Hi,
Actually that is a way skip the toll from NPE to Sunway and calculated about 3.5km-4km additional mileage...
By the way, my friend has made his booking today morning and hearing from SA that S&P need to be sign within 2 weeks and 10% of the down payment have to pay.......

I'm going there today to find financing..might consider getting another unit if smaller unit still available. Anyway pbb & Cimb is out cos already have existing mortgage loans with them. Fyi pbb is offering free 42' LCD tv. Will Probably go for scb, UOB or OCBC. Since rate is the same , the lock in period shall be the deciding factor.

maybe but who knows after 4.5 years?

Which solicitor u r using?

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Added on January 3, 2010, 8:09 pm
Yea, coz if use EPF got tax exemption.

Hopefully able to attract Tesco Extra...    If not, Giant also not bad.... 

ya, mine is L type, so mine RM 3134 consider reasonable???

Dear all,

To resolve the doubt of first disbursement = full disbursement:

For under construstion property, the way that bank releases money to the developer is according to the progress of construction stated in the 3rd schedule in s&p. First disbursement starts when the day that the bank pay the first payment to the developer. IF u r financing 90% loan, after the 10% downpayment, when the bank releases the following 10% to the developer, it starts the first disbursement date. Thus, lock in period starts from full disbursement is a disadvantage to investor who intends to sell the property after completion. coz by the time bank fully disburse to the developer could be in 3 yrs later, by then ur total lock in period will be 8 yrs. Unless u willing to pay the penalty charged.

Completed property has no progressive payment like the under con property does, so the first disbursement will be the full amount of ur loan financed. Thus, first disbursement also equal to full disbursement.

Regarding loan offers, guess below are the things that u may need to put into consideration:

- interest rate, of course (however every bank almost offers the same rate. a minor 0.05% makes no different if u r taking flexible loan or the bank loan allows u to do prepayment to offset loan principal)
- lock in period especially for investor. (thus personally i think pbb is not good for investor unless u foresee the property wont sell in 8 yrs time)
- service. u never know when it comes to disbursement. some banks tend to delay in payment. If the bank late in releasing money to the developers, not dev but u r the one who bear the late payment charges. (personally im willing to pay slightly higher interest for a better service)
- Hidden cost. fyi, pbb has a lot of charges like rm 75 land search and blah blah blah.
- forget about interest rate change to BLR plus 2% or 3% for the default payment unless u really think that u hv such potential in defaulting ur installment. THis is standard clause la.. every bank applies.
- Loan tenure in fact, the longer the better coz eventually u may do prepayment to save interest while lower down ur monthly commitment. It helps in ur next loan approval.
- withdrawal flexibility and charges unless u really utilize the facility (eg. pump in ur salary to reduce interest) especially for those business owner, otherwise dun worry abt the withdrawal charges la...
- daily rest/month rest it makes a lot of different

Abt MRTA/MLTA.. whether its mrta or mlta or mtta or mdta or wutever a... it's all life insurance but describe in different terms only. All insured the same things, death and total permanent disability. Wut we concern is on the surrender value and the beneficiary. If u were to take mrta from the bank, of course bank will be the beneficiary coz ur property is their security. If any happen to u, insurance institute helps u to pay for the loan. Bank wont care abt u but the money. and its not transferrable if u refinance the property coz by tat time the property is no longer their colletaral security, who cares if u need to purchase a new policy with higher premium. For those who can affort, mlta really better than mrta.

Talking abt the HLB issue. There is no surprise if the law firm claims that hong leong is one of their panel coz this means that particular law firm can prepare loan agreement for hong leong bank. But whether or not Hong leong acts as the end financial (panel banks) for this project, that is another story. Hong leong can be the law firm panel but not necessary to be 1120 PA's panel bank. If it's not under the end financial listing, u may not enjoy the promotion!
Thanks

what is your suggestion

can you show us the source?
i want to know in great detail about this

HiHi, thanks for your comprehensive information.

but for forumers information, the first disbursement can be equal to full disbursement.

and we might end up, paying for legal fees, and the lock in period is actually 3+3 years or 3+5 years depending on the loan that we took up. For PBB 8 years lock in period can be 8+3 years.

the bank will profit the most from exit fee penalty, legal fees, interest charges and etc etc

I wanna more about this as well. What your ground for this statement? the first disbursement can be equal to full disbursement.

AFAIK, in my S&P and offer letter, that no such clause, and it all stated the schedule when the bank gonna pay them according to the progress of the house completion.

[SIZE=7]

my dear, first disbursement = Full disbursement is for those completed property oh!!!! U may check with the banker see if I'm telling u correctly.. Hoho

for under con property, even if for Pbb, max yr wil only be 3+ 5yrs cz their llockinperiod stated starts fr date of full drawdown. unless the property delay in coNstruction then it's different story!

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

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!

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.

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.

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.. ^^

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)

that is so true

i also saw the 2x2 porcelain tile not stated
it only have tile

yes as you said, you want it or not
many more people waiting
at the end, we might having an apartment
same like what happen talam project casa riana condo

when abandoned, delayed and completed
it looks exactly like my father's flat in kerinchi
the only difference is it uses tiles, cheap one all over

it put out there casa riana apartment

1120 park avenue

i wonder what malay name should it be 

Another thing is the SA there really act like gangster style... Maybe they use to sell low cost flat. I'm wonder the Papilion also have the same sales team or not. But I don't think so.... 

agree..agree..the developer will not tell puchaser 100% about their project.so s a puchaser,v must work out ourself to find out the true.hehe..

Yes.... agree!

I hate to read agreement because it's like non-sense sometime.

Example:

Developer will bear all the interest...... bla bla bla...

Purchaser will also bear the interest IF.... bla bla bla...

Is it non-sense?