i might be duplicating this topic (sorry for that)

dear frens, i wanted to buy a house price at rm330k,but now the bank can only approved rm310k (bank checked with a few valuers and this is the best they can give) so, in this situation, i need to topup extra rm20k + 10% Down-payment... i asked the bank officer if there are any other ways?? she suggested me to do my own valuation report (she can recommend a valuer) and of course i have to pay for it cost around rm600 for tht... question: will it be helpful in my case? what i want is to push the value to 330k.. because i have been looking for a house around this area and this is the best i got in the last 3mths.. some had bought for rm365k (same type just 1 street away) but i was a bit surprised mine was priced at 310k... any suggestion mate?? thanks in advance

Correct me if I'm wrong...

House price = 330K
10% down-payment = 33K
Meaning, you need 90% loan = 330 - 33 = 297K

So, 297K is less than the approved amount of 310K by bank = OK, no?
Of course, unless, you aiming for 95% (or even 100%) loan, which is a different scenario altogether.

Option 1
If its a landed property some banks can give u 95% (maybe 100%) loan. 95% loan is 294,000

This way u only have to topup RM6k + RM33k.

Option 2
Try another bank. Once i really need to get a higher value, i tried at 14 banks. A few got the the value i want, and a few gave me the margin i want. Foreign banks might have foreign valuer which is abit more lenient

I iz think that TS is trying to say that the value of the house that the bank gets is only
RM 310k
From RM310k, bank give a loan of 90% is only RM279k
While purchase price is RM330k - 297k , he need to come out with RM51k ..... hmmm...

Hmm... option 1
Call few more bankers to check value

Option 2
Have a nice talk with the valuer before opting for the valuation report

The bank cannot give you a higher market value than your purchase price of rm330k. That should be the normal way.

And basing on that rm330k, the loan amount of 310k is reasonable.

Unless you want to buy the house at "365k" market value , that might not work to your advantage.

Or else look for 95% loan.

This post has been edited by SKY 1809: May 23 2009, 02:30 PM

The best thing we can do is to apply loan in at least 5 commercial banks. They give different value for the house based on their panel valuers.

You can choose the best market value among 5. Besides that, I have been told that if the house renovated and has CF "for the renovation" valuers have no issue in giving good value. Try to ask the vendor whether he has the CF for the renovation if any.

FIRTS OF ALL THANKS ALL FOR YOUR REPLY AND SUGGESTION

dear Xrossfire

house price=330k
10% downpayment = 33k
loan needed = 297k

BUT
bank CMV priced at=310k
90% approved loan=279k

So, the difference is 297k - 279k = 18k
now i will need to pay 10% downpayment (this is fine) and also topup extra 18k just because the bank can only rate my house at 310k (but im looking for 330k)...


dear koopa,

yes this is a landed property
option 1- raise the MOF to 95%
-i did talked with the bank officer regarding this, her reply was "cannot"..90% is the max

option 2-try different banks
- this is what i am planning to do next week.. i already fed up with this bank..

dear ed0gawa

option 1- try different banks
- yes definitely

option 2- opting for valuation report
- according to my agent, he can get a valuer who can easily rate my house at 330k (of course i need to suap here and there).. question: assuming if i can get external valuer who can value my house at 330k, do u think the bank will accept it?? even if it is NOT their panel valuer?

dear galaxie82,
this is basic unit..

This post has been edited by rajlesta00: May 23 2009, 11:21 PM

I have a concern to address... If you plan to stay long-term it's fine. But if you are planning to double-up this purchase as an investment, please reconsider carefully. The fact that the buying price is higher than valuation is not a good sign. In future, when selling, potential buyers will face a similar loan problem like you and the house will be difficult to sell.

dear sklc,
thanks, yes i am aware of that too.. this is for long term.. for own/family stay

How many bank's valuer gave you the value of RM310k?

If it is only 1, then go for another bank. Some valuer are cock up.
For 1 property, i can get a value ranging from RM120k to RM180k ... a difference of RM60k for a property >RM200k ....

Some valuer is more lenient, some despo mortgage agent will die die help you to get the value you need

And, no, i don't think bank will accept non panel valuer's valuation report. Ask you agent if the valuer is any banks' panel, then get the report, and submit loan application to that bank lo.

Several factors regarding the valuations :-

1) that one sold for rm 365k could be used as yardstick for a higher valuation if your house is of same or on par with this one. 365K may include some renovations, how about yours ?

2) Valuer's valuation over the phone to the bankers tends to be lower, bocs they have not seen the actual or in some cases not familiar with your location ( not frequently traded )

3) Valuer tends to go along with bank's policy if that bank is conservative, the valuation tends to be lower.

4) too many vacant units around your place ( not sold )

5) Developer's status. Place like Bandar Puteri Puchong tends to trade way above the market price comparing to the surrounding areas, mostly accepted by the bankers.

6) Economic situation like right now, tends to have an impact on the valuation.

Hope of help to you.

So you might want to convince the valuer that the price that you bought is worth rm 330k, put in some "renovation " factor if any.

By the way, it is possible for you to get the letter of offer from the bank before you commit ( by paying 10% ) to buy that house.

Unless the house is a very hot property, then you have no other choice but to grad the house fast.

This post has been edited by SKY 1809: May 24 2009, 10:34 AM

dear ed0gawa,
thank you,
according to bank officer, she was managed to get only 1 valuer who can rate my house at 310k, the rest was around 290k..
as u said, if the bank does NOT accept external valuer's valuation report, then i see no point going for it...


,

dear SKY 1809,
thank you,
point 1: 365k is basic unit, im sure, mine is also basic, no renovation was done, and i am still finding how the other buyer got his loan, probably he used his own cash to topup..i dont know..

point 2/3: OK understood

point 4: as far as i know, this place like a hot cake now, 2 best friends of mine still waiting in the queue to get a house nearby.. of course within moderate price range 280k-350k

point 5: this house is at Putra Heights

point 6: could be

the current status is, yesterday i called a few banks nearby, asked help to check CMV.. i have got 1 bank PBB USJ, they got a valuer who can rate my house at 330k.... my existing loan is applied at PBB damansara, and i came to know tht i cannot simply transfer my loan to other branch eventhough both are same PBB. i need to cancel/dematerialize and wait for 1week before applying at another... this is one way..

i already cascaded this msg to current bank officer (PBB damansara) and what she said was, she will try to call this particular valuer and will transfer my application to HQ for processing... she also mentioned that, HQ might come back & ask me to get external valuer to prepare 2nd report.. and i have to pay for it..few hundres, uhhhhhh i asked why? she replied, usually if other than their panel valuers, they will need atleast 2 valuers who can rate 330k.. is this true??

paying $$$ is already like headache for me .. and now going thru all these stuff.. uhh tension

This post has been edited by rajlesta00: May 24 2009, 11:11 AM

Do you have an business entity of a reasonable size ?

if you have, then 130% is not a problem.

Transfer is very messy. Just ask the officer to withdraw your case in Damansaara ( from their system ) and put in a fresh through another branch. Make sure USJ branch is able to assist you accordingly before you do that. Bank would not like to see competitions within the same bank ( not productive ) . I see very lengthy process if you stick to the first PBB Branch.

Meanwhile source out for more bankers. I am sure you would be able to get one.

This post has been edited by SKY 1809: May 24 2009, 03:00 PM

ok, i will check with other banks thanks!! i don't want to get this delay further..