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THE ability to afford a home is heavily based on one’s salary, with banks typically providing loans up to 30% of the annual income.

As such, before consumers start searching for a home, it is important to first find out the amount of home loan they are eligible for to determine their budget.

PropertyGuru’s newly improved Home Loan Calculator is a helpful tool that provides an estimate of the monthly home loan repayments for consumers’ dream homes. For example, a person with a monthly salary or a combined household income of RM5,000 can already afford a property worth RM400,000.

This is with the assumption that they have sufficient savings to make the 10% down payment, they are taking out a 90% loan with a 3% interest rate across a 35-year tenure, and that the buyer has a healthy credit score and only spends 30% of their monthly salary on the repayment – which is the general rule of thumb. Based on these assumptions, a quick calculation with the Home Loan Calculator shows that a RM400,000 property only requires a repayment loan of RM1,539 each month.

Some Malaysians in this income group might think that it is still not enough for them to purchase a home, especially if they are looking for a landed property. This is not true. For Malaysians who have hit the RM5,000 monthly salary milestone, have sufficient savings, and are now looking for a place of their home, these projects might be right up their alley and within their budget.

Four new landed projects with a monthly loan repayment of below RM1,600 in Selangor

1. Casabayu – Dengkil, Sepang (from RM399,714)

This development is suitable for those seeking a wholesome family life – where children can run free amidst the bliss of nature, and adults can enjoy the tranquil environment – whether they are working or taking time to rest and recharge.

2. Regent Garden Co-Home @ Eco Grandeur – Puncak Alam, Kuala Selangor (from RM408,000)

Eco Grandeur is an integrated township. It introduces an innovative new living concept Co-Home, whereby two homes share the same footprint – one at ground level, the other one floor up. Each unit offers single-level living and is spacious enough to accommodate a family.

3. Taman Adenium (Phase 6) – Bukit Beruntung, Rawang (from RM390,600)

Taman Adenium is an affordable, freehold development that caters to those in the medium household income group, suitable for first-time home buyers, or young couples who are looking to start a family.

The development is surrounded by commercial centres, residential hubs, financial institutions, schools, industrial parks, tropical golf club, and variety of amenities.

4. Simfoni Perdana & Irama Perdana @ LBS Alam Perdana – Bandar Puncak Alam, Kuala Selangor (from RM368,000)

The LBS Alam Perdana township spans 469.86 acres of land. The gated and guarded township will have private gardens and common facilities that will allow residents within the township to bond with each other, as well as a dedicated jogging path along the lake to allow everyone to exercise and enjoy outdoor activities with family and friends alike. Additionally, it will also have a back lane garden that is beautiful and safe for residents to enjoy their leisurely moments.

Source: PropertyGuru

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