British Expats

British Expats (https://britishexpats.com/forum/)
-   Retirement and MM2H (https://britishexpats.com/forum/retirement-mm2h-205/)
-   -   Taking a loan as MM2Her (https://britishexpats.com/forum/retirement-mm2h-205/taking-loan-mm2her-935650/)

eCdD Nov 10th 2020 4:48 am

Taking a loan as MM2Her
 
So far I paid everything "cash" in Malaysia, not even thought of a loan as the priority was to get out 150k from the mandatory FD as fast as possible.

But as this is done now and the interest rates are so low now I am thinking of buying the next car with a loan.

Anyone has done this before? Guess the procedure will be not as standard as we MM2Hers have no local salary.

SushiFan Nov 10th 2020 8:21 am

Re: Taking a loan as MM2Her
 

Originally Posted by eCdD (Post 12933805)
and the interest rates are so low now

In case you are interested: my MM2H FD recently had its annual renewal. The interest rate went down from 3.8% last year to 2.1% for the coming year (at CIMB).
I have no experience with taking out a loan in Malaysia.

eCdD Nov 11th 2020 3:52 am

Re: Taking a loan as MM2Her
 
Yes, this is the new normal now.

IanBlakeley Nov 20th 2020 11:06 pm

Re: Taking a loan as MM2Her
 
I am here as LTSVP, we've looked into a loan before but with no income in Malaysia would have had to rely on our foreign income and that is not considered unless it is from Singapore. Went all through the loops of getting certified statements from agents etc. it would appear that it is a bank negara rule. Both my wife and I have separate income from investment and property in the UK but no use.

eCdD Nov 22nd 2020 8:45 am

Re: Taking a loan as MM2Her
 
I am in the process right now, no result so far. Actually the bank took the salary documents from Europe and the banking slips from there as well. If they make any use of it I don´t know. As I have a lot of FDs running in Malaysia and Singapore, also long term, that were the main documents I submitted.

eCdD Dec 29th 2020 2:30 pm

Re: Taking a loan as MM2Her
 
OK, it failed.

No mood to try again with other bank, I continue to buy cash and take the small discount.

More important, Malaysia government has extended the tax holiday for car buyers:
https://www.malaymail.com/news/malay...e-2021/1935874

Problably mainly because Proton collected 50.000 bookings for the X50 and X70 and has only delivered 5000 before Dec 31 :D

RedApe Dec 30th 2020 1:57 am

Re: Taking a loan as MM2Her
 
Have you tried to obtain a loan from your home country bank? I had a French friend purchase a condo with a mortgage vis a French bank. Seemed odd. Perhaps he used assets in France as the collateral?

eCdD Dec 31st 2020 12:51 pm

Re: Taking a loan as MM2Her
 
Thanks, RedApe, that is interesting. But a Euro loan is not attractive. Already by changing to MYR I would lose 0.7%. And it is not possible to get these so attractive Malaysian interest rates between 2.20 and 2.30%.


Gunnar45 Jan 12th 2021 5:25 am

Re: Taking a loan as MM2Her
 
One thing related to taking a loan as a MM2H'er.
I had to make a money (bank) transfer out of MY a few days ago.
One of the forms I then had to sign was to confirm that I had no loans in Malaysia.
I was told that having loans here is one of the restrictions for transfers out of the country.

RedApe Jan 13th 2021 4:05 am

Re: Taking a loan as MM2Her
 

Originally Posted by Gunnar45 (Post 12957442)
One thing related to taking a loan as a MM2H'er.
I had to make a money (bank) transfer out of MY a few days ago.
One of the forms I then had to sign was to confirm that I had no loans in Malaysia.
I was told that having loans here is one of the restrictions for transfers out of the country.

That's really strange. Is that only for MM2H or everyone...how can they even do international business? And while I can see requiring enough to cover any loan remaining in an account, it makes no sense to bar more than that. Still it seems strange. Why would anyone ever bring money into the country under such circumstances?


Gunnar45 Jan 14th 2021 11:55 am

Re: Taking a loan as MM2Her
 
Red Ape,
Don't know who all are subject to this, butgot the impression that this was more directed towards citizens but they asked me to sign ths declaration 'just in case'
I don't think that having a debt means a firm 'NO', they just consider the size of the loan vs liquidity. And of course the amount one wants to transfer.
Another thing, as it was a private transfer, they also required a copy of the ID/PP of the recipient.
This was also a first time requirement for me.


All times are GMT. The time now is 3:32 am.

Powered by vBulletin: ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.