Is there any way for a 20 years old to finance a loan from bank to purchase a unit of RUMAWIP? The eligibility of RUMAWIP is above 18 years old and from what I know, one should be 21 years old & above to be qualified to borrow loan from a financial institution. 

Have a try and checking out and applying it. With the proper documents and needed information. It might be possible

@henry 

If RUMAWIP eligibility is above 18 years old, I believe there is a way to finance the property if you are above 18 but below 21. Else it really beats the RUMAWIP purpose to offer it to those who are above 18.

As I understand, certain bankers provide a loan to 18 years and above, such as AFFIN, CIMB, HSBC, PBB, RHB, OCBC & UOB. The borrower must have sufficient income and must have CCRIS record to support its application. Another alternative way is, use joint applicant (eg: father & son) to apply for the loan.

@rickkywong wow, i'll look into it. Usually does 18 yrs old qualify for applying flexi loan?

Not all banks provide flexi loan, if the bank you choose does offer flexi loan and 18 years, then you should inform the mortgage officer upon your submission. I know PBB do offer flexi loan as recently I help one of my friend to apply.

@rickkywong 

I believe there is a limit of the loan repayment tenure, has anyone heard of a 40 years repayment loan?    

@domng nope so far. normally max will be 35 years.

It used to have up to 40 years many years ago, however now as I understand only MBSB provide up to 35 years and most of the other banks only up to 30 years.

@rickkywong 

Do you know, the typical maximum tenure and loan % for commercial unit?

Commercial unit max loan tenure 25-30 years (depends on the banks) and max margin of financing for a commercial loan is fixed at 85%.

@henry thank you for your great sharing