Hi Guys,

I'm currently interesting in purchasing a 2nd hand (owner-occupied) condo unit at bandar puteri puchong called Casa Puteri Condo. I went to the unit yesterday which is almost at the highest floor and noticed that the unit has cracks in 2 areas - the master bedroom and the wall leading to it. The cracks seem quite minor but its clearly visible, i'm not sure if its advisable to purchase that unit or not. Has anyone faced such issue (cracks) ? Will it cause other walls to crack?

Also, i'm new at buying a property, from what I've been told, 2nd hand property purchases (i suppose its the same as new ones as well), require 10% payment for the SPA, then I have at most 3-4 months to get a bank loan. My question is can I use my EPF money to pay the 10% or must the 10% come out from my own pocket first, then EPF will pay me back (with whatever amount I withdraw from my account 2)?

Beside that, someone told me that if the market value of the condo is say 200k, but the owner is selling at 250k (due to renovations, furnishings, etc), bank would only be able to loan me based on the market rate (of 200k) is this true?

Could someone enlighten me on the above questions? Thanks

1st thing call up any sales staff for loan and check for your particular unit for market value, then u will be able to make your decision from there.

You need SPA to apply for EPF withdrawal. So you have to fork out 10% to sign SPA.
It's advisable to get loan approval b4 signing SPA.

so means basically i have to fork out 10% from my own money first?

normal procedure, yes. unless you have agreement with vendor.

I see. So I suppose after i sign SPA I can then apply for EPF to pay me back for my housing loan?

btw does anyone know if the following is true?:

"Beside that, someone told me that if the market value of the condo is say 200k, but the owner is selling at 250k (due to renovations, furnishings, etc), bank would only be able to loan me based on the market rate (of 200k) is this true?"

Depending on the valuation of the banks. Renovation, furnishings with the exception of movable items can be included as value and actually increase the cost of the unit.

Thanks for the info. Understand now

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Added on March 9, 2010, 4:02 pmI have another question, my colleague told me that for MRTA, if you don't get direct from bank (like from a separate insurance company), there might be issues (caused by the bank) which is done purposely to sort of force you to get the MRTA from them..is this true?

This post has been edited by CyberKewl: Mar 9 2010, 04:02 PM

on the above, would like to seek further clarifications to all sifus here. on a general basis, if the banker is doing a preliminary quote on valuation of the property, would banks normally quote higher, lower or closest to actual market's worth? please also note that i'm assuming banks are quoting on the assumptions that it is a bare/basic unit without reno since they would not physically inspect the unit for the preliminary quote.

reason for asking is i'd requested for a valuation for my properties and i'm not too pleased with the value given. was thinking of refinancing.

i use to rent here for 2 years...A-9-xx good environment..it freezy cool at nite...quiet place for own stay...

My carpark lot wall got crack lines before...1 day heavy raining make all the block A car park lot face Seri JAti Apartment there land slide..2 months no where to park...and park outside visitor car park....Security guards not so good, i heard got few cases car got break in even park inside...That y i move out..

Overall is good if the security guards in proof their service..

when did u move out? sounds scary about the break in cases...

Hi kochin,

I can help you check the valuation for other banks. Might have the value you are looking for from other valuers.

Can you PM/Email/SMS me your contact number? I'll call you tomorrow to get further details?

Regards,
Roy
012 2169026
teoengchin@gmail.com

mortgagebroker.com.my