During last weekend, I was told by a mortgage officer from one of the Singapore-based foreign bank that PTPTN loan is actually not appearing in CCRIS report. I’m sorry, I was not aware about it previously. I have checked with my sibling and friends, yes, it’s true.
As per Bank Negara’s new guidelines on responsible lending, effective 1 January 2012, housing loans should only be approved based on net income and not gross income as previously practiced.
Net Income = (Basic + Fixed Allowance) – (Tax + EPF + Sosco)
To make it simple, you may just take the net RM you bring home every month as stated in your pay slip. That’s your net income.
If mortgage officer forgot to ask me about the PTPTN loan and I forgot to mention about it, too… that mean I will have a little bit extra bullet to get higher loan amount? Happy investing!