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.

No difference from borrow ah long and go gamble. stupid idea only the most gullible people can attempt.

Buy studio I think still can make it amount is small

you can try, no problem wan. i have friends tried out before, bought 3 units, apply 3 different banks.

sign letter offer at once for 3 different units.

all approved 90%

no problem at all, it has been 4 months

Wait when drawdown.. Now ok of course

This post has been edited by airline: Apr 23 2012, 12:31 PM

I bought 4 units kepong central condo ( sub sales) using 2 local bank, one mbsb and one insurance company.

But I was fortunate that it was before the 1.1.2012 new BNM ruling and the condo market value is above the subsale amount 198K.

Now all 4 units rented out.

Kepong central? The one next to the cementry? Good yield?

Not bad. as I adding rooms in each unit. ( doing some partition)

So far no problem of getting student/ working adult. Maybe due to the KTM

I rent out room basic, not whole house.

So when you apply for loan, does any banker ever question you regarding how many units you bought? They all tot you buy only one unit right? Were your income qualify to get 4 loan?

I think this discussion is silly even if it is just for discussion sake and people should just avoid this option altogether. If you have the income to secure 10 loans for 10 units, you don't even have to hide that fact from the bank.

As per example, securing 3 units without the means to finance the installment payments are just plain ridiculous. Unless you have a development which GUARANTEES immediate rental returns the moment you take vacant possession. Even that, it is not permanent. Without standby funds, all you need is one default tenant and there goes your cash flow. Imagine bad times, no tenants or rental value drops below your installment payment. Worse, value of property drop. You won't be able to recoup even by selling it.

Yield is around 8% after, unifi , utilities & maintenance

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Added on April 23, 2012, 6:12 pmOne local bank did ask. But managed to silent them after putting RM30K into the flexi overdraft accounts.

Just for sharing, The condo loan I managed to get is RM216K @90% ( bank value the condo at RM240K , But the purchase price was actually RM198K) The condo give me back Rm18 x 4 units la.



This post has been edited by yankicip: Apr 23 2012, 06:12 PM

One local bank did ask. But managed to silent them after putting RM30K into the flexi overdraft accounts.

Just for sharing, The condo loan I managed to get is RM216K @90% ( bank value the condo at RM240K , But the purchase price was actually RM198K) The condo give me back Rm18 x 4 units la.

[/quote]
RM18 o, not RM18K ?

You mean you loan 18k more than your purchase price each unit? Then use the extra $ to do some reno before renting them out?
Since you have rent out all your units I guess you are pretty safe now. Well done, invest in 4 condo without paying a penny from you pocket.

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Added on April 24, 2012, 7:29 amBy the way, why are you so confident that you can find tenants for your units? Otherwise you wont do that right?

This post has been edited by ahsoh: Apr 24 2012, 07:29 AM

Initially I was not confident at all. But looking at the KV property cost getting higher and higher and at the same time I have the time to managed and copy what I did with my serdand perdana apartments. i.e renting out to Iran/ Middle east student.

If the rooms cannot rent out. I could end up disposing my other investment. I could be the one jump from 14th floor.

But, I guess if your cost is low you have that extra advantage over others who bought at higher cost.

I have some cash of Rm400K in different type amanah saham, this also help me to decided to go ahead.

IMHO usually capital appreciation is more important than monthly return. Few reason

1) capital appreciation is income tax free whereby rental need to pay income tax
2) capital appreciation usually much faster than rental return, example, terrace vs apartment, terrace will give you negative cash flow every month after deducted your installment but after 3~5 years, your property price could be double (100% return) whereby apartment after 3~5years (50% for good location), condo like kepong sentral, (0% appreciate)

3) By comparing return yield, apartment may be 8% vs terrace 2%, diff by 6%. However when come to 5yrs, the terrace property value gained more than sufficient to cover the rental yield lost

My neighbour bought a house in Subang USJ year 2008 at RM 270k and sold RM 530k last month. Don't take rental into account, only capital appreacition make her pocket earn extra RM 260k. If that time she bought Kepong Sentral, I am sure today accumulate 4 years rental also can't beat my neighbour earning. Some more income tax free for capital appreciation, if you dont declare your rental income, LHDN will come after you in 1 day, then your nightmare starts.

Of course, the method rely on rental income called 'investment', my neighbour's method called 'speculation'

Buy then wait, sounds "good"

Most houses/stocks you bought '08/'09 (during economy downturn and lowest prices) would have either doubled, tripled or even quadrupled (stocks) by now...

If you wanna do comparison, try when the economy is stable...

Yup I prefer cApital appreciation now rather then wait for rental

Somewhat +1

Your this statement is very general..
Everybody prefer that + lagi best if Rental also "thick thick"..

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Added on
IMHO:
I've had landed, condo, and apartment.. the fact is not like oldman8088 shared, compared USJ landed with Kepong Sentral is not 1:1 ratio comparison both in price and location. In overall, landed investment needs stronger holding power + could be Long HIGH -ve cash flow, unless you're buying it for your own-stay (simultaneously enjoying the capital appreciation).. but then the thing is for the same Entry Cost, the amount you buy for a Condo in a Prime Location (Location, Location, Location), you can only buy a landed in non-Prime Location.. are you prepare to move in or you already set your mind to start your HIGH -ve cash flow? Some other factors also.

Anyway, thanks for sharing.

Hi All,

I am renting my Kepong Sentral Unit Available on Febuary 2013.

My unit is facing KTM view. The floor is 9th (Not so hot and not so noisy right in the middle of the building). It will be painted and look fresh and new.

5 mins to KTM, Badminton court, swiming pool, guard house, gym, sauna, convinient shop nearby, 1 parking space (ground floor).

RM1100 per month. Contract for one year (no extra charge on contract)

Any one interested please call my hand phone

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