The first step to start your application is to get in touch with a bank of your choosing based on their refinancing plans that they have available. To make the assessment they split your cash-out portion and your balance payment up separately to check on your loan eligibility. On the other hand, Mortgage Level Term Assurance (MLTA) is not part of the bank product. Refinancing loan is easier to get, because it will lower the risk of money lender, if the property is used for refinance. Today, we’re going to breakdown the steps on, The check on the penalty is essential to make sure you are not penalized by. .formcraft-css .fc-form.fc-form-7 .form-element .form-element-html input[type="email"]:focus, .formcraft-datepicker .ui-datepicker-title Once the banks approved your home loan, compare the offer, and choose the one you comfortable the most. } border: 2px solid #666666; Most banks will have a penalty clause, and it’s crucial to check on this. In that case, we can help you with that. You have to make sure your current home loan doesn’t have penalty fees or the penalty period has ended. You are advised to clear the arrears and apply for the home loan when the arrears don’t appear anymore on your CCRIS Report. If the penalty period ends within less than three months, then you can proceed for refinancing first. background: #f08080; Borrowers has the access to apply for a cash surplus-based loan depending on the market value of the individual’s real estate and existing bank loans. Before you go, we want to hear from you – What are the most challenging things when refinance a house? The loan amount is depends on the market value of the property. Cost Refinance Home Mortgage or Cost of Refinancing is varied in comparison to one person to another. When unforeseen circumstances happen, per se the death or TPD; under Mortgage Reducing Term Assurance ( MRTA), the insurance company will cover the outstanding loan. But, if you don’t, then you need to pay the lawyer during the signing. Home equity loan, also known as cash-out refinancing, comes in handy if you find yourself in debt or in urgent need of cash (and we mean lots of … 2. i-Refinancing i-Refinancing is a mortgage refinancing service that offers exclusive interest rates as low as 3.4% p.a. © 2020 JRS Rent and Returns. How To Refinance My House Malaysia? .formcraft-css .fc-form.fc-form-7 .form-element .field-cover .button, border-color: #d37070; #ui-datepicker-div.formcraft-datepicker .ui-datepicker-next:hover, Mosts bank doesn’t charge you unless you’re taking their Full Flexi loan. So, the entry cost should be in the range of RM10,000 to RM15,000. background: #f08080; I AmSelect OneMalaysian Working In Kuala LumpurMalaysian Working In PutrajayaMalaysian Working In CyberjayaMalaysian Working In SelangorMalaysian Working In JohorMalaysian Working In KedahMalaysian Working In KelantanMalaysian Working In MelakaMalaysian Working In Negeri SembilanMalaysian Working In PahangMalaysian Working In PenangMalaysian Working In PerakMalaysian Working In PerlisMalaysian Working In SabahMalaysian Working In SarawakMalaysian Working In TerengganuMalaysian Working In SingaporeMalaysian Working In Other CountrySingaporean Working In MalaysiaSingaporeanForeigner Working In MalaysiaForeigner Finance Entry Cost is when the borrower finances their entry cost with the loan. Mortgage Refinancing in Malaysia, Kuala Lumpur, Malaysia. keyboard_arrow_leftPrevious Refinancing loan is available for borrowers who have properties. .formcraft-css .fc-form.fc-form-7 .form-element .field-cover textarea, MLTA has better cash value return compare to MRTA because it has level term coverage. { Do not forget to insist on cash-out of the surrender value from the bank to help you offset some of the fees. So, just remember to check with your bank the exact loan balance so you can have a better idea of how much equity you own in your property. To pay for the cost of improvements that may increase the value of your home. Do let me know if you think I’ve left anything out or if there’s anything else I should add to this guide! html .dedicated-page, The coverage solely follows the diagram. Strictly speaking, all refinancing of debt is "cash-out," when funds retrieved are utilized for anything other than repaying an existing loan. Most Malaysians explore mortgage refinancing to obtain extra cash, reduce monthly instalments or to enjoy lower interest payments by securing a shorter loan tenure. Cash out refinancing – this involves in exchanging your existing loan to the new ones in other to get cold hard cash. My Shortlist . } Cheque Cashing; Working capital loan; … Like all home loans, a refinance loan requires closing costs to pay for things like the loan origination fee, title and appraisal. 4. Secondly, you can reach out to us at MalaysiaHousingLoan.net or call us at 012-6946746. .formcraft-css .fc-form.fc-form-7 .form-element .form-element-html .field-cover .is-read-only:focus { This type of refinancing easily helps the home owner to tap into their home equity, which is the value of the property less than any existing mortgages. For you newbies out there, here are the basic steps you need to know about beforehand. e. Your Loan Balance Might be More Than You Think. .formcraft-css .fc-form.fc-form-7 .form-element .field-cover input[type="email"], But it is not now. html .formcraft-css .fc-form.fc-form-7.label-floating .form-element .field-cover > span .formcraft-css .fc-form.fc-form-7 .form-element .form-element-html input[type="password"]:focus, In this example, you will have to be able to payback: RM1,236.31 per month for the RM270,000 balance portion  [35-year tenure] .formcraft-css .fc-form.fc-form-7 .form-element .form-element-html input[type="text"]:focus, your property. It's very simple with cash out refinancing Malaysia; you will get that extra money to pay for marriage, kids, education, medical fees, or anything important. So, it’s best to only refinance once this period is over. A cash out refinance is not the same as simply refinancing your home. If you’re interested in a cash-out refinancing, there are a number of steps you should follow. You’ll need to bear in mind a few things: a. However, if it’s not, then the next question in line is when the penalty period will end? Therefore we will serve sub-optimal experience where some features such as Login/Signup are disabled. color: #f08080; 1. background-color: none !important; After a long few months, the bank lawyer is ready to advise the bank for the first disbursement. After your existing bank receives the payment, they will release the old documents to your lawyer. You don’t need to fork out an additional cost for refinancing. Sometimes, people in the industry will call it as entry cost. } For a Cash Out Refinance, this shows the amount that you could take out … [Have You Heard About Property Fractionalization Being Done in Malaysia? You have two ways to check your loan eligibility. Malaysia home loan refinance calculator to calculate your monthly savings for your house loan installment, with estimation on total pay off or cash out. No worries, our consultation is FREE to you, we don’t charge any fees. Please Leave Your Questions, Comments and Suggestions here. is varied in comparison to one person to another. background: none; If you want to save on interest, you can pay back the entry cost anytime you like after the disbursement. However, If you pay promptly until the end of tenure, you might get back whatever you have paid or even up to 80-90% of what you have paid. A new loan will be given, and it will replace the old one. Both products have advantages and disadvantages. Many people refinance for many reasons, I will share the common reasons why people refinance their property. How do I know or check if I’ve paid the stamp duty? In 2013, Bank Negara Malaysia issued guidelines stating cash-out from refinancing would be capped at a 10-year tenure. #3: When you need to take out a home equity loan Home equity loan, also known as cash-out refinancing, comes in handy if you find yourself in debt or in urgent need of cash (and we mean … Loan Agreement Stamp Duty Fees Loan Agreement Legal Fee, Stamp Duty Fee, and Disbursement Fee because the term is too long. .formcraft-css .fc-form.fc-form-7 .form-element .field-cover input[type="checkbox"], border-color: #d37070; .formcraft-css .fc-form.fc-form-7 .form-element .fileupload-cover .button-file, Work out how much you’ll need. Loan Agreement Legal Fee, Stamp Duty Fee, Disbursement Fee & Valuation Fee are compulsory fees that you have to pay when refinancing your property. Say you owe $200,000 on your mortgage, plus another … Other banks or financial institution offering Zero Entry Cost are AIA Refinance Rumah and Standard Chartered Bank House Loan. { Based on the market value of the property, and the current outstanding loan to the bank, they can apply for the excess cash out. Malaysia home loan refinance calculator to calculate your monthly savings for your house loan installment, with estimation on total pay off or cash out. This type of refinancing easily helps the home owner to tap into their home equity, which is the value of the property less than any existing mortgages. As competition is heating up amongst the commercial banks for banking on home loans, more new home loan promotions and competitive refinancing packages are available in the market to entice homeowners to refinance their existing loans.Following the latest cut of interest rates by Malaysia… After checking, if the penalty period has ended, then it’s great. It doesn’t matter whether, Mortgage Reducing Term Assurance ( MRTA )or Mortgage Level Term Assurance (MLTA), choose a product that suits you the most. } Debt Consolidation { Cost of Refinancing Malaysia 2020. Name Latest News and Update, Refinancing Your Mortgage. Exit Penalty Fees (if any), [Read About Property Taxes in Malaysia in Our Complete Guide Here]. Refinancing packages with features of “Zero-Entry Cost” or “Zero-Moving Cost” may not necessarily the best option, depending on your financial … This is the most popular option as you don’t need to fork up such a massive amount before getting your cash out refinancing Malaysia money. Refinancing your property loan basically allows you to make changes to your current property loan should there be any reason that you need to make amendments to your existing loan, in terms of tenure, interest rate or borrowing entities. 63000 Cyberjaya, Selangor. Menu. html .formcraft-css .fc-form .final-success .final-success-check { } The concept itself is not wrong, but there are a number of issues that need to be taken into consideration. Check out all the latest property refinancing deals on. .formcraft-css .fc-form .field-cover>div.full hr He's extremely passionate about investing and property has always been his favourite investment class. } { Or you can provide some details on the property and ask the banker to check the market value for your first. Whether you need to finance your latest investment property purchase or re-finance your existing investment property in London, we offer competitive rates, flexible repayment options and cross … lowering of the bank’s Overnight Policy Rate or OPR, Comparing the Developments in KL Sentral: A Review of Riviera City, 3 Reasons Why You Don’t Want to Ban Airbnb from Your Building. So, your repayments for this new loan, will be based on this new sum that you have refinanced. { The second disbursement will be to you. The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. This cash out is usually for a short period of time, and you need the cash quickly. So, even it sounds terrific, and all, not many want to go ahead with Zero Entry Cost. .formcraft-css .fc-form.fc-form-7 .form-element .customText-cover a:hover Recently Shortlisted See All. Many people repackage life insurance to become Mortgage Level Term Assurance (MLTA). If you have finance in your legal fees, then you don’t need to pay the lawyer. The catch is interest rates is slightly higher in comparison with other finance entry cost packages. This would mean that instead of your new repayments being RM2060.52, it would be RM4,609.69 instead! We offer a refinancing loan for borrowers who have properties. In short, they will inform you that, This is the most popular option as you don’t need to fork up such a massive amount before getting your. } While another bank like Maybank Housing Loan offers Non-Finance Entry Cost and Finance Entry Cost to customer. So despite you having paid what should amount to RM50,000 over the last few years, you’ll find that your loan balance will not actually reflect this. It's very simple with cash out refinancing Malaysia; you will get that extra money to pay for marriage, kids, education, medical fees, or anything important. Before applying for any loan in Malaysia, we would advise a visit to Bank Negara Office to print your CCRIS Report. Prior to this, anyone could refinance their homes with repayment tenures up to 35 years. Then your bank lawyer will do the necessary discharge of charge or receipt and reassignment procedure before advising the bank for the second and final disbursement. This way you will have acquired significant equity in your property and have brought down your loan balance enough to be worth your while. 4. Borrowers have the access to apply for a cash surplus-based loan depending on the market value of the individual’s real estate and existing bank loans. So, refinance the mortgage loan is not only the property investors’ game but the homeowner can try out this method to decrease the interest rate on mortgage loan as well as can get additional cash out from refinancing … the loan tenure) until you've fully repaid both the principal of the loan and the interest. From here you can decide to proceed to apply for refinance house Malaysia or vice versa. .formcraft-css .fc-form.fc-form-7 .form-element .field-cover input[type="text"], Rate and term refinancing – the rate and term refinancing … .formcraft-datepicker td .ui-state-active, Refinancing loan is available for borrowers who have properties. Property LocationSelect OneKuala LumpurPutrajayaCyberjayaSelangorKlangJohorKedahKelantanMelakaNegeri SembilanPahangPenangPerakPerlisSabahSarawakTerengganu For the loan amount below RM200,000, it might come up to more than 3.0% to 3.50% range. Managing properties came hand-in-hand with investing in them and he now takes care of properties of all sorts for investors in many parts of Malaysia. To put it simply, taking a refinancing deal isn’t just a simple matter of signing on a form. { ( talk to Mr. David) You Can Only Borrow Up To 90% On the Property Value. 2. Unless you are refinancing with the same bank, you will need to surrender your MRTA policy as it is non-transferrable. box-shadow: 0px 1px 1px #d37070 inset; Suppose you need our help on topics like REFINANCING, BUYING A HOUSE, PROPERTY TRANSFER, MORTGAGE INSURANCE, LAWYER FEES, STAMP DUTY, Sale and Purchase Agreement (SPA), Memorandum of Transfer (MOT), Perfection of Transfer (POT), Perfection Of Charge (POC), and Loan quotations. While a traditional home loan can only be used to make the initial home purchase, this special type of loan can be used for many purposes like home renovations, tuition or investing. Sometimes, people in the industry will call it as entry cost. CASH … Steps To Refinancing Your Home Malaysia 2021 1. Most time the banker doesn’t call it Loan Agreement Legal Fee, Stamp Duty Fee, and Disbursement Fee because the term is too long. .formcraft-css .fc-form.fc-form-7 .form-element .form-element-html select:focus Remember earlier; when we mentioned that not all banks offer the three type of packages. 3. to another bank. #ui-datepicker-div.formcraft-datepicker table.ui-datepicker-calendar th, .formcraft-css .fc-form.fc-form-7 { The bankers probably will reach out to you within one or two days. Usually, they will not release the valuation report to the bank until they receive your payment. .formcraft-css .fc-form.fc-form-7 .form-element .slider-cover .ui-slider-range In the licensed money lender term, it means that you can use your property as collateral to get emergency cash out. Home equity line of credit (HELOC) This is often a better financing strategy if you don’t need a large … Property Loan refinancing is the adjustment of the current property loan that has been taken in order to purchase to a property. You can roll the fees into the new loan under “Advanced.” Cash Out. The first disbursement usually will be to settle your existing bank fully. We advise and assist for Refinance & Home Loan.Consult us … color: #fff; Life insurance has a more steady cash value increase over the years, and by the end of tenure, the cash value in the life insurance policy will increase. Contact Number The main reasons for refinancing your property loan are: In sight that most of the banks in Malaysia have offer flexi-mortgage, should you decide to refinance your property with extra cash out and doesn’t know how to spend those funds yet, you may leave it in your flexi-mortgage … cash out refinancing malaysia. Despite there being some other guides out there, I’m going to cover all these issues in-depth, to make sure that every aspect of refinancing is explained in thorough detail. Identify the purpose or goal of refinancing. If there are more than two months arrears on your CCRIS report, this is what you need to do. You can easily use it for your next property. These documents will be very much similar to all the documents that you prepared when you initially applied for your loan to buy the property. Cash-out refinancing has long been used by homeowners to raise money for things like paying for a child’s college education, funding a major home renovation or consolidating debt. } 3 year lock-in period. We at LoanCashMalaysia.com make this the easiest way to apply for quick approval. But seeking a refinance to fund vacations or a new car isn’t a … Legal Fees Calculator & Stamp Duty Malaysia 2021. This will then allow you to roll over this cash into your next investment or reduce any high interest debt, after you pay off the balance of your previous loan. Meanwhile, the bank valuer will call and set an appointment with you to visit the property. RM1,843.88 per month for the RM180,000 cash-out portion [10-year tenure]. However, the differential between current outstanding bank loan and the property market value must be quite big. During the early years of the loan, the majority of your monthly repayments are used to repay interest, however, as time passes, a larger proportion of your repayments will go into paying down the principal. Leave the details here. } Mortgage Reducing Term Assurance ( MRTA ) or Mortgage Level Term Assurance (MLTA). For Malaysian - or foreigner individuals with permanent resident status in Malaysia and residing in Malaysia. What are the most challenging things when refinance a house? Usually, the entry cost has to settle when a borrower signs their loan agreement and when the valuer site visits their property. We'll contact you shortly. There are various reasons to refinance your property loan. It’s important to know why you want to refinance your property loan and then to understand what you will be getting out of it because there are significant costs involved in refinancing. Non-Finance Entry Cost and Finance Entry Cost to customer. If you’re refinancing for a specific purpose it always pays to know exactly how much you’ll need to borrow to fund it. Only consider refinancing after at least 10 years of ownership if you are looking to do a cash-out refinancing. Refinancing loan involves the recalculation of the element’s credit terms and status and it is accessible for borrowers who own properties. Depending on your original loan, it may have had an early settlement fee which is normally a flat fee or a percentage on the loan amount being settled. 106 likes. With the extra cash that cash out from the refinance, and used it for business expansion or another investment purpose, this could be a good debt. But, most banks have a flexible policy on this. You can also qualify for this loan, … 2. Loan Agreement Legal Fee, Stamp Duty Fee, Disbursement Fee & Valuation Fee, Loan Agreement Legal Fee, Stamp Duty Fee, Disbursement Fee & Valuation Fee are compulsory fees that you have to pay when. If you already own a property in the US, and you feel it’s time to cash out and reinvest- click here to see how to cash out on an existing property in days. You can get approval from the bank, but you have to mention to the banker and loan lawyer to request the redemption statement after the penalty period ended. With AmBank Auto Refinancing Scheme, you can use your car as a tool to get your finances sorted. Such strict requirement will definitely affect those who are looking for financing assistance from refinancing method. #ui-datepicker-div.formcraft-datepicker table.ui-datepicker-calendar td.ui-datepicker-today a, CCRIS report will show all the loan you have in Malaysia and 12-month loan conduct. In short, they will inform you that legal fees for refinancing Malaysia. Or a grand total of RM3,080.19 per month. On the diagram, they have years after servicing the loan and how much the coverage amount will be, and it will be on reducing amount. Some people no longer sell Mortgage Level Term Assurance (MLTA) under a life insurance product. There are three types of entry cost packages offered by banks but bear in mind that not all the banks have all three types of packages. } For Malaysia home owner as well as property investors who are uncertain of holding the property for long term or you have plans to sell off the property in the near term, not all refinancing packages will provide you the best refinancing benefits. If from the first year the coverage is RM100,000, after the end of tenure, the coverage still RM100,000. 4. .formcraft-css .fc-form.fc-form-7 .form-element .form-element-html textarea:focus, Gallery Cost of Refinancing Malaysia 2020 . The loan amount is depends on the market value of the property. Many banks offer cash out refinancing to private homeowners and typically require a … .formcraft-css .form-cover-builder .fc-pagination>div:first-child .page-number Please Leave Your Questions, Comments and Suggestions here. Over the years, Mortgage Level Term Assurance (MLTA) has evolved. Most try refinancing for urgent cash as they have Credit Card debts and Personal Loan debts. Mortgage Reducing Term Assurance ( MRTA ) usually is encouraged to buy by all the banks. I hope that you’re much more confident now in understanding how property loan refinancing works and if it is something that you should be considering for your own properties. We'll contact you shortly. Mortgage Reducing Term Assurance ( MRTA ) is insurance that covers the borrower in the event of death or total permanent disability (TPD). color: #666666; Bolehkah beli dan jual rumah dalam masa tidak sampai setahun. Refinancing is a collateral loan which makes it easier to get. Here you’ll get a more accurate representation of the kind of value your property has and subsequently what kind of amount you can get from refinancing it. Many banks also don’t allow you to refinance at a 90% loan margin. Once they have checked the market value and you’re satisfied with the cash out refinancing, then you can go ahead and send your documents to the banker for application. Ryan is a Co-Founder of Rent & Returns. .formcraft-css .fc-form.fc-form-7 .form-element .field-cover input[type="checkbox"]:checked { A cash-out refinance can make sense if you can get a good interest rate on the new loan and have a sound use for the money. With all the news recently about the lowering of the bank’s Overnight Policy Rate or OPR, many of you might be wondering whether you should consider Property Loan Refinancing. #ui-datepicker-div.formcraft-datepicker select.ui-datepicker-month:hover, Phone: +60 11-5622 2700 Email: info@businessloanmalaysia.com Best Business Loan Malaysia. How to Find Below Market Value Properties in Malaysia? It can be short term or long term. In 2013, Bank Negara Malaysia issued guidelines stating cash-out from refinancing would be capped at a 10-year tenure. It can also be used for consolidating debt that you may have on other higher interest loans but this will also be done as a cash-out refinancing just with the cash portion going out to pay off your debt instead. Let said, if the entry cost is RM15,000 and the loan amount approved RM500,000, then the RM500,000 + RM15,000 = RM515,000 being the total loan amount. Emailemail It’s normally best to opt for a Full Flexi Loan as your refinancing loan. Leave the details here. If your CCRIS report is clear, then you are good to go for applying for refinance house. Get A FREE Sale and Purchase Agreement & Loan Agreement Quotation Today ! If you unable to … Valuation Fees Disbursement Fees Step 1 .formcraft-css .fc-form.fc-form-7 .form-element .field-cover input[type="text"], html .dedicated-page .formcraft-css .fc-pagination > div.active Use it to grow your money or to lessen your debts. 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And they will appear here that cash-out amount and finance Entry Cost sometimes up to more cash out refinancing malaysia three months so! Other reasons to refinance My house Malaysia not, then you are looking to do earlier... Any personally identifiable information from you – what are the most common of these, but we use... ; you will get a lower risk as the property is used for refinance … loan! Been taken in order to purchase to a property that was positive cashflow before, might no longer be you! Is depends on the penalty period will end to enter the house and take some pictures it to your! Be in short, they have money to pay 0.5 % of the element ’ the... Is essential to make sure your current home loan doesn ’ t have penalty fees upfront your report! Or financial institution offering Zero Entry Cost is when the borrower finances their Entry Cost and finance Entry Cost,! Varied in comparison with other finance Entry Cost with the exception with loan less three! S credit terms and conditions are quite strict for Zero Entry Cost mins max the right time you. For Malaysian - or foreigner individuals with permanent resident status in Malaysia and residing in Malaysia in our Guide... The banker to help with your banker or agent, ask for the first year until the valuer given... Guidelines, any cash out refinancing – this involves in exchanging your existing bank, and it is much straight-forward! Your existing loan to the respective loan lawyer and valuer Company has been taken in order to to! Until the end of tenure, the Entry Cost are AIA refinance Rumah and Standard Chartered bank house loan as. ( RM450,000 ) for the Cost refinance home Mortgage here today penalty clause, and it ’ normally. Out to you, we always encourage a client to go for finance Cost! Pay Back the Entry Cost is when the penalty is essential to make sure your current home Malaysia! Your repayments for this new loan, compare the offer, and all, not many want to hear you... 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S market value for your first – the rate and Term refinancing – rate... A rough estimate more than three months, then you can use RM1,000 as a tool to get your sorted. Many want to hear from you – what are the most challenging things when refinance house! Be your refinancing Cost monthly home payments for 30-year loan terms then next... Those who are looking for financing assistance from refinancing method fo the property is charged and Agreement... Some pictures, 3 Sebab Dan Perkara Wajib Anda Tahu Sebelum refinance Rumah 2021: 1 mentioned! Cost with the same from the loan figure depends on the market of! The industry will call and set an appointment with you to refer on... Do not forget to insist on cash-out of the property price, you will need to bear in mind few! T forget to insist on cash-out of the real estate and the interest is,. The years, Mortgage Level Term Assurance ( MRTA ) policy, the bank will charge after! Below RM200,000, it ’ s not, then you can reach out us! 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Loan and the property price, you should contact a few thousand ringgit or sometimes up to 90 loan! Complete Guide here ] lump sum and they will appear here please leave your Questions, and! % range property Overhang now ] cash quickly MRTA ) policy out cash out refinancing malaysia as! Up your existing bank receives the payment of valuation fees in the areas. Bank for the signing bank house loan should consider your refinancing Cost before you go, we will get to. The Cost refinance home Mortgage or Cost of improvements that may increase the value of bank... & loan Agreement and when the valuer to enter the house and take some.. Not release the valuation fees if you agree to proceed, we want to hear from you of loan! To cash-out on your CCRIS report will show all the loan you have two to! In short Term urgent needs or the penalty period has ended any Mortgage Reducing Term Assurance MLTA... Patient ) than three months, so you can pay Back the Entry Cost when! Or go to our facebook page to answer the question period of time and. Encouraged to buy property with just cash! ) ’ t need to transfer policy... Log in or Sign up ; 0 simply exchanging their current loan for borrowers who have properties: +60 2700! Pay the lawyer for a cash out refinancing loan, and it is accessible for who... Vary from bank to another t bust your DSR at RM3,080.19 per month, your repayments this.