20yrsinsrisentosa,

interest payment during construction in 3 yrs time is specified.

Meaning the developer will bear the interest paid to the bank? If yes, your loan offer letter stated whole tenure -1.85% only? or 3 years free interest?

As I know, once contruction in progress. The bank will release our loan to the developer phase by phase. Mind to tell us how is your bank loan agreement?

Thanks.

Ic... that's mean buyer are safe for the first 3 years interest free since the agreement stated.

I start to concern when SC told me their rate is 0% (yr 1), BLR-1.85% (yr 2 to thereafter) meaning the developer will save interest on the 1st year?

In your case, the developer have to bear the interest from the first dispersement.

Thanks for the info.

25k.... good......

On track with my prediction...

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Added on December 23, 2009, 5:36 pmYa lor... first, bank will not invest on the project without taking any profit. Maybe they have agreement to share the interest...

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Added on December 23, 2009, 5:40 pmJust to correct my reply on the HLB bank... since SC also provide 0% (yr 1), BLR-1.85% (yr 2 to thereafter) then we have to ask 1120pa whether they accept HLB or not. The credit officer also don't know about it.

This post has been edited by king4891: Dec 23 2009, 05:40 PM

Woww.... 10%... it's really good news to phase 1 buyer.... Peter's next project in the area will be more highend.... Great move Peter's!

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Added on December 23, 2009, 6:49 pmBy the way, Peter's daughter always in the showroom? I just curious only because normally big guys won't show up.

But nowaday modern management strategic where the boss are more down to earth... You are great, Peter's Daughter....

This post has been edited by king4891: Dec 24 2009, 05:59 PM

If it is true phase 2 will increase 10% then after completed will increase another 10%. Hopefully Peter's will come out more highend project at the area to boost the appreciation.

This post has been edited by king4891: Dec 23 2009, 11:59 PM

Hi estherlo,

I will update here all the banks offer letter once I get it... but most probably on next Tuesday.

Developer part buyer need to pay for RM300 only. I think this cost cannot include in your loan except developer agree.

Most of the bank do not have zero entry so the Lawyer fees bear by buyer. I think around 2.8k to 3k which you can include in your loan. MRTA too can include.

PBB told me that only allow 5% of your total loan for lawyer fees and MRTA. E.g. 180k allow only 9k to include.

I recommended you to take MLTA because after maturity can get back the total amount paid + interest. You can opt for monthly repayment. OUB not compulsory.

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Added on December 24, 2009, 12:23 pmYes, that's the bank strategic all the while..... use to it...

This post has been edited by king4891: Dec 24 2009, 12:23 PM

MRTA cannot get back anything after matured. When refinance the property, you need to cancel the MRTA from old bank and get refund calculated from the day cancel to maturity day. Then you need to purchase new MRTA from new bank.

MLTA can get back the sum of money in full plus interest. When you refinance, no need to cancel and buy again.

If the bank MRTA or MLTA not compulsory must obtain from them then you can ask your insurance agent to provide you MLTA.

Standard Chartered

We are the bank panel for this 1120 project where the developer will bear the interest during the construction period (3 yr). Subsequent 18 months, basically customer need to pay the installment upfront then only the developer will rebate to customer every month.

The lock in period is 5 years @3% penalty (once refinance or sell out property within the yrs).

This is non zero cost package where customer have to pay loan agreement fees by themselves.

The lock in start from the date you accept our bank offer letter.

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Added on December 24, 2009, 2:25 pmI'm wonder why CIMB was over quota... the blr minus % is the worst compare to other bank.

This post has been edited by king4891: Dec 24 2009, 02:25 PM

Great... thanks for the information.

The concern is if cannot get approve then will save the 1% penalty by developer. Thus, not necessary 1/3 of salary.

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Added on December 25, 2009, 12:01 amVery interesting on google search.

1120 Park Avenue Corporation in USA.

http://maps.google.com.my/maps?q=1120+park...d=0CBcQpQY&sa=X

This post has been edited by king4891: Dec 25 2009, 12:01 AM

Maintenance good or not are in the residents hand and not peter's. If all of us pay for maintenance every month then we have absolute right's to change the maintenance management if they fail to deliver desire environment for the residents.

Hope all the residents will co-operate whether rent out or own stay.

This post has been edited by king4891: Dec 26 2009, 01:38 AM

Soon or later all property will become LH including those FH now. Maybe I don't have chance to experience it.

Base on the calculation, if for 300k land value. The 99 years renewal will be 75k. If the building condition still ok, 75k is nothing after 99 years.

So far, I heard of prepayment from few banks.

1) If you made payment using counter or cash machine, consider advance payment and will be use if you forgot or no money to pay on following months. Some bank need you to tell them at the counter to clear principle amount. If you didn't inform them, consider advance payment.

2) You have an current account and whatever money debited through counter or cash machine will deduct your loan principal. You have to made payment until the end of the tenure although the account amount over the loan amount except you request to end the loan earlier. Of course, all payment money are belong to you and the bank will not charge you any interest when the account amount more than your loan amount. (This type have flexi, semi-flexi and non-flexi)

Calculation of interest will be the same for all types. Advance payment or not, the interest will be calculated as below:

Loan amount - advance payment * interest rate.

This post has been edited by king4891: Dec 30 2009, 01:06 PM

Which bank ask you on that? Panel bank should not ask this kind of documents from buyer especially for new project.

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Added on December 30, 2009, 2:14 pmFor your information, offer letter is just an agreement between you and bank who approve on your loan. After that, bank will acquire their lawyer (or developer lawyer if zero cost or your own lawyer) for Loan agreement.

For S&P, the agreement is between you and the developer which advisable to sign after you got the offer letter from bank. (You can sign S&P before loan approved but risk to lost 1% of your purchase price as per developer agreement).

After sign offer letter, you still can cancel the loan but not after sign loan agreement.

Hope it's help.

This post has been edited by king4891: Dec 30 2009, 02:21 PM

Forget about OCBC... my previous loan was with them and the penalty gonna kill me 5k administration fees and 3% on loan amount.

Thus, they told me if introduce the buyer to use back OCBC will have 50% discount on the 3% penalty. But subject to management approval and will never know when is it.

Now this property I applied for OCBC but only approve 80% whereas OUB, SC, CIMB and PBB approved 90%.

I will not get any loan from this bank forever.

Ya, OCBC salesman have very bad service. Didn't answer to call. Will not come to your convenient place to meet. Very slow respond.

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Added on December 30, 2009, 3:40 pmMy UOB take 1 week to approve. Tomorrow will get offer letter. PM me if you want to change Credit Officer.

Ya... I think you got the contact from the printed flyer at the showroom. I call them before, always delay and give excuse very busy. I say if you are busy then I pass to other people. He replied better ask other CO to do....

But after that he ask somebody to call me but I already pass to current one to process. She is good.

This post has been edited by king4891: Dec 30 2009, 03:40 PM

[quote=estherlo,Dec 30 2009, 03:55 PM]
[quote=king4891,Dec 30 2009, 03:36 PM]
Forget about OCBC... my previous loan was with them and the penalty gonna kill me 5k administration fees and 3% on loan amount.
wasn't that 5k administration fees and 3% on loan amount already stated in the offer letter when u signed it?

[/quote]

Yes, stated. But most of the bank only have 3% so that I didn't realise it. When I told other bank CO, they laugh on me. Sigh......

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Added on December 30, 2009, 4:05 pm[quote=estherlo,Dec 30 2009, 03:55 PM]
[quote=king4891,Dec 30 2009, 03:36 PM]
Forget about OCBC... my previous loan was with them and the penalty gonna kill me 5k administration fees and 3% on loan amount.
wasn't that 5k administration fees and 3% on loan amount already stated in the offer letter when u signed it?

[/quote]

You applied for all 5 panel banks?

This post has been edited by king4891: Dec 30 2009, 04:05 PM

Consider MLTA.... Ask your insurance agent.

MLTA - sum assured contant since day1
- pay small sum monthly or annually until you wish to terminate the policy
- can get back all your premiums after certain yrs > 15 yrs
- can transfer to other property or when you refinance

MRTA - sum assured drecreasing annually
- pay one large sum upfront, 1 time only
- cannot transfer to other property

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Added on December 30, 2009, 4:34 pmI still not yet get all the approved offer letter from OUB, PBB, SC and CIMB. Cannot tell in details.

So far I agree to gstrapinuse, OUB and PBB is the best.

This post has been edited by king4891: Dec 30 2009, 04:34 PM

Same... all -1.85%.

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Added on December 30, 2009, 4:54 pmNot yet. I will sign next week. SC what rate?

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Added on December 30, 2009, 4:54 pmAnyone get -1.9% here?

This post has been edited by king4891: Dec 30 2009, 04:54 PM

Yes, get daily rest better. If not mistaken, PBB (if not will be SC) have a ATM card for the loan account and it's daily rest. The CO told me when you have extra money or get salary just put all in first. Then slowly you withdraw for expenses. Will save a lot of interest. No charges when withdraw and no minimum limit.

UOB charge RM50 per withdrawal and minimum withdraw RM5k.

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Added on December 30, 2009, 5:42 pmAgree!!!!!!!!! Ban OCBC!!!!!!!!!! Then I'm sure their service will be improve.

This post has been edited by king4891: Dec 30 2009, 05:42 PM