Hey all zesters,

Nice to meet you guys again.

I have a few questions regarding to the housing loan.

1) I got offers from bank and plan to sell off the apartment after 10 years.

i) ZEC BLR-2.2% whole tenure, 5 years lock-in
ii) NZEC BLR-2.4% whole tenure, 5 years lock in

Which one is better for my case?

2) The bank agent said that the installment can be paid once the full loan are released from bank upon the completion of Zest. So that meant I have to wait for 2 years + then only can start paying the loan although I am prepared to bear the monthly installment now. So I wonder if this is good for me? Agent said I can use the cash in somewhere else for the first 2 years until the completion of Zest.

Please advise.

Thank you.

This post has been edited by startnow11: Aug 14 2009, 03:45 PM

Hi Eugene,

I booked a unit in Tower A.




Not really. I had double checked with UOB agent and specifically talk about this issue and they acknowledged that and mentioned it is not negotiable because this is the normal practice of UOB for under construction property.

This post has been edited by startnow11: Aug 14 2009, 04:46 PM

hehe...I don't think he will sell it cheap =D But a few thousands more to cover his emotional loss

Also if he release it back to developer, might not be able to get back his RM 3000. Which is a big loss to him

Anyway good luck

The agent told me that the deposit is only refundable if the loan is not approved. Would not be refundable if you quit buying the unit.


One quick question, I got this offer from bank.

1) Whole tenure 30 years, 90% loan, Bi-weekly payment, lock in period 5 years, MRTA not required, NZEC BLR-2.4% or ZEC BLR-2.2%

The thing bothered me most is I can only start paying the monthly installment upon full release of the housing loan. Which meant I can only start paying the monthly installment after 2 years + , early year 2012.

Although the rate is good but I couldn't save much for the interest charges before the Zest project is completed. Anyone experienced this kind of situtation before? Mind to share about the pros and cons.

Thank you.

For your information, all units in tower C and tower B already sold out 100% long time ago. So 7 units are referring to units in towers A. And the only 7 units in The Zest @ Puchong Kinrara.

Correct me if I am wrong. Save up the monthly installment and make a lump sum repayment after 2 years will not save much compared to paying the monthly installment starting from now. Some bank actually allow people to pay monthly installment once the first reimbursement was release, and this bank offered me the other way around which is ONLY can pay monthly installment upon full release of housing loan.

Should I proceed with this bank or keep looking for other banks which allow people to pay monthly installment upon first reimbursement?

Thank you


This post has been edited by startnow11: Aug 16 2009, 01:37 PM

Tower A unit 01 - 12 are west facing, but I am not sure whether they are still available or not.
So you meant if you were me, you will go ahead with the bank loan? True also, may need money to renovate also =D Hehe initially I am thinking to to rent out the whole empty house without renovation xD

And another question, if I go ahead with this loan, so the interest will be charged on loan amount released or full amount(270k)?

Scenario 1
=======

1) First Month : 3.15% on 270k
2) Second Month : 3.15% on (270k + 3.15%)

Scenario 2
=======

1) First Month : 10% loan amount released. So interest charged will be 3.15% on 27k (10% of loan amount)
2) Second Month : Another 10% loan amount released. So interest charged will be 3.15% on (27k + (27k + 3.15%))


Both of the scenarios above are to give you guys some idea about my questions. May not be accurate so just give me some opinion about the general way how the bank loan worked.

Thanks

This post has been edited by startnow11: Aug 16 2009, 02:21 PM

hello, I got the same offer from OCBC. You can try UOB or Public Bank because they can offer better rate for NZEC which is BLR-2.4% for whole tenure. But beware of the term and conditions, I could not comment much here because haven't got the chance yet to compare between the banks.

For ZEC, all banks offer similar rate BLR-2.2% whole tenure, RHB, UOB, Public Bank and so on.

For OCBC, they will have separate loan agreement for car park and also apartment. And I never know that people can pay for the car park using 10% downpayment. You may try it then. Also note for NZEC, OCBC provide option to finance the legal fee into your loan which could increase the interest charges in long run as the principal amount increased.

For the unit level 20, one reason it is still unsold could be the top floor in apartment generally experience problems like water leaking and burning hot because it is nearest to the ceil under the sun

This post has been edited by startnow11: Aug 16 2009, 06:04 PM

Hello what is TS project? hard for a newbie like me to understand

By the way, any chance we can exchange our booked unit with those units which are still available? My SA told me that I can do it if there is any available unit.

This post has been edited by startnow11: Aug 17 2009, 09:18 PM

Hello to the owners, if you want to transfer your unit urgently, make sure you give some description here and good points of buying your unit, I am sure this will attract some people and increase the success rate.

Also I think through and decided to take the offer from RHB with reasonable rate rather than better rate from other banks. The officer appointed to this project is Miss Ooi. Anyone has good or bad experience with RHB, please share here.



Comparison between offers from banks.

1) Other Bank

90% loan, 30 years, NZEC, BLR-2.4% whole tenure, lock-in 5 years upon first drawdown, MRTA is optional, only can start monthly repayment after full release of loan or maximum 37 monthly

2) RHB Bank(probably Public Bank offer the same rate)

90% loan, 30 years, ZEC, BLR-2.2% whole tenure, lock-in 5 years upon first drawdown, MRTA is optional, can start monthly repayment after first drawdown.

The reason I chose RHB is because I can start paying the monthly installment after first drawdown instead of waiting for the full release of loan. This will surely set me free from the nightmare of piling interest charges due to project delay.

Please advise before I am falling into the trap

This post has been edited by startnow11: Aug 18 2009, 09:50 PM

I have spoken to the agent twice about starting monthly installment upon first drawdown and she has confirmed this as part of the deal without any terms & conditions. In other words, this is part of the package they offered, at least for now in my thought.

I wonder why they want to make it so confusing? Perhaps they try to revise their package to make them more competitive. And to avoid any further miscommunication, I will give her a call again tomorrow to check if the monthly installment is referring to the payment to offset the interest only or the standard monthly repayment. Best thing I can do would be checking the terms and conditions once I got their offer letter.

Good luck and I find no excuse for them to reject your application.



Let me get this right, you don't mean you can start paying monthly repayment upon first drawdown from OCBC right? In my offer letter, they have clearly stated that I can only start paying monthly repayment upon full release of the loan. And your statement "tiz month need to start pay interest le" actually meant the interest is piling up started from this month and you couldn't pay any single cent until the full release of loan.

This post has been edited by startnow11: Aug 19 2009, 12:44 AM