assalamualaikum/hi

i'm planning to buy a 2nd hand house (owner occupied since 10 years ago, the house was completed on year 2000 if i'm not mistaken) in bandar baru nilai.
the owner is selling the house for rm165,000... so my question is, which housing loan (banks and so on) should i take? I need an islamic loan with 90% financing... any help or info is greatly appreciated..thanks!

for starters, u should apply to a few banks of your choice and compare the rates in which they offer u. most local banks have an islamic banking arm who would be able to offer u an islamic loan. u can google up the respective bank websites and obtain the number of their mortgage / loan call centres. from there forth, u can liaise with their loan officers and submit your application thru them. else, u could just ask the lawyer handling this transaction to assist u...would be much easier actually.

without any details and t&c of the loan, its almost impossible to ask forumners to assist u in choosing the best housing loan

This post has been edited by babana: Aug 25 2009, 01:24 AM

ouh, thanks a lot babana for the info.. hmm .. regarding the lawyers, where do I find them? or should the bank which i intend to take the loan provide me the lawyers? thanks a lot

are u purchasing this subsale property from an agent? usually the agent would arrange for all the paperwork, stamping and also appointment of lawyers unless u have your own lawyer in which u would feel more comfy with.

bank will not provide u the lawyers and will liaise with your lawyer only after u have appointed them...but they might be able to recommend u some lawyers as well.

yup, it's a subsale... ouh ok.. because currently the neighbour is handling all the things.. not sure when the lawyer will come into play.. anyway i always heard that for new property, it's always better to get your own lawyer than the lawyers appointed by the developer, right? how about subsale.. does the same rule apply? means lawyer appointed by the agent...

another thing is... is there any difference on getting home loan from banks you doesn't have any accounts versus from banks you have an account in? thanks a lot

as a rule of thumb...for subsale, u shouldnt get the same lawyer as the seller coz there might be some conflict of interest.

nope, no diff in getting a home loan from banks which u do not have an account with compared to your existing banks.

1. booking the properties. if using agent, pay the booking with agent. but there should be initial agreement
2. find the Sale & Purchase Agreement (SnP) lawyer to draf the SnP. Easier if the agent suggest you the lawyer.
wait for lawyer finish the SnP
3. If the owner(vendor) using another lawyer, the process is bit longer but just waited until SnP is finish.
wait
4. Prepare the bankers cheque (if you didn't have current account to produce cheque ) for the balance downpayment (downpayment - booking fee). You can photostat that cheque as a proof of paytment.
5. give the cheque to your lawyer and sign the SnP
6. Apply the loan using your SnP. You need to photocopy :
a.Your IC
b. 6 month payslip (some banks 3 only)
c. EPF statement
d. Your current job offer letter that state you salary
e. Copy of your SnP
f. Bank statement / account statement of your salary bank.(3 months transaction)
wait for loan approval
7. Compare loan packages between banks and choose which suitable for you
8. Bring the original SnP to Loan lawyer (may appoint by your loan bank)
9. Sign the loan agreement.
wait
10. get the key for your house!


actually during the process of preparing the SnP..you can already apply for the loan with your draf SnP or if using agent, the booking receipt

oooouh... thanks a lot for those infos babana

thanks a lot interferens.. a very detailed step by step procedure.. really useful for noob like me.... but i just have a few question:
1) the owner neighbour who handles all this doesn't ask for booking fee... should I ask him about it?
2) he said the bank (cimb) needs my EA form.... I can get it but it will be quite late since my boss won't be in the office this week.. since this EA form is not in your list, I assume it's not really important, right?

thanks a lot

u r welcome...

1. i assume the owner neighbour is the agent for the owner (vendor). if he doest ask about booking fee, maybe u dont need it, just pay the down payment during SnP signing...easier and safer (remember to photocopy of the bankers cheque as proof of payment)
2. Forgot to mention about EA form..yes u need it (in my case, i inform the bank that i just working less then a year (current job) )

actually there are few more steps during waiting period like stamping the legal document, transfer the title from vendor to your name,approval from local authority to transfer, payment from your loan bank to vendor loan bank (if the vendor still have balance loan with his bank) and vendor...etc but for my case..that is done by my SnP lawyer (pays them a lot of money...let them do their work)

this is good calculator to estimate all you cost including SnP and MOT

http://www.fiscal-wise.com.my/FinancialToo...Calculator.aspx

This post has been edited by interferens: Aug 26 2009, 10:53 AM

oh thanks again interferens for your quick reply...

1) ok then I won't need to pay the booking fee it seems.. anyway I will photocopy the deposit cheque as you suggested
2) ouh if work less than a year and we told the bank we haven't had any EA form, it will be ok is it?

hmmm hmm.. i'm thinking of getting a ZEC loan... does this mean I still have to pay the lawyer? if yes, about how much?

thanks a lot again

2) depend on your bank
3) normally, if you take the ZEC..u dont need to pay the loan agreement lawyer, but u need to pay the SnP lawyer, the amout you can calculate using the link above.

but bear in mind, some bank only sponsor your loan agreement up to certain amount only, balance, u need to topup..but some will sponsor all (actually not sponsor, they already include in your loan..that why ZEC will have a bit more interest compare to Non ZEC)

imin, do note that as long as the vendor does not receive any booking fee from u, he can sell the house to anyone else even if u have applied for your bank loan and have got it approved...as long as the s&p is not inked yet.

oouuh...ok2...it seems my SnP fee would cost more than rm2.5k... that's quite a sum isn't it?

oouh ok... then i need to find a way to at least, give the owner a booking fee..

thanks a lot to both of you, again

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Added on August 27, 2009, 10:05 amone more additional question.. i can try applying for loans from different banks, right...? do i need to pay any fees for the loan i applied (but haven't commited to?

thanks a lot

This post has been edited by imin: Aug 27 2009, 10:05 AM