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Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!
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Wolffer
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 Sep 26 2018, 05:29 PM
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New Member
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My wife is now considering to rebuild her house which she lost during a fire 3 years ago. She just completed her land ownership transfer last year and also started a you char kuey stall last year as well.
Reason to rebuild:
1. Landed property (nearer to her stall, convenient for parents & grandparents.)
2. Need space to place cooking equipment & dough mixer (Large)
3. Ideal location middle of Petaling Jaya.
Our concern is :
1. Rebuild house is treated as 1st house purchase or refinance?
2. Business only been around for 1 year & 5 mths, just done her first year business income tax.
3. How difficult is it to get a loan to rebuild a house?
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Wolffer
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Sep 26 2018, 05:38 PM
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New Member
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QUOTE(wild_card_my @ Sep 26 2018, 05:35 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. [COLOR=red]Does all bank offer land + construction loan? 2. 1 year tax is OK, but wished the business (with SSM right?) has been around for longer than 2 years[COLOR=red] [COLOR=red] SSM only 1 year plus 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) [COLOR=red]Just started to draft the floor plan b. contractor details c. land title (i assume she has her name on the title) |
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