i have a question. (yes, you may say that i'm trying to exploit the government rule here. put it this way, i desperately want to buy that house).

i'm buying a sub-sale.
price 170K
loan = 70% (since i already have 2 properties in hand (no, i'm not investor, my parent use my name to buy houses, now i can't buy house on my own due to 70% cap)
30% down payment = ~RM50K
70% loan = ~RM120K

since this is a sub-sale, meaning this is the agreement between me and the house owner. i mean my relationship with the house owner is quite good.

could it be possible that in our S&P, we say that the house value is higher (let say RM200K). and this time, when i go to the bank, they will still for sure provide me 70% loan, which mean they approve the loan for RM140K (that solve the issue of loan).

questions that i dun get it from this way. hope everyone can help me to solve this:

- is this way acceptable?
- is it a must that the lawyer receive the 30% down payment and confirm it? any workaround on this?
- the valuer will value the house lower than the S&P value (does this have any impact to me?)
- will the house owner one day came back and bite me on this? (let say the house owner suddenly become greedy)

This post has been edited by keeseng12: Dec 21 2010, 03:52 PM

wow, this yes answer is the best of the best yes i've ever received. big thanks!

further questions:
- the lawyer must see the 30% downpayment with his/her own eyes? i mean he/she need to see me passing the cheque/cash of RM50K to the owner?
- i'm sorry but i don't really get it for this 2 items:
- same apply to previous transacted typical mark up price
- try to apply for pre-approved loan application. (the recent value of the unit should be around 160-179K if not mistaken. but whether the owner plan to sell me at "higher" price or not, it has nothing to do with the valuer right?)

- legal fee is on me. i thought normally the buyer bear the entire legal fee?

This post has been edited by keeseng12: Dec 21 2010, 04:41 PM

big thanks! my next step is talk to the owner and lawyer on this.
for EPF side, i won't be able to withdraw EPF anymore since it's 3rd property. EPF only allow for first and second house.

thanks again.
i'll post it here again if i have any questions.

long story bro. summary is that my parent used up my name to buy first and second property last time.
first property, i'm well aware that i'm the loan borrower
second property, my parent told me that i'm just guarantor, and later i found out that i'm joint borrower. what a bummer of me.

haha, don't worry, no offence at all. you helped me a lot.