it also depends on banks... some banks treat guarantor similar as joint borrower... so will be bound by the BNM LTV 70% requirement as well.. ie MBB
some other banks do not allow guarantor scheme. i'm aware ABB + OCBC allows it..

other than the above, concur with the rest of the item mentioned.


Cheers!

Hi,

Just to share the normal loan application process...

1. You can ascertain the loan margin of 90%, the rates, the tenure, everything via Loan Offer Letter...usually once the bank offer you a certain package, it will stand, unless in the process of executing your loan, they found out something, ie negative factor, or ur property actually on commercial title instead of residential title... something abnormal... the bank reserves the right to pull back the offer, amend the offer, etc... that is the bank's right!

2. In most circumstances, the bank officer would never want these "hanky panky" stuffs to happen.. but if it happens, it is unavoidable / unforeseen...

3. Most common things that happen would be in the valuation process... normally, bankers would called valuers to check on indication of value, by giving full address, size sq feet and any renovation.. if customers overstate the valuation, and bankers follow exactly and inform valuers of the overstated renovation, hence overstated valuation. Then during the actual valuation check, when valuers visit the said property, and found out it is not as per represented, then problem arose... bank will only release loan based on the lower of SPA price or actual valuation...so in these scenarios, buyer would need to pay out more cash upfront.

4. From the above valuation process, you would also know that the actual valuation check, and valuation report, only comes in 1-2 months later, after the signing of LO.

To address your concern, if you really want the valuation report, before you sign LO, you need to beware of 2 items...
(i) Valuation report takes time to prepare... fastest is maybe 2 weeks - 4 weeks.
(ii) If you want a valuation report, you need to pay upfront, instead of financing the valuation fees in the loan.

If either 1 of the above 2 items were not fulfilled, you will always have the risk, because valuation is just an indication... (usually 1 in 100 cases have this exposure)...

Hope these explanation helps!



Cheers!

Are you sure still 40 years? I thought BNM new policy made it compulsory to 35 years max only?


Cheers!

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