Ok, so we are in the process of purchasing our wonderful seaside condo in Penang and would like to leverage our money by getting a loan for the purchase. OMG, why the difficulty and scrutiny by the Malaysian banks?
My wife and I are still working for now (but we have our MM2H) and we have excellent credit scores. She has a credit score of 800 and I have a score of 836 (out of a total 850 score). We earn easily over 1 million ringgits equivalent here in the US. Yes, we are RE heavy in the US but we have plenty of equity built up overall. Our loans on our homes in the US are either very low in balance and almost paid off or at most 30% of the market values. Let's not even mention what cash reserves we have and 401/stock accounts.
The place we are buying is about 1.3 million ringgits. I am in the process of paying the 10% down and yes I fully expect to only get say a minimum 50% of the loan amount remaining since that is what they were telling me. Some leverage to me is better than none.... or so I thought before I started applying around.
One bank already said no to me. What??? Granted gross, what we make in a year practically pays for the darn place, people!!!!!
One bank has the nerve to ask for our company offer letters???? What??? That is over 20 years ago!!!!! What does that honestly do for you/us now???
We are by no means even close to the most affluent folks out there, but surely a loan of say $100-$200K US should be a cakewalk, no?
I suspect it is because we are foreigners, but we are buying a freehold condo that meets the MM2H minimum guidelines. Sure, we could in theory walk away but if at 50% why the concern? And besides, we have our MM2H there. We ain't leaving...
Any local Malaysian bankers or folks who have experience with this? I would love to hear what you have to say My US mortgage broker is laughing that we are not qualifying.
Thanks for your help!