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Buying a Landed House in Sepang or Bangi: Can You Calculate Your Credit Score?

Found a house for sale in Sepang? Or maybe a property in Bangi? Well, whatever it is, you should know that there are several steps to securing a house - it’s not as easy as paying and moving in.

One of the factors that determine if you can actually buy a house for sale in Sepang or Bangi is whether you have a healthy credit score. So, we’ll cover just that.

Know Your Credit Score Before Buying a House for Sale in Bangi or Sepang

First, what is a credit score? Well, it predicts whether you are financially healthy enough that you are able to pay your loan amount on time. Basically, banks use it to determine whether you will be a good paymaster. This is crucial for financial institutions that give out housing loans, because these loans can span up to 35 years or when the borrower comes to the age of 65 or 70 in Malaysia - banks want to know if you are able to sustain the loan costs until then.

Your credit score will take into account all the debts you have under your identity number and credit history - this means banks will have access to your CCRIS records, which shows all the loans you have, and your CTOS score which takes in factors such as payment history, credit history length and so forth.

So, How Do You Calculate Your Credit Score Before Getting a Sepang or Bangi Property?

There is no way to get your credit score with a simple calculation before getting a Sepang or Bangi property, or any property for that matter, unless you have access to your CCRIS and CTOS reports. Even so, banks may have their own guidelines when it comes to calculating credit scores.

According to iMoney, your entire credit score is generally calculated based on these factors:

  • 40% payment history;

  • 30% credit mix and loan amounts owed;

  • 10% length of credit history;

  • 10% new credit applications; and

  • legal track record.

If you are keen on getting your credit score before you invest your effort into a Sepang or Bangi property, there are paid services where you can get your credit score before you submit your loan application to a bank. You can check out CTOS or My Credit Info for this.

But to increase your chances of securing a housing loan, you’ll generally need to score 700 and above to be identified as good in credit. Other factors such as your debt-service ratio (DSR) will also be taken into account, which show how your monthly commitment compares to your monthly salary.

Should You Buy a Sepang Home or Bangi New Property?

Now that you understand your credit score, it’s time to go back to house hunting for a Sepang home or Bangi house. Both are worthy areas of living with their own selling points, but if you are looking for a house for sale in Bangi, you should also check out properties in Sepang.

Besides checking out Bangi property, investors and potential homeowners are looking towards Salak Tinggi in Sepang because it is described to be an area that is expected to have exponential growth. It is also well-connected to other townships including property in Bangi. Sepang also has access to major highways such as ELITE Highway, North-South expressway, Putrajaya-Cyberjaya expressway, Jalan Banting-KLIA, and KLIA Expressway.

Check Out M Senyum in Sepang When Hunting for a New Landed Property in Bangi

Additionally, the new development by Mah Sing Group, M Senyum, is also getting a lot of eyeballs because of its lush greenery that spans over a 100-acre residential lot. Located in Salak Tinggi within Sepang, M Senyum currently features three housing types, including - Camellia, Camellia 2, and Rosalia.

Camellia consists of two-storey terrace homes measuring 20’ x 60', while Camellia 2also has two-storey terrace homes measuring 20’ x 65 and 20’ x 70’. However, both Camellia phases are sold out. Nevertheless, you can still register for Rosalia, which offers two-storey homes that measure 20’ x 70’.

Additionally, M Senyum will be a landscape with scenic, lush green gardens that provides residents with blissful and peaceful modern living. It boasts nearby public transportation options of Salak Tinggi ERL Station and KLIA ERL Station, while also being nearby plenty of shopping malls such as Mesa Mall, Giant Superstore Nilai, Lotus’s Putra Nilai, AEON Nilai, KIPMall Kota Warisan, and Mitsui Outlet Park KLIA.

On top of that, M Senyum is a great option for families as well, compared to buying a house for sale in Bangi, as it is near education institutions of various levels.

So, besides looking for a house for sale in Bangi, register your interest for M Senyum too!

SOURCES:

  1. https://www.imoney.my/articles/everything-need-know-credit-score

  2. https://www.comparehero.my/debt-management/articles/guide-credit-score#:~:text=Payment%20History%20(45%25)%20%2D%20Whether,card%2C%20or%20a%20loan).

  3. https://www.hlb.com.my/en/personal-banking/content/plans-and-tips/Everything-You-Need-To-Know-About-Your-Credit-Score-Rating.html

  4. https://www.iproperty.com.my/guides/property-investment-hotspot-2020-sepang-sp/

All art renderings and photographs contained in this circular are artist's impression only. The Developer reserves the right to modify any part of parts of the building prior to completion as directed or approved by the architects and/or the relevant authorities. All plans, layout, information and specifications are subject to change and cannot form part of an offer or contract presentation.