Thanks

oh this is something new.. never heard of ISS b4.. apart from pay then claim thing, what else is diff from DIBS?

may i ask again, who is the main contractor for this job?

aiyo

This post has been edited by AMINT: Jun 7 2013, 02:58 PM

wow... 70k increase for 881 sf unit?

881sf is it the same as skypod kah?

ISS is quite somemthing new to the town and started since one or two years ago. PJD is using this for it's YouOne, USJ 1 and YouCity, Cheras and Villamas is using this ISS for their Zefer Hills.



DIBS : The first 3 years ( construction years period ) is agreeable to pay by developer to the bank in the Project Letter Offer or Consent Letter, thus it is protected the loan borrowers that the invoice / billing shall issue to loan borrowers, but payable by developer in separate bulk mode.

The pro about DIBS is agreement protected and we dont have to worry the interest payable by developers, but ( the con ) we need to do frequent monitoring. Banks allow more time frame to the developer ( up to 14 or 21 days ) to pay the bulk interest chargeable to them, but if they paid it late, it will affected the late payment into our name in the CCRIS.


ISS : It's between buyers and developer, and banks do not come into the picture. The first 3 years rate might be varies for different buyers from different branch or bank but developer only pay a fixed amount ( ex. Fixed 4% or 5% ).

It can be extra or it can be lesser. If the developer don't pay, it's btw buyer and developer, it is nothing related to the bank and nothing protected. The only pro about here would be, you manage your own loan repayment and do the claim back later ( by quarterly or semi-annually )

There are pro and con btw DIBS and ISS. I like ISS way but generally, when banks do not offer DIBS and hence developer comes up with ISS package, it means the developer's financing is so-so, project's financing is so-so or the project is overprice.

46x sf yesterday i call still have...but the price is 260k - 280k and there are 2 unit left....

for 45x sf, no info available...

with this kind of rate, why they still invite faizal for talk? free advertisement?

Seems like there's no one really care about the safety issues ! God bless

i think the one i bought is the one i bold..

back to topic, i stay in equine.. so far not seeing any worker at site and the bent crane still there.. 1 week already right?

then why bank still give 90% financing?

Completed property requires Proper Valuation Report from Boards of Valuers but Under Construction Project only require Valuer's Opinion Verbally / Simple Write Up.

As far as I know from few banks, it depends ( on how much overprice ), developers ( their grading and financial and it's different ( policy compare to subsales )

i thought bank also need a valuer's report in order to greenlight financing of its selling prices?
eg. if i were to built something iconic and i wanted to sell it at RM5kpsf.
i cohoot with a valuer to justify this.
can i get the bank to support it as well?

read that superboom with its "the haven" project suffered similiar fate. cannot get valuer to support their selling prices hence difficulty in bank giving the margins to purchasers.
am quite sure super projects such as KLCC was also doomed at first.
maybe Burj Khalifah as well.
but thanks for sharing the workings of a bank.

For developer projects, acc to my valuer friends, banks only need valuers confirmation and support to the project valuation on prices, location, demand and marketability factor as well as banks will analyze the developer's financial and profile as well. It is much different compare to sub-sales. It just a piece or two papers instead of Proper Full Set of Valuation Report for Subsales ( which recorded by Boards of Valuers / Appraisal)

You had asked a very good question but I not sure whether I could guess it or answer it correctly.

If one would like to build a something iconic and wanted to sell it at RM 5000 psf, can they cohoot with valuers to justify it?

The root thing could be who is the developer and how the developer managed to obtain the such iconic and superbly built Building Plan Approval, Pricing Approval, Developer License, Masterplan Approval and etc from the Government?

If the developer is not the top ranks, I doubt even the valuers pakat to offer high valuation and highly recommended, they won't get the approval from the Governement to run the project as well as no banks would financing such bridging and end financing.

If the developer are the those top ranks, shown financial reports which is superbly strong and able to deliver a great masterplan, concept and obtained the government's approval for the project, banks will take this initiative to offer the bridging loan and end financing although valuers may provided info that, the indicative project pricing is very high but a iconic project weighs in by strong interest and pool of affluent and VVIPs buyers.

Ex. 4 Seasons, KLCC
The copyright name of the project is worth at least RM 1,000 psf extra.
The developer's profile
The buyers' profile
The risk of the project and buyers

Passed by today saw the contractor is dismantling the crane. Normally this type of accident will involve JKKP and believe the contractor must be waiting
for the investigation to be completed and clearance must be obtained before they can move the damaged crane.

I checked my bank statement, the monthly interest is debit credit each month.. i think developer did pay the interest to bank monthly..

But another hand.. i reveiced a letter from developer, fine RM0.20 for late payment..
how to pay this RM0.20..? a cheque..? got cheque pay Rm0.20..? haha...

That was the flow of a DIBS loan interest structure.

Because the bank charged the interest to you, but payable by the developer under DIBS scheme. In black & white, or any letter / statement, the interest would be send directly to their customer, but manually send another copy ( by bulk customers ) to developer who will pay for their customers who took this bank loan. Failure to pay so, customers would have to bear themselves.

Late payment?

If late payment letter from developer, it could be late disbursement from the bank. Perhaps you should check with your loan lawyer or the developer's credit department to find out.

You have reminded me that I should check with lawyer.. I will scan the letter and send to the lawyer to find it out. as I check the bank statement, the interest actually paid to bank. That might is a small fine on late payment.. RM0.20..

Hi fellas! I bought this unit last year September. Then as I was going thought the thread, then found out about what happen to block A( crane collapse). Sigh, that's my block by the way...

Joined FB group,please approve,thanks

The banks are normally "more relaxed" for end financing for new launch as there is competition among them to get on the panel, though still subject to assessment on the project and its pricing not over priced. Unless the developer concerned is blacklisted by that bank.

As this is bulk business, meaning can get many number of loan business during launch period, the loss of any loan turning non performing over the total loan exposure for the project is less. That's why bank also set quota for each project.

Don't be surprised that bank may also give rebate to the developer for the interest income that it is earning...