Just wondering if I 'm just qualified for 1 loan, can I book 3 units of condo (similar price) and apply loan separately with 3 different banks then wait til 3 loan also approved only sign loan/s&p agreement? In this way I can buy 3 units instead of one. Anybody try this before?

This post has been edited by ahsoh: Apr 22 2012, 09:44 AM

U want buy royal regent 3 units?
Check ur letter of offer. Later got clause they recall
I wanted to try as well
But chicken out

Nolar, definitely not royal regent cos developer still have too many units unsold. Tot of that doing that 2 years ago when I bought a condo for investment. Chicken out like you as well. Haha... Just wondering if anyone did that before and is it working?

plenty of ppl did this b4.
as long as you can pay on time... nobody will kacau you..
but only 1 time...

the next time you buy again, all 3 will shown in ccris.

Paying on time is irrelevant
We just need the loan
U try before?
This year I heard a lot bank put clause

I thought loan is according to the address of the 1 unit?

The reason why bank negara wants to restrict loan margin is because they felt that too many people are over commiting themselves to the property market. Perhaps take it a sign that you do need to curb your purchases?

I've friend done it before, with 2 not 3 (greedy ).. About 3 years already, so far so good.

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Added on
+1
High likelihood they wouldn't recall it as long as you're paying them promptly; But, still, they've such right to recall it, you need to prepare the consequence.

The same senario was painted to me by 1 banker before. Don't take the risk.

when bank check ccris, they can only see amount of loan submitted..
for example, if you buy 3 unit with same price.. all loan 100k.. submit to mbb, pbb, and cimb..

when pbb checked ccris, found you have 2 loan approved with 100k... you can tell them it's for same property (effectively, you lie to them)
same with other 2 banks..

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Added on April 22, 2012, 2:47 pmyup, i did before.
but, make sure you have cash just in case bank withdraw the loan... should be fine as long as you pay on time..

if you are on dibs.. plan to flip upon completion.. good luck.

This post has been edited by Glcotan: Apr 22 2012, 02:47 PM

So bottom line have spare cash ready in case anything happens

If one has enough cash to settle a few loans, usually he/she doesnt have to do this kind of trick, just straight away apply 3 loan saja.

Then better skip this idea loh..

Strongly agree to skip this idea.

3 scenarios to be happen. ( say each condo RM 500k )
Apply 3 banks for RM 450k each and accept all the banks for 3 different units

1) Loan executed and money disbursed. Nothing happen.

2) One of the bank catch you ( checked your CCRIS ) during execution or before disbursement. Therefore, if your name only has these 3 HLs, then according to LO, you're suppose only eligible to get max 70%, therefore, loan reduce to 70%. If you have 1 HL now, buy 3 x 500k condo and apply 3 banks to act as 2nd HL, then 2 units have to reduce to max 70%

3) Most critical. Whether you only has 1 HL or no. Or only 1 or 2 units of the 3 loans you accepted. The banks will cancel the facility and reconsider your application and treat it as fresh application. What is each bank take 3 HLs commitment together and your income is not eligible to grant a loan approval. Same goes to other banks in this scenario.

What happen if all 3 banks loan cancel by banks and you had paid 10% deposit and S&P all signed?

I leave it to you for this.

will consider purchase this Service Apartment? Setia Walk-LOVE

Well said with worst case senario portrayed.

+1

The odds are not good and the consequence might be devastating/fatal.... almost like taking that 10% deposit and S&P fees to Genting and gamble.

This post has been edited by ethanyong: Apr 23 2012, 10:48 AM

what TS think of, we already thought of years ago...

workable few years ago when 70% LTV not imposed, banks deperate for sales, and buyers who use this tactic before the property boom had already earned a handsome profit even by selling off slightly below market before getting into default or -ve cashflow..

For today's scenario and hoping to rip a handsome profit 3 years down the road... good luck..

Thank you all for your comments. Dont worry, I have no gut to do that 2/3 years ago and definitely wont do it now, just for the sake of discussion.