no need to pay. it apply to all banks.
banks will have their terms and condition requesting you to pay.
but you need not pay a single sen as you are not legally bound to pay

You can apply many loans from various banks to compare their package. If no signed LO u do not get penalty. Even u sign it and decide want to use another bank, it's up to u no charge at all.. as i said, unless u want to make amendment to the signed LO with the same bank, then u will get prob coz they may charge u like rm200 to reapply new loan since details are amended.

what if there's a clause in bank Offer Letter.
Mentioned "RM2000 will be charged upon 1st disbursement"
The 1st disbursement refer to??

btw, SPA not sign yet...and is DIBS scheme, developer beared everything project
...so, what's the consequences?
The 1st disbursement applicable in this scenerio?

not legally bound to pay? you already signed the LO whoa! legally it's binding! Offer and Acceptance, 1st rule in all contracts!

OK lah...if the banks have not appointed the lawyer to prepare loan doc...maybe they can be lenient a bit....let it goes...if only the signing of LO...

but they do reserve the right to demand payment...

You are quite right. Once you have sign the LO, it means that you have accepted the offer from the bank. As to whether there is any penalty for the cancellation, will depend on the conditions stated on the LO. Also up to the bank.
If their lawyer has proceeded with the loan agreement, there could be some charges, depending to the stage of work and also up to the lawyer's firm.

be careful of pbb, do not simply sign anything.
i just kena charged by pbb same as u, they do nth but want money only


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This post has been edited by rockrockrock: Aug 6 2014, 11:17 AM

same as above..rhb

want to go for Islamic

I considering to Cancel my Housing Loan
AFTER I already SIGNED
SPA
LOA
Loan Agreement
All done, Except the Bank haven't release the 1st claim yet from Developer.

May I know what is the implication
And what will cost me?

cool bro,
for SNP part developer can forfeit the 10% DP you pay,

for loan part is depend on the bank,
fast fast call to bank and see how they charge

Mind me asking what's the conclusion?

Did you have to pay (a lot?)

Depends on yr spa is sch h or g or non schedule.

Penalty clearly stated in yr spa for both parties.

Why u want to cancel, chicken out is it?

Hi Bros, if i have not paid any amount to Lawyer Firm for S&P agreement and Loan agreement, does it mean that I have not signed them? I have signed the LO from bank, can i still cancel the loan, thinking of withdraw now.

I remember when u sign SAP the lawyer said once sign if cancel need to pay penalty of 10% of sap price even though I Haven pay them. Lo from Bank usually charge u 2k for cancellation.

Thanks bro, i think i have not signed the S&P because I have not paid any reimbursements to law firm? Is it work like that?

Not necessarily like that. Who are you buying from? Subsale or developer?

Surely you'd know if you've signed the agreement? Lots of pages to initial too.

from developer, the solicitor did give us a lot of papers to sign but I also wonder why they can process without received our payments, besides we received letter from developer asking us to pay the 10% down payment, is that normally work like that??

I'm gonna assume you've signed, so there're gonna be penalties. Well at least you haven't paid the 10% so they can't forfeit that.

Check your loan LO, sometimes they spell out the penalty for backing out.

yes i assume you've signed the SAP already cause first document lawyer need u to sign is SAP.
is developer pay for the legal fee on this project? if yes they will proceed without payment from you.
as for bank Lo, if there's a penalty you may try give a reasonable excuse and get the Loan officer to help you to cancel without penalty.