General talk for bank loan (Car, housing or personal loan) - True stories

[BoxCarRacer]

Dear izzwan.com,

I think you miss out something here.

Yes, buying a car is a liability and it depreciates a lot down the road. You are lucky to have work in SG where their public transportation is efficient compare to Malaysia.

But...

Have you ever consider this...

Don't you want to have some pride in yourself by showing to your family that you can earn and pay for your own car and house? don't you want to make your mom proud one day, you say to her, "Mom, let's go for a holiday, ill drive us with my car" or "hey mom, it's the weekend, why don't you stay over at my house?".

and have you ever thought of yourself 5 - 10 years from now when you are going to get married & probably have a kid of your own, only then you will want to buy a house & a car?

I am not scaring you or what but it is the reality some of us are going through in life at the moment. I had the same principle as you do when i was younger but luckily I got a smack in the head by my gf-turn-wife a couple of years ago.

You might think monthly commitment is a burden to pay for car and house but trust me, nothing beats the feeling of taking your loved ones on a ride of your own, paid by your own hard earn money.

:rolleyes:

 

[semangka]

imho, i agree on your view regarding value and liability of owning cars, but not on house. so if the rest of your siblings have the same thought as yours, then all of you would crammed up living in your parents house along with their wife and kids, how is that? you are only stating things according to what your seeing and having, cos you are still single and not much commitment. i applaud your motion in having backups for rainy season, but you have to understand all parents would also want to see their kid having their own properties for their own future needs.

on your mum nagging you to have a car - perhaps is for you to get used paying your own debts, and when you are already comfortable/stable in paying your monthly car loan, you can proceed with saving money for next bigger agenda, say buying a house or even marriage.

or should i say in harsh way - your mum is hinting so that you to go move out and buy your own house and be independent? lol, just joking bro.

 

[DLegend]

You're still below 28, no pressure to get married yet, so now it's time to save as much as you can... is riding a motorbike (EX5) a possibility?.... it will have saved you ALOT when you do your budgeting at the end of the year.

Try a raincoat/jacket + EX5 for a year and see....and try to limit your 'social' outings to once a month or less if possible.

 

[AD_EG]

izwan, curious bro, the bank u mentioned u resigned from @ johore is it Citi?

and where in SG are u working ?

 

[feezdya]

The rich get richer, while the poor get poorer

Not agreeable...Wealth is abundance and bountiful. GOD give us BRAIN to think and explore all HIS treasures. Please remember that all in this world we just borrow from him.. Its not ours...My family came from poor ppl and yet Alhamdulillah we are ok..so far I can own luxurious goods and all in CASH...Its how you manage you financial and how you handle yourself!..

If you dare to change, all will change..For thing to change, YOU must change first..

Take my word bro..I BELIEVE I ACHIEVED!

Just my 2cents...:wavey:

 

[AD_EG]

A loan is a must...esp at a young age. if you are not born rich, you must have a loan sooner or later. after that its all about discipline. my dad passed away when i was 20(while in college) i was the youngest, my bro was in college too... the fee's fopr the both of us was as you know very heavy for my mom to bare, not to forget the emotional trauma of my father not being around was also very difficult for my mom to cope. so i decided to quit college

i decided get a job and move out 3 months later(after receiving 3 months payslip),to relive the burden from my mom. When i moved out, i did not take any money from my mom, and i also didnt send any back. at the beginning it was difficult, paying rent, basic needs for a my place, got a car, and a credit card, to survive. a year later, as things were a bit better, was able to start sending rm200 to mom every month. i worked hard.....

long story short, i previously had 3 personal loans, 2 credit cards, which i took in order to survive and also leisure, (i belive in work hard and play hard), i had no regrets taking this loans. cause i was able to be independant at the same time learn a lot of life lessons along the way which i found priceless.

im 27 now, i have 1 car loan and 1 home loan which im glad to pay for... cause it brings me so much joy to have my car and my home, was able to treat my mom for holidays etc.

by the time im in my 30's, my car loan would have been cleared. and ill just have a home to pay for..

my thoughts on loan? for me it was extremely necessary and yes i paid the interest which for me was worth it.

 

[izzwan.com]

izwan, curious bro, the bank u mentioned u resigned from @ johore is it Citi?

and where in SG are u working ?

Not Citi Bank, but Standard C. Bank.

Again, thanks to every big brothers and bosses here for telling me all this stuff. I agree with most of the comments above. My house is indeed cramped right now. I have my worries too. I'm paying the electricity, water, phone, internet, mum's insurance and her monthly expenses.

Maybe I want to help my family in the loan pre-payment.
I want my family in one place, not separated all around the world.

I'm just too young to have a middle-aged uncle thinking. Working at Boon Lay. Just reached here.

 

[AD_EG]

Bro izwan,

for you to be thinking/discussing about all this is very healthy. it shows that you have a need to know or learn attitude which will help you. so don worry bro. and in fact, i think by talking ab out this you already somewhat have the "uncle mentality". hehehe, but in all honesty bro, only you know whats best for you and your family. i also think you should get a motorbike and and travel in and out, this will help save tons of money, thats what im doing now. living in SG rental is too high not worth it. yes it means waking up earlier, reaching home later, and yes much more tiring. but hey...we're young right? now is the time to do all this.

 

[izzwan.com]

Yeah, I've reached my working place at 10.30AM while my work start at 1PM, earlier is always better than late. Work ends at 9PM and reached home around 11PM. I am forbidden to ride motorbike, due to family problem. Maybe public transport will do at the moment because there is a bus from my house area, straight away to my working place, priced at RM7. But if missed the bus gotta wait 2 or 2 and a half hour for the next bus. The god loves me. Thanks to everything. Grateful for everything! Time for my breakfast.

 

[AD_EG]

yup..its normal for mom's not to be happy abt riding bike. my mom didnt like it either but she had no choice but to accept. and alot of people say its dangerous. yes it is, so is anything in life. there is risk in everything we do.

 

[AE111_SEG]

Great story but I would like to give another perspective on House loan.
Yes it is expensive no doubt about it. But look from a another view.
1) It appreciated over time. You buy for RM 325K now and it is worth RM 600K over 4 years
This is not fiction and I know someone has made this.
2) Nobody pays 30 years for a house. You normally will take 30 years since u want to
keep the installment low short term. Every year you can withdraw from EPF Account 2
to settle your housing loan. Remember the interest is based on balance outstanding
so you wont fork out 600K for intial 300K loan.

So may take is buying a house is not entirely waste....if you play your cards right.
It is better to start when you are young cos banks will give you longer loan.
That is all you need. And if you dont want to stay....rent it out and let it pay by itself !!!.

Remember House loan is not like a car loan For 300K Hse loan mthly installment is less than 1,900
depending on BLR. In this case I am referring to Fixed rate not floating BLR. That is another story
for another day.

This is a small sacrifice which will give you good return in the future.

The only down side I can see is in Klang Valley it is hard to find below 300K property
Unless outskirts. 4 years ago...yes but now everything is sky high.

 

[fstr]

Nice! But only a few people able to do this. And you're might in that 1% of the wealthiest man ranking (as shown at the video).






Maybe I'm lucky enough because I got two elder brother and both of them already brought the cars, eldest brother also brought a new house recently. That's why maybe this post is for those youngest in the family. Just kidding.

Of course, if our parent doesn't have any house or car, we should buy it, then no choice, we got to take up the bank loan. Need to pay the interest as they are also doing businesses as well. I'm just thinking, why there isn't any better way to give Malaysian to settle all this loan within the shortest timeframe with the lowest interest rate? Sometimes I don't feel really good. The rich get richer, while the poor get poorer.

I totally agree with you, house as investment, car as transportation, food as necessity.
Maybe I stay too much at Singapore. At Singapore, while you step out from your house, you're able to take public transport. What is the common transport at Singapore, MRT (Train) and buses. You can also get cab, but it's not going to be cheap.

At Singapore, you may survive without a car.
At Malaysia, you may die without a car.

But of course, let's don't forget that Singapore got ERP, parking fee etc. Before able to purchase a car at Singapore, you need to spend around SGD 50 - 70K just to buy a cert named "COE".



I hope you able to meet some peoples and get a better pay job soon. Good luck in that bro!




There is a few I saw which is being auctioned by the bank. Do check with your bank nearby.




I would rather give the money to my son, my grandson. I don't want they have a poor life as me. Even thought there is a saying "Wealth does not pass 3rd generation". Meaning that, when you're the founder of some company, while your son take over your company, your son take good care of it. But when it passed to your grandson, they spend it all away like a spoilt brat.

A nice quote by Warren Buffett.

thanks bro, if that day wud come...will definately buy everyone whom replied in here a few black dogs

 

[l2s_turbo]

Well let i guess your calculations here is right. I'm also working in SG for more than 7 yrs already.. well i've never regretted that i spend on my cars, the only regret is i went too much clubbing where you drink tonight and you shit & pee the next morning.. That's what i think it's not worth so... as for me, i've already have 2 cars on hand.. my perdana already finish installment, while the myvi which i bought for my mom use is also going to finish paying installment by next year. The house that i stayed in is also going to finish installment in 1 year plus time.. so by the time i'm 30, i should be already free from all this at least..

I fully agree on what Mr Warren Buffet said.. he is absolutely right that's why makes him a billionaire.. but think back, how many of us can really follow and achieve what he had said? If everyone can follow, there'll be no national cars around in malaysia(I'm not discriminating those who are driving a national car as i also owned 2) there'll be Ferrari, Lamborghini or Bugatti Veyron everywhere.. So now this is the fact we are facing in Malaysia just like what other Bros think..

As you were mentioning everything else is expensive in SG.. i guess you were half wrong.. i've been here for 10 years ++.. The only 2 items that i can observe that is more expensive than Malaysia is Property and owning a transport! Why? Because SG is small and this is the government way in order to control. Ever wonder why i say only these two items? Think about the food here.. i quote you a vy simple example.. normal chicken rice.. you can get as low as SGD 2.50/plate in SG, but in malaysia? Price is RM 4.50/plate.. if you "DON'T" include the currency exchange.. which country is having more expensive food for a factory worker who makes RM 900/month here and SGD 900/month in SG? I guess the worker who worked in Malaysia here will be more stressful just trying to order a plate of chicken rice right? Same goes to Handphone price like you mentioned.. if you compare dollar to dollar.. it's still vy cheap here in SGD compare to RM.. but all this applies "ONLY" if you are working in SG drawing SGD.. Imagine I-phone 4s here cost SGD 900 without line and in JB it'll cost at least RM 2k++ with registered line.. that's crazy right? This is why I always salute you guys who worked in RM but still can do a lot of things...

In other words yes i couldn't be more agree with you that saving is the best thing to do now.. but if what is necessary (that I or you think to spend) you should spend it before you regret it. And i also agree with what warren buffet saying, "Never depend on single income, Make investment to create a second source".. So bro, if you want to save up, please do it with a plan and a motive. Whether you want to save the money because you tell yourself before 30 yrs old you should have come back to Malaysia and start your own business.. or for investment..

Anyway for me, I give my utmost respect to those Bros who are working in Malaysia and can still afford to own their dream cars with their dream mods.. Kudos to you guys!!! :cheers:

Think BIG, Dream BIG, Live you life to the fullest! Sorry if i'm too long winded.. haha.. just my personal preference on what i've said just now..Lunch time over... starting to work again.. Monday Blues...

 

[myperdana]

hohoho ..

bro .. how much u give ur mum to spent each month?

you already have 4 cars.. why more? u already have house.. why extra? <<< correct but remember its all not urs and ur lucky to be in that kinda situation. but remember u have all this now is because ur bros and mom effort last time when ur small.

btw ... its ur own opinion and i pay respect for ur bro to buy a house on his own .. end up one day he will be sitting in his own house and saying .. "i made it" :D

Chill

 

[AD_EG]

Well let i guess your calculations here is right. I'm also working in SG for more than 7 yrs already.. well i've never regretted that i spend on my cars, the only regret is i went too much clubbing where you drink tonight and you shit & pee the next morning.. That's what i think it's not worth so... as for me, i've already have 2 cars on hand.. my perdana already finish installment, while the myvi which i bought for my mom use is also going to finish paying installment by next year. The house that i stayed in is also going to finish installment in 1 year plus time.. so by the time i'm 30, i should be already free from all this at least..

I fully agree on what Mr Warren Buffet said.. he is absolutely right that's why makes him a billionaire.. but think back, how many of us can really follow and achieve what he had said? If everyone can follow, there'll be no national cars around in malaysia(I'm not discriminating those who are driving a national car as i also owned 2) there'll be Ferrari, Lamborghini or Bugatti Veyron everywhere.. So now this is the fact we are facing in Malaysia just like what other Bros think..

As you were mentioning everything else is expensive in SG.. i guess you were half wrong.. i've been here for 10 years ++.. The only 2 items that i can observe that is more expensive than Malaysia is Property and owning a transport! Why? Because SG is small and this is the government way in order to control. Ever wonder why i say only these two items? Think about the food here.. i quote you a vy simple example.. normal chicken rice.. you can get as low as SGD 2.50/plate in SG, but in malaysia? Price is RM 4.50/plate.. if you "DON'T" include the currency exchange.. which country is having more expensive food for a factory worker who makes RM 900/month here and SGD 900/month in SG? I guess the worker who worked in Malaysia here will be more stressful just trying to order a plate of chicken rice right? Same goes to Handphone price like you mentioned.. if you compare dollar to dollar.. it's still vy cheap here in SGD compare to RM.. but all this applies "ONLY" if you are working in SG drawing SGD.. Imagine I-phone 4s here cost SGD 900 without line and in JB it'll cost at least RM 2k++ with registered line.. that's crazy right? This is why I always salute you guys who worked in RM but still can do a lot of things...

In other words yes i couldn't be more agree with you that saving is the best thing to do now.. but if what is necessary (that I or you think to spend) you should spend it before you regret it. And i also agree with what warren buffet saying, "Never depend on single income, Make investment to create a second source".. So bro, if you want to save up, please do it with a plan and a motive. Whether you want to save the money because you tell yourself before 30 yrs old you should have come back to Malaysia and start your own business.. or for investment..

Anyway for me, I give my utmost respect to those Bros who are working in Malaysia and can still afford to own their dream cars with their dream mods.. Kudos to you guys!!! :cheers:

Think BIG, Dream BIG, Live you life to the fullest! Sorry if i'm too long winded.. haha.. just my personal preference on what i've said just now..Lunch time over... starting to work again.. Monday Blues...

i 100% agree with bro L2s.

2 killers in SG is property n vehicle.

other than thats its cheap. esp food, still can get $3 economy rice with chicken + 2 vege, with good portion. near town area. cheap in the sense dont convert. cause their salary and malaysia salary more or less the same $ to $. you get paid rm2200-2400 for cm service job. that salary just nice buy one iphone, SG cm service $2000-$2200, one iphone 900. just an example. our economy rice rm4.00-r,m6.00 per meal. theirs still can find $3~$3.50.

if stay in SG, i feel not worth working there. the rent here per room is madness. and u live in a small cubicle. drive in to SG with car also madness.. $20+toll+petroll = die. better i work in m'sia with my fellow people and be happy.

only way, is to travel in and out either by bike(the jam is madness) or bus. which is very tiring, but worth it.