Islamic mortgage, there are more document involved compare to conventional.

How much is the cost different?

For an indefinite amount of time, there will be a 20% stamp duty discount for Islamic Loan Agreement documents. Note: In conventional financing, there are only 2 legal docments necessary - Facility Agreement and Charge documents. But for Islamic financing, there are at least 3 (for some products 4), which brings up the total legal costs.

Hi guys, am going to purchase Empire Studio for RM 280k. Looking for a 90% loan, tenure up to 35 years.

Masjid Jamek, KL

OCBC does offer loans to anything bellow RM100k

1. The rate will be BLR - 1.8%

2. Maximum tenure is 35 years or until you are 70 years old

3. How old is the flat? Does it already have a Strata title?

Hello,

1. May I know the name of the project, and name of the developer?

2. Combination of the salary. No problem.

3. Typically the rate should start from BLR - 2.35% and it goes up from there. I will apply for you a number of banks to get the maximum value.

4. Have you paid for the booking fee yet?

Hello, I can help you with that:

1. I have helped clients get loans for Empire Studio before.

2. I have 7 banks under my firm's wing, I'll help you apply to 3 that is most suitable for you. On that note, don't apply to too many banks, as each bank will see your application from the previous banks and will think that you are simply playing around.

You can call me at the number in my signature below for quicker services

if really -2.5%, I'm interested to refinance!
What is the eligibility for the -2.5%?

Hello Bankers,

Would like to purchase RM376,000 house, completed with CF. Preferably zero cost entry. PM me, thanks.



This post has been edited by Underhill: Sep 9 2013, 05:59 PM

Hello Azri, please allow me to help

1. Would you like to apply for the 100% first home scheme? I do that for my clients all the time.

2. If you apply for 90% loan, there cost for the Legal, Valuation, and Stamp Duty can be included into the housing loan.

3. I have 7 banks under my firm's wing, can help you apply for the one that is most suitable for your risk profile, level or commitments, and salary.

4. Call me at the number in the sig below for swift services!

And 40 years tenure too, despite BNM's directive that all loan tenure to be capped at 35 years; but all power to the agent!

But eh, why not try other banks too while you are at it? I can help you with that!

cannot la -2.5%.
Its for >2m loan only.

If can get for my loan 300K++, sure geng!

Islamic mortgage, there are more document involved compare to conventional.

How much is the cost different?

For an indefinite amount of time, there will be a 20% stamp duty discount for Islamic Loan Agreement documents. Note: In conventional financing, there are only 2 legal docments necessary - Facility Agreement and Charge documents. But for Islamic financing, there are at least 3 (for some products 4), which brings up the total legal costs.

haha yeah i thought it was an overpromise..

Hello!

You are correct in that Islamic Loans have a little more documentation needed than conventional, but the number of extra documents required depends on the banks and products.

1. This is the typical list of documents required for conventional housing loan:

For Master-title property:
a) Facilities Agreement
b) Deed of assignment
c) Power of Atoorney

For Individual-title property:
a) Facilities agreement
b) Charge annexture

2. Islamic housing loans documents differ from one bank to another. For example, RHB Islamic requires up to 6 documentation.

3. Now, this is why OCBC Al-Amin is quite awesome (according to the lawyer that I deal with). For OCBC Al-Amin, everything is the same as conventional except for one document:

For Master-title property:
a) Facilities Agreement
b) Deed of assignment
c) Power of Atoorney

For Individual-title property:
a) Facilities agreement
b) Charge annexture
c) Asset purchase agreement <--- the only extra document required for OCBC Al-Amin's Islamic Housing Loan

4. The Asset-purchase-agreement only cost an extra about 5% of the legal fees. For example if your legal fees is RM4000, the Islamic loan is only merely RM42000. But the fees differ from one case to another (is it Master/Individual/Strata title, Lease/Freehold? etc.), to get the exact fees need to do quotation.

5. I hope this helps EVERYONE reading this. Also if you need recommendation for a lawyer, just ask That guy is panel to most banks in Malaysia, and work super-fast (according to my housing loan clients, and they are happy!)

Have a good day everyone! I'm off to my honey moon! Flight is tomorrow morning!

This post has been edited by wild_card_my: Sep 11 2013, 06:36 PM

Can reach u during honey moon?
u dah hit target to go honey moon

Dear banker, please pm your best package based on the following details:

Location: Jenaris 8, Bandar Botanic, Klang
Prop Type: Sub-sale and double storey intermediate
Size: 1496.2 sq ft (20 x 75)
Loan Tenure: => 35 yrs
Purchase Price: RM480k
Valuation: PBB estimation 465k and OCBC estimation 450k
Nett Monthly Income: RM 5,000 (Individual)
Monthly Commitment: RM 1.3k (Car Loan)
MOF: looking at 90%

Thanks.

any bank started to implement the refinance loan with only 10 years tenure?

Can, local-based honeymoon only. 4 days till Sunday. Monday back to work!

I'm replying to you on my honeymoon eve, I'm serious with my work la.

Hello,

1. The board rate with OCBC is BLR - 2.35%

2. Tenure can be had for up to 35 years if you are younger than 35 years old

3. 90% MOF of the estimated valuation (I haven't done the estimation yet) shouldn't be a problem if your CCRIS record is commendable

4. I have Maybank, OCBC, RHB, CIMB, AMBank and Alliance Bank under my firm, I will match the right profile with the right bank.

5. Hope I can serve you all the way to getting your house.

Thank you.

If I am not mistaken, all banks have started doing so already.

As far as I know, OCBC and Maybank already implemented this.

Bank - Maybank

Residential 90 + 5
-2.45 ( subsales) subject to some criteria
Normal rate up to -2.4

Commercial 85 + 5
-2.0% to -2.2%

Contact - O1O 213 2167 LEE
email : boardmefirst@gmail.com ( if concern, u can pm me for maybank company email )
servicing area : PJ & KL area only

If I refinance from Alliance bank to OCBC/Maybank, tenure only can up to 10 years?

Regarding top up/refinance, the maximum tenure only 10 years?

There are forumer talking this topic here. But nobody has the final answer.
https://forum.lowyat.net/topic/2889496 ( May i know now top up loan still can go for 35 Yr?, Top up & Refinance)

Hi all,currently standard chartered bank still can do refinancing / top up loan up to 35 years, please do PM me ASAP if you re interested

Refinance cash out part is up to 10 years only now.

Dear bankers

properties at Ukay perdana double storey
looking for loan 400000 to 450000
loan 70-75%

Mbb kindly pm me packages, others bank too.
prefer flexi loan.

Example of Previous Refinancing Practice
eg : Existing Loan : RM 300k
Mrket Value : RM 500k
Loan Amount : RM 450k(90%)
Based on new installment of 35 years (rate - 2.35%): RM 2060

After this rules : RM 300k is based on 35 years
Balance RM 150k is based on 10 years
New installment 300k(35 years same rate) : RM 1,374
*cashout*New installment 150k(10 years same rate) : RM 1,538
TOTAL NEW INSTALLMENT = RM 2912.00

Impact is RM 900.00 smile.gif on our commitment

I hope u can undrstand what i what i wnt to say..hehe

Yes and no

You can read more on the issue here as I have posted a comprehensive reply: https://forum.lowyat.net/index.php?act=ST&f...t=2889496&st=0#

Hello everyone, I am Faiz, and let me clear some things up

1. Recently BNM has set up a guideline to reduce the maximum tenure for personal loans to 10 years. This is done to curb increasing household debt and irresponsible or needless spending (wedding receptions, vacations, home appliances) by the Malaysian public..

2. Unfortunately, the cash-out portion from a refinancing is now considered as personal loans, because borrowers are mortgaging their property that has already been partially paid to get cash that can contribute to needless spending as per above.

3. So now, when refinancing:

a) The outstanding amount from your current loan as well as the redemption fees can be refinanced to the maximum tenure that is available to you (i.e 35 years or until age of 70 for most banks)

b) Anything extra, that is the cash out portion is limited to 10 years.

c) For most banks, the cash-out portion gets the same interest rate as the refinanced amount

4. So essentially, the best reason to refinance is to lower the interest rate from the old rate that you signed up with to the new rate.

5. However, it is not a bad idea to refinance to get some cash along the way because the rate is still significantly lower than the typical personal loans.

6. All BANKS as well as FINANCIAL INSTITUTIONS like MBSB has to follow this new rule. It is only a matter of time between now and the implementation.

7. As of now, the list of banks that has already implemented this rule are:

OCBC, MAYBANK

The banks that have yet to do it but confirmed to are:

MBSB, AMBANK, HSBC, STANDARD CHARTED

Everyone, I am a mortgage consultant. Self-professed, sure, but I am not an agent nor broker. I talk to my clients, discuss with them on the best methods to get a loan, indulge them with industry-related news and tangos, and my motto is share share share. Share with everyone on how involved I am with mortgages and I know you will come calling. So do call if you need to buy a property and need some help securing loans.

Check out my other threads down below to understand more about mortgages, don't forget to ask questions:

1) https://forum.lowyat.net/topic/2671761/+40

2) https://forum.lowyat.net/topic/2759418/+440

Thank you

Hey people, I have made a small illustration on the impact on your refinancing of the outstanding amount and the cash-out portion between the old policy and the new policy



This post has been edited by wild_card_my: Sep 14 2013, 10:39 AM