exactly, thanks for informing

oic B3 is actually is tower 2,thanks for ur clarification....

lets update my unit no.

15 – klkow pg 4 post 70 B3-11-13 (S unit )

I bought for investment...

done pg 34

Hello, xiaopygu.

Who told you that : first disbursement = Full disbursement is for those completed property oh????

Your banker told you about the above????

Rules no:
1: Never trust your banker
2: A banker is a salesman. Salesman will 'justify' in order to close the sales.
3: A banker might have only read n and understand and rely to you what he know. But what he know might be limited as many are inexperience.
4: They might even lie point blank!


If you are taking PBB loan, did the loan mention when they will release the property if u fullsettle without penalty?


This post has been edited by 106127: Jan 10 2010, 05:52 PM

ok
if the banker is a lier

than what the statement should be
what are the supporting resources to second your opinion

be it newspaper cutting, blog, www, magazine
pls don't be offended, i like you dare to be different

this morning went to wisma peter.phase two will b launch on this friday.one of the sa told me.b ready for those who going to get a unit in phase two..

Abang Corp,

Simple and easy. no need for newspaper cutting,blog, www, magazine or anything.
Those are irrelevant.
Read between the lines.
The loan agreement says the lock in period for PBB is 8 years after 1st drawdown.
So it could be 11 years in total the lock in period.

Many ppl have taken for granted what they understand or what the banker told them, instead of fully understanding the circumstances in the Loan Arrangement.

hope abang corp wont be offended. we are here to share not only info but 'minds' as well

This post has been edited by 106127: Jan 10 2010, 08:15 PM

i have the loan agreement infront of me
need to study carefully...

thanks for the reminder

If the lock in period is 8 years after 1st drawdown
and I am expecting the first drawdown is within this year, 2010
at least 2nd quarter of 2010
as the first drawdown is 21 days upon completion of
the work below ground level of the said Building comprising the said parcel including the foundation of the Building
the period will not go up to 11 years I believe
that projection is too far!
unless something hair wire happen at site!

NOTE
====
A lot of people confuse with 1st drawdown and full drawdown
Let me share my knowledge..
Basically, (mind me if I am using wrong term) but 1st drawdown (in lay man term) means the first claim made by developer from the bank to finance the construction works,
And in order to know when is the first drawdown will be made, we have to refer to Third Schedule (Clause 4), Schedule pf Payment of Purchase Price. It is part of your Schedule H in your S&P. Check your S&P, and it explained in written form.

Whereas, full drawdown is when all, full amount of the said property price being claim by the developer from your respective bank, 100%. In the other word, the property is complete and ready to be occupied. This partially payment mechanism is develop in a way to protect the owner thou not 100%. Therefore, the developer does not able to claim their money of they did not complete their work.

Kindly correct me if I am wrong, I am sharing my view

This post has been edited by fiecks84: Jan 10 2010, 08:53 PM

Dear 106127,
i agreed with you, if you notice previously, i did quote about this "first disbursement maybe equal to full disbursement" but i guess, nobody is actually believing.....however, they are not all wrong too, maybe peter's will really take it as it is, claim progressively from the banks. Then the timing for first disbursement will not equal to full disbursement.

Cases did happen when first disbursement = full disbursement (refer to sime darby) eventhough quoted in letter of offer "5 years from the first disbursement", ended up, first disbursement = to full disbursement. Bankers are not lying but the agreement between banks and developer might be different, which sales person are unaware, we called this manipulation.

However, dun get too worried about this...just listen to your heart, sign whichever banks that you think you are comfortable with. i have decided on pbb...and no regrets.

An early settlement fee of RM30.00 per RM1,000.00 will be imposed on the balance of the Bank's Purchase Price according to the original schedule of monthly payment if the facilities are settled/redeemed within the first 5 years (60 months) from the date of full release of the Bank's Purchase Price/financing amount.

they do not use disbursement for this issue, as full release of bank purchase price. Bank Purchase Price is stated clearly 90% margin of financing. It should be 5 years after completion

______________________________________


Dont worry too much about the loan agreement
what offer letter says will be the one to be used

If there is contradicting clause between offer letter and
loan agreement, the one in offer letter will prevail

but it should be the same

This post has been edited by AbangCorp: Jan 10 2010, 09:11 PM

lol I get your point after re read your post! Mind my careless
Welcome future neighbour..

That's the thing, it looks like i am getting marry to my condo first.. lol
Dunno either its a good news to hear or not!

AbangCorp,
Since you collecting LYN member names who bought 1120PA, we can have minum2 together one day! Future Rukun Tetangga of 1120PA... Hahaha
*Some crazy idea comes to my mind at the late Sunday..

abangcorp,

correct, it's the "full release". another last 2.5% is stakeholder. erm.....normally whatever in loan agreement will prevail instead of letter of offer...however, i believe, there should not have any contradicting terms

nope, offer letter will prevail

also seconded by my lawyer in charge
even what i am signing in front of her is loan agreement
to be paid to them

the loan offer is more superior than the loan agreement, so what the use of having loan agreement?

both will be together, loan offer will be attached together with the loan agreement


if still not the same opinion, yes normally no contradiction also, second you
it should both be good

---

Added on January 10, 2010, 10:00 pmsure, but still not sure when i will be around

This post has been edited by AbangCorp: Jan 10 2010, 10:09 PM

Correct, offer letter will prevail loan agreement!

Offer letter stated what you have agreed with the financial institutions at the point of time you purchase the property whereas loan agreement is standard documentation that describe or brief your loan and normally valid for all packages offered by the respective financial institutions.

A financial institutions might have different loan packages offered on the tray, and normally, all these packages use same standard loan agreement documentation. The difference, in terms of loan rate, loan term, lock in period, etc are all stated in your offer letter. that's why the loan offer letter must come printed on special letter head paper by the respective financial institutions.

The offer letter can not be read alone, but must come together with loan agreement as loan agreement defines everything describe in your offer letter, on top of additional information. It is more or less like a legal document to protect bank/ financial institutions interest!

Therefore, always check and understand your offer letter before refer to loan agreement for further detail!

Hope this help!

This post has been edited by fiecks84: Jan 10 2010, 10:36 PM

Hihi fiecks84,
what i mean for 8 years is , 3+5.
3 years construction and another 5 year lock in as stated in your loan agg and loan offer.

on your second line, you have use the word expecting. i guess you understand what i am trying to say.
expecting is ambiguous. it is not stated in the letter offer and agreement.

so the 1st drawdown can happen on the 36 month , 3 years. plus 5 years lockin period.

the date for 1st draw down is not written in and offer letter or loan agreement. so what u have read and understand in the letter offer and aggreement is true.

but you need to Think about it. many stuff are written in a way to make u happy without the user understanding the full circumstances of it..

---

Added on January 10, 2010, 10:44 pmdear icenise,
we both share the same mind. it can happen.
just that many ppl thought it CANNOT happen.

as for the peter's the developer can make arrangement.

it is as easy as snapping your fingers.

as for bankers. i got to know many bankers that know close to nothing about loan, except to get documents, submit and close deals. hope fellow bankers dont get offended.

as for the manipulation. give it a better word. we are the losers in this, and it is perfectly legal.

for me,i am not worried about the lock in period that i am committed and prepared to pay the penalty. just that i would like to share more info and mind with you guys out there.

cheers

This post has been edited by 106127: Jan 10 2010, 10:50 PM

Hi 106127,

It is correct that no exact date mentioned in both loan agreement and loan offer letter for the first drawdown.

The reason being no exact date mentioned is no one can predict when is the exact date for "the work below ground level of the said Building comprising the said parcel including the foundation of the Building" is completed. You get what I mean?

The first drawdown can only happen on the 36th months if there are problems happen on site during work below ground level or the foundation of the building, which means, delay in construction. If such incidence happen, you were right.

But if the construction works doing well, thou delay here and there, the first drawdown shall be at least towards the end of this year, or second quarter of 2010 as ground works mostly consume more times. It is depend on when the contractor begin the foundation works as well.

My point is, so long the construction works progressing, the 3+5 years lock in period will may not happen.

And in comparison to SimeDarby Property, SimeDarby Property is a giant property developer, they have a big capital to use their own cash money to finance their construction works before actually claim back from the financial institutions involved. Many developers are still relay on the financial institutions to release money according to site works progress before they can proceed to the next stage. That's another reason why SimeDarby Property could get attractive rate from financial institutions, as low as BLR -2.4% thou most financial institutions now already cap their rate according to what government has announced in last Budget session.

At this point of time, it is hard to say when is the first drawdown, but we have being given the information when it will happen, as explained above. For the lock in period to start on the first drawdown is actually good enough rather than the lock in period start on the full drawdown, when talking about property under construction, thou some financial institution had offered lock in period started on the date of signing offer letter.

BTW, Many statement is worded properly in law perspective in any S&P, Deed, or Loan Agreement documentation (therefore, careful reading is required) and it is not simply worded to make u happy, someone really study the terms that being used before it is finalized, so that it will be clear to all parties involved, no matter owner or developer or financial institutions. It is just that we are not familiar with legal terms as we did not use it daily.

This post has been edited by fiecks84: Jan 10 2010, 11:20 PM

Dear fiecks84,
does 84 reflects your year of birth?
and also you are a banker?
got offended by my posting??

hey guy,you are too young and immature to understand all this.

1. if no date mention in S&P then it is not fix.
2. even if the property is under construction without delays or any problem, that does not mean there is a draw down on loan. UNDERSTAND???
3. Who says that the work below ground level of the said Building comprising the said parcel including the foundation of the Building is completed and the drawdown will occur?[COLOR=blue] You get what I mean?[COLOR=blue]
4. Developers need not to have big capital or giant to be able to do that. [COLOR=blue] You get what I mean?[COLOR=blue]
5. being big does not mean the developer can get blr -2.4 !!
6. as far as i know, no financial institution offer lock in period started on the date of signing offer letter for this project. so you cant include that here!!!!
7. S&P, Deed, or Loan Agreement are worded to reduce ambiguity but it is open for manipulation and its legal!!
8. In your last paragraph you said carefull reading is required. i guess you are too careful reading it. look at my previous post. i mention not only read and understand what is stated, but also all circumstances surrounding it. you need to read between the lines and think.

This post has been edited by 106127: Jan 11 2010, 12:44 AM

Dear 106127,

U may refer to fiecks84's thread as he pretty understand well. Hoho....

Btw, not all bankers r trying to provide the incorrect info in order to close the sales.. At least, won't be the term of first drawdown = full drawdown for an under con property... Tat is a basic knowledge for a banker to know! ( those inexperience bankers excluded) Hoho....

No offence but jz trying to make u clear.. ^^

oh ya, for ur info, standard chartered bank which also acts as this project panel, their lock in period date is from the date of offer letter. All these while it's their practises...

Cheers~~~

This post has been edited by xiaopygu: Jan 11 2010, 12:48 AM