Hi guys,
I manage to find an apartment which was selling below market value. In the original S&P (signed in 1990), the price was RM220k. After much negotiation, the seller agreed to my asking price (about RM150k). I was hoping to get a full loan, as I am running my own business, and cash in hand is extremely important. I also have to do some renovation and furnish the apartment as I intend to give it out for rent. (have to spend about RM7k)
II was hoping to increase the value of the S&P so that I can get a loan of RM150k. However since I bought it from a company, they are unable to increase the value, as they have to justify in their accounts. I was wondering whether if its possible to get a full loan based on the S&P and since the actual evaluation of apartment is much higher, then it should be possible right?

banks give on market value. if lets say the market value rm200k now. then can lo..

hmm, i just spoke to one bank officer, he told me its based on the S&P value. Does the bank have the market value, or do I have to get an evaluator to do it and then submit it to the bank?

i done that. hv to ask bank 1st, how much the market value on your property now. they have valuer can give standard price.

then if got higher value, then u can ask lawyer markup in ur snp

Hi mingyew,
The problem is, the seller (which is a company), doesn't want to markup the value in the S&P. According to them they have to justify in their books.

ask lawyer adjust it, can have 2 diff snp, 1 for bank, 1 for vendor.

alright, i will ask my lawyer. thanks bro, i really appreciate it .

can be done, but cant disclose the details n how.

sorry i'm bound to BAFIA.

Another method, buy cash & then refinance.

increase the purchase price in SnP, pay more legal fees.

yes