<Read Part 1: Purchase>

So I decided to buy an apartment in Shah Alam for RM 170,000 (read here). Where do I get the money? I don't have RM 170,000 in my bank account (I still don't after working 4 years). I am forced to use 'other people's money'...the bank. All my life, I have never heard of BLR, DBR, CCRIS, lock in period, CTOS etc. These were all foreign to me. (I have mentioned a bit regarding CCRIS in my other blog; PTPTN and CCRIS).

I initially thought that ALL banks ONLY provide 90% financing margin ALL the time. But I was wrong. You can (I think not anymore) try and get 95% financing if you have a good credit history. Furthermore if you play around here and there (such as mark up loan) you can theoretically get 100% financing. And then there is the government loan where you can get 100% loan. But a financing margin (how much the bank loans you) of 90% only applies to the FIRST TWO houses you buy, subsequently it is 70% downwards.

But can any Abu, Ali and Ahmad (Tom, Dick and Harry) apply for a housing loan and get it approved? This is where CCRIS comes in; the Central Credit Reference Information System (details here). What is this abomination? Its a reference system a bank uses to screen through all applicants. The banks can know how much you owe other banks and whether you have been a good paymaster or not.

CCRIS

My first property transaction was a memorable one. I had ZERO knowledge on property or investment when I purchased the property. I held on to the belief of:

I had a great lunch today at Kampung Gajah, Perak. For RM 6.50 I had a decent meal of rice, ikan keli bakar and kangkung goreng with teh 'O' ais. Although I would love to start blogging about "Walk Walk Find Food", today I share about the stall owner. While paying for the food, I had a small chat with her. Somehow, she could tell that I was a doctor.

Not the real dish; gambar hiasan

She told me how life has been difficult for her. With the recent increase in petrol price, business has been tough. Prices of ikan kembung, chicken and vegetables has risen tremendously. Although she opens her business for lunch; between 11am to 4pm, her water and electricity bill is RM 200 and RM 300 per month respectively (remember: commercial and residential units have different rates). She also has to pay her workers and rent for the place. Her future looks bleak.

FB post on Perodua Axia

In April 2014, I wrote about how my credit card was charged for something that I did not even consent to (Dispute in Credit Card Transaction). I did not receive any phone call or letter. I just happened to go trough my credit card transactions (I go through it 2 to 3 times a week) and a suspicious transaction of RM 599 by TOWER LIFESTYLE.

Fortunately, the nice people at Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK), Bank Negara Malaysia (BNM) and Maybank manage to get my money back within 2 weeks. Maybank even waived the fees for my credit card replacement. Kudos to the staff!



Recently I received another a call another SCAMMER. I was conned once by this company and I thought that was the end of it. This time around I am more prepared.

This was one of the biggest piece of news on 8th September 2014;

Household Incomes on The Rise
Survey finds average household income surpassing RM 5,900 a month

At first glance, I saw;

AVERAGE household income of RM 5,900 

A few glances later;

Average HOUSEHOLD INCOME of RM 5,900

You see, I highlighted the wrong thing. I got myself wrong. My definition was all screwed up! I thought it meant PER CAPITA income. I screwed myself up until my lecturer and some friends pointed out to me. You see, my financial knowledge isn't so good. I am financially illiterate, albeit not as bad as I was 4 years ago. A perfect reason to launch this blog. Not to say I KNOW IT ALL but just to share my journey through financial literacy....step by step.