirza

Nak jual pun ada ke yang nak beli?

white_musk

sarahmirza replied at 22-8-2017 05:25 PM
Nak jual pun ada ke yang nak beli?

Jual murah mesti ramai yang beli.  Malaysian kan suka yang murah murah.  Takde kualiti pun tak mengapa janji murah

sarahmirza

white_musk replied at 22-8-2017 05:28 PM
Jual murah mesti ramai yang beli.  Malaysian kan suka yang murah murah.  Takde kualiti pun tak men ...

Murah tu berapa sis?
Kalau beli rm800k, takkan nak jual rm300k.
Arghh nangis la lama2..

gede-bab

dari kena lelong...baik jual...

clarizsa

kapitalis ba alif ba ya ta alif ha ya

shamsadis

yang beli tu bukan duduk pun, sewa dekat warga asing...

R2D2

Dlm keadaan sekarang lambakan rumah kosong, penyewa boleh lari malam jika nak. Then cari rumah yg lain pulak

cmf_premierleag

Zaman sblm ada mrt dan lrt extension to putra heights, rumah2 yg dekat dgn lrt stsn mmg selling and renting mcm hot cakes la
Tp sejak dh ada lrt smpi putra heights, lalu kwsn puchong and lalu kwsn mrt SBK mmg penyewa ada baanyyyaakk choice nk pilih umah sewa
So rege sewa pun bleh jatuh
Kalo dulu ummah keje kat klcc, nak stay kt keramat sbb ada lrt jelatek
Skang dh bleh stay kt puchong, sg.buloh,kajang

cmf_premierleag

Esok2 dh ada LRT 3, ummah pun dah bleh pilih umah sewa kat area johan setia, klang kalo keje kat area klcc
LRT 3 laluan johan setia - bandar utama
Tak ingat lak interchange stsn lain kat mana.. Tp mesti ada interchange dgn stsn lain

cmf_premierleag

15 yrs ago ms meols bebaru mula keje, ada satu kolig meols bdk ganu... Dia duk menyewa kat KL
tp sblm dia carik rumah sewa mmg sheols stadi map LRT KL.. ms tu cuma ada STAR dan PUTRA jah
Sbb dia malas nk drive.. Ms tu zmn opis weols kt klcc
Meols lak duk dgn parents je.. Parents mmg duk KL pun

wana89

Ni wana setuju la..
Suka atau tak, property burst akan kesan sektor perbankan terutamanya sebab buyer xnak atau xmampu nak bayar loan.. ada xnak bayor loan sebab xdapat pulangan investment yg depa buat.. kesan property burst besar bukan sikit yer.. tengok trend, market malaysia memang ke arah property burst.. masa property burst, harga rumah jatuh sebab xada buyer nak beli dan stok rumah dalam pasaran pun makin tinggi.. sekarang paling untung adalah orang yg ada cash money untuk beli rumah atau orang yg lepas loan pada masa getir ni.. spekulasi memang syok buat.. flip 3 bulan, flip 6 bulan sekali kalo burst.. terduduk semua.. my two cent

Yg benar,
Peon kerani cabuk gomen

CiliPadiSedap

wana89 replied at 22-8-2017 06:13 PM
Ni wana setuju la..
Suka atau tak, property burst akan kesan sektor perbankan terutamanya sebab buy ...

burst property kat malaysia? susah kecuali rumah over RM 400 000 di teruskan pembinaan. market malaysia below RM 400 000 mampu beli lagi. atas daripada tu geng2 offshore , bisnes, orang berduit..

kalau burst memang melingkup lah semua domino effect.. kat china gov dia pun tengah recovery balik untuk burst property. kat sana punya teruk beli rumah pakai loan shark. kat malaysia loan shark pasal nak hidup... xsilap kaka kat china rumah ke 2 60% je boleh loan bank baki cash.. so deposit rumah 40%.. kira gov dia betul2 nak kawal property.

CiliPadiSedap

tips kaka :

siapa rumah tak mampu bayar cepat2 je jual rumah, jangan refinance rumah.. jangan gali lubang lagi dalam..

let say rumah tu hot area? ajak family pindah sewa rumah lagi murah flat/apartment. rumah sedia ada sewakan kepada expeteriate ( russian english- orang asing)  atau pun student foreigner.

Kalau tak hot area, jual lagi baik daripada lelong. check brape baki hutang bank jual je paling rendah asal cover hutang bank.

apa yang di hadapi ni sebahagian rencah hidup tiada siapa minta rumah di lelong. jadikan pelajaran sediakan payung sebelum hujan.. kuatkan diri dan sabar hadapi dugaan hidup.. selagi kita ada nyawa rezeki tetap ada ..

aja aja hwaiting

CiliPadiSedap

sarahmirza replied at 22-8-2017 05:33 PM
Murah tu berapa sis?
Kalau beli rm800k, takkan nak jual rm300k.
Arghh nangis la lama2..

RM 300k seronok tu. hahaha. RM 500K untung..

CiliPadiSedap

sarahmirza replied at 22-8-2017 05:33 PM
Murah tu berapa sis?
Kalau beli rm800k, takkan nak jual rm300k.
Arghh nangis la lama2..

RM 300k seronok tu. hahaha. RM 500K untung..

CiliPadiSedap

kes di selangor :

owner terdesak nak jual rumah, hutang keliling pinggang. tengok rumah ok, cantik. kalau ikut value sekeliling rumah cmtu RM 600 000 . landed, bungalow,  5 bad room, 4 bathroom, 2 car park area. wet/dry kitchen

Bila jalan nak pergi tengok rumah sah geran kongsi. patut jual murah RM 280 000. RM 280 000 tiada bank sanggup bagi housing loan untuk beli rumah geran kongsi.  bank sanggup bagi loan kalau semua penama dalam geran setuju cagarkan pada bank. owner rumah lain mesti tak sanggup cagarkan?

Kesimpulannya nak buat rumah jangan buat atas geran kongsi. buatlah atas geran sendiri..  jangan buat rumah atas tanah orang nanti menyesal di hari tua.. biarlah mahal sedikit asal nanti kemudian hari tak susah..

pakcik tu nego lagi buka harga  RM 240 000 dengan air muka sedih, maaf pakcik suami marah kalau tahu sy beli rumah geran kongsi.. sesal dulu pendapatan sesal kemudian nasi jadi bubur mc D..

CiliPadiSedap

kes scammer kat sepang :

beli tanah lot Loss RM 21 juta

kes scammer kat gombak :
Under konon koperasi beli tanah lot - lot lidi geran kongsi..

Kesimpulannya pembelian tanah risiko sangat tinggi untuk ditipu , jadi cari ilmu dan  tanya orang yang pandai dalam bab tanah...

siapa tak nak beli tanah market value RM 260 000 - 5600 sq/ft  boleh beli pada harga RM 140 000? walhal lot lidi..hihi.

nobito

Akak tengok rumah kos rendah dan sederhana di kawasan kampung memang terbiar rosak je sekarang ni.......takda buyer atau mungkin rumah banyak nama lepas owner mati.

wana89

CiliPadiSedap replied at 22-8-2017 07:20 PM
burst property kat malaysia? susah kecuali rumah over RM 400 000 di teruskan pembinaan. market mal ...

Wana setuju dengan kaka.. burst untuk high end. Medium dan low cost masih ada demand lagi..