I have searched that:



My question is: does the "legal process has been completed" means "the process involved in getting you registered as the owner of the property"?

Tx

This post has been edited by leongal: Jan 14 2010, 10:31 AM

thanks for the questioner... i need to know this too

Hi,

The legal process refers to the process to ensure conditions of effectiveness of the loan agreement have been fulfilled by the borrower and disbursements may be made on an effective date, as determined by bank.

Steps involved after your application has been approved and you obtained your letter of offer from bank:
1. Sign the letter of offer

2. S&P will be prepared and once agreed, signed and pay downpayment.

3. Sign and submit the following documents to your home loan financier.
a. letter of offer
b. S&P agreement
c. valuation reports (if required)

4. You will have to wait for the lawyer to complete the remaining steps until disbursement of your home loan from your financier.
a. Your home loan financier will verify the documents and instruct lawyer to prepare documents and to check title of property.
b. Lawyer to obtain undertakings of various parties (undertakings refers to agreement by borrower, sub-borrower, bank, developer, guarantor, etc to be reponsible on the loan to be performed)
c. Get signatures from you and the bank officers on loan agreement documents. This day is called the signing date.
d. Submit documents to land office or high court for registration, stamp office for stamping of home loan
e. Submit registered documents/ title to financier (original) and you (copy).

5. Bank disburse home loan to the seller or developer on an effective date, as determined by bank.

FYI, current disbursement scheme for housing loan under construction is as follows:

> Upon signing of SPA: 10% <-- this will be the downpayment, alteration possible for case-to-case basis depending on developer.
> Progressively payment for foundation: 10%
> Structural frame work: 15%
> Walls with doors and window frames placed in position: 10%
> Roofing, electrical wiring, plumbing (without fittings) gas piping and internal trunking and cabling: 10%
> Internal and external finishes including wall finishes: 10%
> Sewerage works serving building: 5%
> Drains: 5%
> Roads: 5%

Thanks alot for the reply.

How is it different if it is a subsale?

I remember we bought our property almost the same time. My bank has just released the redemption sum to the seller yesterday.

Hi, may i have the details of loan disbursement checklist before bank release to seller or developer?

Is it typical percentage for landed or non-landed house in Malaysia or diff offere for diff developer?