Buy House with Mortgages Loan

Recently I had bought a house at my hometown, a double-storey semi-D. It costs me RM260k and it considered as cheap comparing to the property in the Penang Island. But it is heavy for me to pay for the first deposits.

I need to pay deposit to book for the house and arranging the housing loan to pay for remaining. I had worked for 3 years and I am able to pay for 10% as deposits and 90% as loan. With my current salary I had, I cant get a full loan and I need to buy it jointly with my brother.

I had heard about the Mortgages loans which is not very popular here at Malaysia, but it is very popular at UK, Spain and US. With the mortgage loans, I may not need to pay for the deposit, but I can get my parent own homes as collateral in lieu of a deposit. It will help to reduce the overall burden on myself. But the bad thing is they don't own a house. This is the first house we had.

I believe for who may interest in buying a house and your parent did own one, you might consider to get the Mortgages loans.

1 comments nia.. I need more la:

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