Mar 1 2011, 03:19 PM
QUOTE(lucerne @ Mar 1 2011, 03:08 PM)
why we need to pay for the valuer report when we apply loan from banks?
it is unfair to borrower to pay the above report as bank can always reduce the loan amount if they dun believe with the purchase price. some purchases dun mind to reduce their loan amount according to bank wants. (if they can waive the valuer fee), after all we cant borrow 100% of the purchase price.
eg a prop per SPA is 1mil , bank loan margin at 80% = 800k. if bank dun believe the prop worth 1mil, they always can reduce loan margin to 60% to loan only 600k. in fact they can check with many prop portal eg iproperty etc about the market value.
The problem is people want the loan margin to be at 90%. They cannot afford anythign lower than that.it is unfair to borrower to pay the above report as bank can always reduce the loan amount if they dun believe with the purchase price. some purchases dun mind to reduce their loan amount according to bank wants. (if they can waive the valuer fee), after all we cant borrow 100% of the purchase price.
eg a prop per SPA is 1mil , bank loan margin at 80% = 800k. if bank dun believe the prop worth 1mil, they always can reduce loan margin to 60% to loan only 600k. in fact they can check with many prop portal eg iproperty etc about the market value.
Even 70% also got some speculator complaining here.
This post has been edited by Drian: Mar 1 2011, 03:20 PM
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