Sorry, I meant is it easy or hard to get approval from renovation loan?

Well that depends on your credit rating - your income vs commitments, just like when applying for the housing loan (HL)

When you get your HL approved with OCBC, you will also get preapproved for the renovation loan.

Hello,

Firstly thanks.

im in the midst of asking around to obtain a bank loan
1. House price about 320k
2. Asking loan is 250k.

I hope im not overstepping the post...

The house belongs to my parents, so the 250k will go to them. What are the options I have.

1. Is it possible to apply full 250k, or am I only entitled to 90% of what i am trying to borrow?
2. What is the amount that i need to fork out to get things going? In terms of lawyer, other fees...

Thank you very much.

1. The bank usually allow 90% of financing of the house value.

2. So the bank will get an evaluation of the house, so if it is valued at RM320k, then the bank will allow a financing of RM288k

3. For some banks like OCBC, you do not need to fork out anything for the "Moving Cost" beacause everything will be included into the loan. For a loan of RM288k, the legal (and disbursement) fees is RM5114, the valuation and stamp-duty fees are RM786 and RM1466 respectively.

4. So essentially you are not borrowing 90% of the house value but about 92% if you include the LVS fees as well.

Is this house complete (subsale) or under construction?

This is a good thread. Keep up the good work Faiz.

Would be good to have more bankers coming in to share more info for the benefit of the forummers who are making their first purchase.

Mr Dario,

Your pinned lawyer corner thread has closed permanently?

This post has been edited by KOHTT: Jan 27 2013, 12:27 AM

Version 3 is under construction at the moment and VP will be handed upon completion.

Thanks for the reply!!

The house has been completed back in 2000 or 1999.

1. Can you elaborate on point 3? Does that mean, i dont have to fork out anything to obtain loan 288K? What do I need to get started?
2. What kind of monthly rate are we looking at?
3. What is the best package for me. I am 30 years old , married with one kid.
4.Instead of borrowing 288k, can we ask for 250k?


ps. can we proceed in PM? so i can share with you more personal information?

Thanks again for your time !

1. yeah, you do not need to fork out anything because there is no processing fees, and the Legal (plus disbursement fees), valuation, and stamp-duty (LVS) fees are all included into the loan. However, you are responsible for the 10% deposit as well as the SPA/Stampduty(SPA) fees - let me know if you have not gotten a lawyer because combining the Loan and SPA lawyers is good because they can deal with themselves as opposed to having separate lawyers for loan and SPA

2. About RM1257 just for the house loan (RM288k), and RM32.17 for the LVS fees (RM7366)

3. For you, a flexi package for 40 years tenure, at a rate of BFR -2.3%

4. No problem! If your house market value is RM320k, you can borrow up to 90% if the house value, but you can borrow less if you want!

Yeah, lets do it through private channels!

Great thread.

1. What is the formula to qualify for loan by using guarantor? And how does this affect the guarantor in terms of his future purchase?
2. What is the policy in recognising the income of a Malaysian works in Singapore?

Thank you!! will take this into PM !!

Hello kbandito,

1. Different banks have different ways to evaluate a guarantor, so again, I can only speak for OCBC and OCBC Al-Amin. With us, a guarantor must:
a. Have 2 housing loans already
b. related to the borrower as spouse, parents, siblings.

2. The policy is that we use an internal OCBC exhange rate for singaporean dollar wage to be converted to ringgit Malaysia. The exact converstion rate is unknown to me, but it is NOT FAR from the current conversion rate. The banks use its own rate because it is easier to calculate wages without too much fluctuations. Also, 100% of your Singaporean nett income is considered as your malaysian nett income (as opposed to bonus and rental that only accepts 80%)

This post has been edited by wild_card_my: Jan 29 2013, 12:11 PM

If my wife and I have a joint-loan property years ago, can I do anything so that my wife'name can be out of the loan (my salary is adequate to finance the loan)?

Do I need to re-finance to get my wife's name out?

Thanks for helping!

Hello,

Yeah, in this case you can:

1. Buy her share in cash
2. Refinance so that the house is charged only under you.

Doing either of this will clear her name from CCRIS records

This post has been edited by wild_card_my: Jan 29 2013, 03:56 PM

solved by own

This post has been edited by kyoushi: Jul 20 2015, 02:16 PM

Hi,
I am new to purchase a property. Referring to the previous post, I saw that Islam banking will provide 100% loan??

I'm now interesting with a condo unit cost around 340k. I was thinking to get a 100% loan for my first home scheme. But i saw islamic bank is also will provide 100% loan?

Greeting Faiz,

I also interested to know same like eumoramaniac. I'm currently interested in a house with price Rm400k. My wife salary and mine is respectively RM4k + Rm 4.6k. We are seeking advice in securing the 100% loan and want to know what all the breakdown of charges that we need pay. Thank you for your help

Great thread,

can you point me to the link for printing out EPF statement?

free bump for this great thread ^-^