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 Guide and inquiries regarding housing loans, technical questions are welcome

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MEAKU15
post Jan 26 2013, 02:39 AM

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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.
MEAKU15
post Jan 27 2013, 01:31 AM

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QUOTE(wild_card_my @ Jan 26 2013, 01:06 PM)
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?
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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 !
MEAKU15
post Jan 27 2013, 10:43 PM

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QUOTE(wild_card_my @ Jan 27 2013, 01:07 PM)
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!
*
Thank you!! will take this into PM !!
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