Refer Friends to this Affordable Development Johor Bahru
July 26, 2024
Why Buying a New Property in Johor Bahru is Better Than Renting
October 7, 2024
Living in Johor Bahru offers a vibrant lifestyle with nearby amenities and a wide range of shopping and entertainment options. Investing in a property here can be advantageous.
However, many are uncertain about their ability to own a property in JB, worrying if they can afford one. Firstly, let’s explore how much one should earn monthly to afford different property prices in Malaysia.
Which Property Suitable for Your Income Level?
To better understand which property you can buy with your income level, here is a table that outlines the property prices, loan amounts (90%), and monthly installments needed to repay your loan based on your monthly salary.
| How Much Income You Need To Buy A Property |
| Type of House | House Price (RM) | Loan (90%) | Tenure (Years) | Monthly Installment (RM) (Based on interest rates between 3.85% to 4.2%) | Minimum Income (RM) |
| Flat House | 150,000 | 135,000 | 35 | 598 | 2,600 |
| Apartment | 500,000 | 450,000 | 35 | 1,992 | 6,000 |
| Terrace House | 700,000 | 630,000 | 35 | 2,789 | 10,500 |
| Condominium | 800,000 | 720,000 | 35 | 3,188 | 12,000 |
| Semi-D House | 1,500,000 | 1,350,000 | 35 | 5,977 | 20,000 |
Please note that the figure above is for reference purpose only and the calculation assumes you do not have other commitments such as credit card debts, personal loans, or other types of credit facilities, which can affect your debt-service ratio (DSR).
Understanding Debt-Service Ratio (DSR) in Property-Buying
The Debt-Service Ratio (DSR) is a measure used by banks to determine an individual’s ability to repay a loan. It is calculated by dividing your total monthly debt obligations by your gross monthly income. A lower DSR indicates better financial health and a higher ability to take on additional debt.
To apply for a 90% loan safely, ensure your total DSR is below 50% after accounting for existing debts. You can calculate your net income (after deducting total debts) to assess your chances of a successful mortgage loan application.
M Minori: An Affordable Property Option in JB
For example, consider M Minori by Mah Sing Group, a new serviced apartment property in JB starting at RM288,000. Located near various entertainment options and shopping centers like Eco Palladium, Aeon Bandar Dato’ Onn, IKEA Tebrau, and Toppen Shopping Centre, it offers convenience and a desirable lifestyle.
Referring to the table above, to comfortably afford an M Minori property, it is advisable to earn at least RM3,500 per month. Ensure that your monthly installments do not exceed 30% of your total earnings to maintain sufficient disposable income for savings, investments, and other financial needs.
Perks about this New Property in Johor Bahru
M Minori has a strategic location near healthcare facilities and a variety of educational options. It also offers convenient access to major highways such as Tebrau Highway, North-South Expressway (NSE), and Eastern Dispersal Link (EDL) Expressway, ensuring residents have easy travel routes.
Interested to learn more about this new property? Click here to explore M Minori now!
Buy Property Now For A Chance to Win New EV Cars!
Mah Sing is celebrating its 30th anniversary with a special offer for M Minori buyers. As part of this milestone celebration, buyers have the opportunity to win prizes such as a Tesla and other electric vehicle models like BYD and NETA V, along with cash prizes totaling RM100,000! This offer is available for home purchases made before December 31, 2024.
