Insurance agent,

This is not necessarily true, you have to factor in the dates and number of days of interest payable. Please read my explanation below

Okay this makes sense, especially if you factor in the differences between the number of days, thus affecting the number days interest is chargeable before your next installment. If you show the loan statement I can calculate for you why the interest increased from one month to another

Basically the calculation for interest payable is

The interest is paid first, so during the days there are more days, the interest chargeable is higher than the days where there less days, thus your principal repayment from the installment is also reduced.

This is a discussion forum. If you can't take the heat, just get off it. You can't match me that why you use profanities such as the ones that got you repeatedly banned. I have a lot of examples of your antics. Please behave yourself.

Hey, no biggie. Im just poking him here and there. This is how people learn; agents/bankers have come and go from this thread all the time, including ourselves. It's all just fun and games, a banter, so to speak. Don't worry about it.

1. For the statement you can check your online banking and get the figures

2. To each his own. Most people that I know of do not utilize the full-flexiness to its fullest extent. Can't argue against preferences

Yes you are at the right place. What type of applcication is it going to be?

1. refinance
2. subsale
3. underconstruction?

Are you currently working or running a business?

These are the basic documents required for subsale application, joint-applicants to provide as well:

PERSONAL DOCUMENTS
- NRIC front-back (do not cross)

PROPERTY DOCUMENTS
- Booking form provided by agent
- Relevant pages of current-owner's SPA
- Individual/strata title (if available)

EMPLOYMENT/CONTRACTUAL DOCUMENTS
- 3/6 months payslip (6 months for commission earners)
- 3/6 months bank statement
- Latest EPF statement
- 2 years EA form (for bonus calculation)
- Job letter offer (for new employees)

OTHER INCOME DOCUMENTS
- Stamped and valid tenancy agreements (for rental income)
- 6 months Bank statement (to verify rental income)
- Investment passbook/statement (for ASB, unit trusts, Tabung Haji)

Dont show here. The ideal way of doing this is to choose someone to help you with the process. You can go directly to the banks, approach a mortgage broker, or ask an insurance agent to help you for your mortgage application

The person helping you will ask for all the documents and information from you including the documents that i have listed above

Since it is a subsale, and you have paid the booking fees, time is of the essence

This post has been edited by wild_card_my: Aug 28 2018, 02:51 PM

they do. both full and semi-flexi. Some even have hybrid- OD+term loans

You mean for a withdrawal? yes it will take a few days upon request

1. Noticed you mentioned you have the documents ready, but for reference, these are the documents that you would need:

PERSONAL DOCUMENTS
- NRIC front-back (do not cross)

PROPERTY DOCUMENTS
- Booking form provided by agent
- Relevant pages of current-owner's SPA
- Individual/strata title (if available)

EMPLOYMENT/CONTRACTUAL DOCUMENTS
- 3/6 months payslip (6 months for commission earners)
- 3/6 months bank statement
- Latest EPF statement
- 2 years EA form (for bonus calculation)
- Job letter offer (for new employees)

2. Benefits for a first time home buyer:

a. Exemption of up to RM5,000 stamp duty on the SPA if the house is cheaper than RM500,000
b. Exemption of up to RM1,500 stamp duty on the Loan Agreement if the house is cheaper than RM500,000
c. It is possible to get 100% loan margin if you want to

Usually people cross it wrongly, so I would just ask them no to cross. Some banks stipulations about crossing them. For example, the crosses cannot be "printed" and has to be "inked/using-ballpen". So if the clients cross ahead of time before sending them over, the print out for the "cross" will appear printed.

Of course, this doesn't happen if the documents are sent in person, where the cross can happen live and with the proper wording like lifebalance have mentioned.

On that note, some people put there "for bank's use only" which doesn't protect them from other uses.

Rate that I have come across go as low as 4.55%, tenure limited to 25 years

No need, if you have cleared the PTPTN outstanding, just get a letter from PTPTN it can be these:

1. Ujrah letter, saying that have changed the term of the financing
2. Outstanding clearance letter, saying that you have made the clearance

Attach these letters along with your applicaiton

Just apply for a new loan for the new house. The issues with refinancing is the 10-year limit when calculating your commitment for the cash-out. You may end up having to apply for a "purchase" mortgage after all if the cash-out portion approvedis not enough

You would need some documents including the ones below. But most importantly is that you have the booking form and SPA/title (if already issued) for you to start with the application. Once the loan is approved then you can start with the legal work (SPA) and eventually LA

Kuching all the way across the narrow seas? Unfortunately I do not do Sabah-Sarawak. Don't have valuer contact there as well. I advice approaching a Kuching-based banker

It is a fine solution. Just need to make sure that all parties agree to it (vendor/developer as well as buyer). I spoke about it here: https://forum.lowyat.net/index.php?showtopi...&#entry85106040

Insurance agent,

It is not less secure, as the S&P still have to be signed and stamped before the EPF withdrawal can be made. If the buyer backs away from the sale they would still be liable to pay the 10% to the seller as part of the non-refundable deposit.

I have covered this before when you mistook the EPF withdrawal process as per below:



This post has been edited by wild_card_my: Sep 25 2018, 05:32 PM

Insurance agent,

Because the S&P is stamped, it can still be brought to court for the seller to claim the remaining 9%. 1% of 500k is still 5k and since the purchaser has to pay the legal fees and loan cancellation penalty if he has already signed those, it is as good as secured. Plus from my experience, for subsales the vendors would not stoop to something as low as 1%, only developers would. The normal figures are 3-5%.

Now if we were to follow your logic, in normal transactions (without using EPF as the downpayment) the purchasers would feel less secured then, as the sellers are holding their 10% (after S&P signed) of which in the event of an abortion of the transaction the purchaser too has a right to the 10% return of the deposit.

A year ago you are not even aware of EPF withdrawal to pay part of the 10% deposit, now you are the expert



This post has been edited by wild_card_my: Sep 25 2018, 06:12 PM

1. As for the stamp duty exemption, the answer that I got from the lawyers are:

Since your name has already been recorded to have a property (documents are sent to LHDN for stamping), you would not be eligible for the stamp duty exemption

2. As for the MRTA, banks are not allowed to force their customers to take MRTA when applying for a mortgage, but the banks have the right to increase the interest rates of the loan that they are offering you. Not all banks do this though, for example, HLBB does not increase their 4.55% rate during this promotion period.

Are you based in Klang Valley then? And making a purchase for properties in Kuching?

This post has been edited by wild_card_my: Sep 25 2018, 06:49 PM

1. You can apply for land + construction loan. But the documents are quite strict. You would need to have an approved plan ready in most cases. The financing will cover both the financing of the land and construction of the building.

2. 1 year tax is OK, but wished the business (with SSM right?) has been around for longer than 2 years

3. As per 1. It can be difficult in the form of the documents required:

a. approved plan by majlis and/or architech's board (Depending on the bank)
b. contractor details
c. land title (i assume she has her name on the title)

If I am not wrong, overdraft account statement is similar to credit card statement. In that when you borrow from the bank, the statement will show it as debit; and when you repay the bank, it would show as credit. So in this case, you debited RM100,000, and there should be another RM400k available for you to borrow

To confirm, it would be best if I can read the statement.

1. Not all banks offer land+construction. But it should not matter as you would need to re-apply for a new financing anyway

2. 1 year plus is quite young, but it can be done. Best to wait for 2 year SSM though

3. Yeap, draft it and get it approved. These are some of the documents required. No guarantees of approval though

Alternatively, you can just do a "land financing". The rate is a little higher and the margin is lower too, but since the land is no encumbered (no loans attached to the land), then all the money you receive from the financing can be used to build the house