Yes. UOB approval is based on after 7% discounted price and not S&P price. Fyi, the discount is 7%, not 10% and cash buyer is eligible for 11% discount progressively.

Scenario ;
S&P Price : RM 500,000
Actual Price : RM 465,000 ( After 7% discount @ RM 35,000 )
Booking fee paid : 3% or RM 15,000 ( This 3% is part of the First 10% where the remaining 7% rebate used as contra back to developer )
Balance on S&P Price : RM 450,000

UOB Loan Approval : Margin ( 70%, 80% or 90% max) Against Actual Price RM 465,000 and not against RM 450,000 ( the 10% that inclusive your 3% downpayment )

If UOB approved you 80% means RM 465,000 x 80% = RM 418,500

Loan Amount : RM 418,500
Balance of S&P Price : RM 450,000 - RM 418,500 ( Bank Loan ) = RM 31,500 ( Difference Sum )

When construction reaches 10%, or upon signing S&P which is require settlement of the First 10%.
Remember you had paid 3% @ RM 15,000 earlier and the 7% rebate @ RM 35,000 was to offset the First 10%, therefore you do not need to pay anything upon signing S&P.

When construction reaches another 10% to total 20%, means the developer would claim another RM 50,000 ( 10% based on S&P Price ), so you need to settle the different sum before bank release the 1st draw down.
1st Step : You have to settle the RM 31,500 difference sum.
2nd step : Bank disburse the remaining RM 18,500 ( 50,000 - 31,500 ) to the developer only after you settle the step 1.

Hope you get it clarify bro.

* Note : Only UOB Bank is offer approval based on after 7% discount price

Errr 465k x 80% not = 372k ?
Sorry i really dont know count

Opps, sorry bro, I ter-calculate 90% instead of 80%... lol ...

If UOB approved you 80% means RM 465,000 x 80% = RM 372,000

Loan Amount : RM 372,000
Balance of S&P Price : RM 450,000 - RM 372,000 ( Bank Loan ) = RM 78,000 ( Difference Sum )

The rest, you can refer as above ....

Holy shit... I need to pay nearly 70k extra ... Cham lo... How to be all of u guy jiran la..

Anyone know any other bank which easy for me to get the loan ?? Currenly UOB offer me only

The difference of 70k is not something does not need to be paid back.

As long as you can afford it, the difference will translate to you having to pay less overall interests to the bank, and monthly less installment. People who are using other banks but with 70% LTV will probably more or less in the same boat as you.

Look at the brighter side.

Oh, I didn't know that you are feng shui master too.
Can I invite you for consultation when the house is ready for renovation?

Haha.. Come see mine too

---

Added on August 9, 2012, 10:37 amYah true also.. But temp im doing reno on the shop which will be opening soon. So thats why i so fan now

Does taking the L/O to show the other panel im applying will give me a better chance to get a loan frm them ?? Does this give me a better offer ?

This post has been edited by Travaller: Aug 9 2012, 10:37 AM

1. Chris Chew Tower 3 / Type C / High Floor / Investment / Golf View
2. Xccess Tower 1 / Type C / High Floor / Own stay / Pool and Kesas view
3. Travaller Tower 3 / Type B4 / High Floor / Own Stay / Facing KM1 (LRT cannot see lah so small below) hahaha
4. Twincharger07 Tower 2 / Type A / High Floor / Investment / South view
5. Ronn77 Tower 3 / Type C / High Floor / Investment or probably Own Stay / Kesas KL View
6. fooyc Tower 3 / Type B4 / 5th floor / Investment or probably reserve for my son / Kesas
7. Ryei Tower 1 / Type A / Level 6 / Investment / Pool View
8. MGG Block C / Type C2 / lvl Mid floor / Garden View / ZR Sky View
9. LKH Tower 3 / Type C / High Floor / Investment / Golf View
10. Kloe Tower 3 / Type C / High Floor / Own Stay / Golf View
11. 123456789 Tower 1 / Type A / Middle Level / Own Stay or investment / Facing South
12. ah_chung Tower 1 / Type C / Middle Floor / Own Stay / Kesas View
13. Frozen44 Tower 2 / Type A / Lower Floor / Investment / Facing South
14. Erran Tower 1/ Type A/ Level 8/ Investment/ Pool- Kesas View
15. Eerkyeerk Tower 2 / Type C / Mid level / Own Stay / Kesas View
16. Firdaus87 Tower 2 / type A / level 5 / Own stay / Golf view
17. Luvox Tower 2 / type A / lower floor/ Own stay / Pool or Kesas view
18. tmc Tower 1 / Type C / Mid level / Own Stay or Investment / Kesas View
19. E-Tan Tower 3 / Type C / High Floor / Own Stay / Golf View
20. LWK Tower 1 / Type A / Middle floor / Own Stay / South view
21. CHM Tower 3 / Type B4 / High Floor / Own Stay / Golf View
22. JoeLWC Tower 3 / Type C / Middle Floor / Investment / South
23. JT Tower 1 / Type C / Middle Floor / Investment / Pool or Kesas
24. JQ Tower 1 / Type C / MIddle Floor / Investment / Pool or Kesas
25. YY Tower 3 / Type C / Middle Floor / Own Stay / South or Golf View
26. sam Tower 1 / Type A / Lower Floor / Investment / South View
27. bill11 Tower 2 / Type A1 / Highest Floor / Own Stay / South View
27. garyhew Tower 1 / Type A / 16th Floor / Investment / South View
28. 1ullaby Tower 2 / Type C / High Floor / Own Stay / North View
29. khelben Tower 1 / Type A1 / High Floor / Own Stay / South view
30. horse183 Tower 3 / Type B / High Floor / - / South/Golf View
31. Van123 Tower 3 / Type B1a / High Floor / Own Stay / South/Golf View
32. Kagawa 26 (tower 3/ Type B/ 5th floor) - own stay plus rent plus investment/ lrt view)

Update

Haha. Not really see it a lot but trust basically only.

haha, chris bro is all rounded..salute! Btw , thr are few thread talkin abt economic burst, is tat gd for investor n genuine buyers who nt buy yet if it happen?

Hmm, if economic burst, I think it doesnt looks good for everyone include those investors and genuine buyers ....

What would happen if it bursts?

all will cry and suffer...everyone. Because once property burst, mean whole economy down not only property

Economy can't possibly stay positive throughout the years, every once in awhile, the economy "reset" itself. As long we don't over commit, lay enough safety nets and financial backup, you will sail through tough times when economy is nursing back its health.

Just my humble opinion.

This post has been edited by Xccess: Aug 9 2012, 09:18 PM

Yeahh. Agree. Dont over commit and try to put some financial back up to sail thru the crisis.

Hopefully it would not be so called crisis or big gap downturn. Minor economic burst would still brings us safety if we have some savings...

The biggest problem is everyone's definition of "don't over commit" is quite different. Some people keep 10k of cash under the pillow, some people keep 500k of FD and some people keep a few pieces of credit cards ....

Having cash backup and medical insurance coverage is a must for me. It is important to have substantial amount of money in savings and not totally relying on credit facilities. In my younger days, I owed money that I can't repay to banks, lawyer's letter was sent to me and I almost slip into depression. I forced myself to take up 2 jobs and sleep 5 hours a day to repay what I owed.

It took me awhile but I repaid every single cent back to them. It was an expensive lesson but well worth it. Before, I don't have savings, I splurge all my salary, swipe my credit cards on clubbing etc....this lesson has change me quite a bit.

Not saying I'm totally safe in any event of economy crisis but at least there's some backup to cushion my fall. It is never too late to start saving.

This post has been edited by Xccess: Aug 9 2012, 10:18 PM

Yes, agreed with all bros that crisis will be sail thru safely with certain saving.
However, there are tons of ppl who wish the crisis happened soon then they can 'kutip ayam mati'...i think since end of 2009, ppl were start talking abt crisis, and housing price until now apa pun tak ada berlaku..price still like sky high

That's easier said than done. When recession really comes, even the richest will hesitate to 'kutip ayam mati' - they will probably keep the money to cushion the recession.

By the time the rich people are courage enough to invest, the recession is already over.

Wow...i like all the above talk, really experience....really like it