Hello all future neighbors!
Got another LO from OCBC. It's an islamic loan, semi flexi. Just wondering what are the differences between the islamic and non islamic loans, apart from the different terms used in the "interest".
Cheers!

i not sure, but i have the bias that anything islamic finance related is always better and lower interest rate compared to conventional

LOL ... smart chick will tekan her bf/keeper to pay for more units in SEH! Me failed jor, no bf/keeper, therefore kena korek dompet sendiri n beli

Yes, most of the syariah products are more attractive one lo!

those who ady signed the LO, did it state that legal fee, stamp duty, disburstment fee are chargable to you? i tot all that bear by them cos they we took from panel bank? No?!

Congrats bro neo! See you around.
Islamic loans recognises interest as profit. Apart from different terms used, islamic legal fee is tad higher compared to conventional.
However, from customer point of view, Islamic is tad cheaper vs conventional because based on Islamic banking founded on shariah principles - money cannot make money.
So, in the event, say you missed a payment - and you are charge late payment fee or additional interest - all these fees and interest cannot be charge the usual interest that is charged on the principal amount unlike conventional which treats the P+I as P in the coming month.

Also, alot of Islamic financing do not charge late payment fee or other hidden fee - they are more flexible in waiving all these. However, there are some limitations in the banking landscape itself impeding the growth of Islamic finance. Till today, i still have peers who thinks Islamic financing / finance are only for Islamic people.

rusty,

It wont be stated in the LO as this is the arrangement between SPS and the purchasers. SPS will pay all the charges directly to the appointed solicitors.

True
+1

Thats why you are Iron Lady my dear.
Iron Lady do not shed tears - they shed money and build empires.

Hi Bro Rusty,

It shouldnt be stated in the LO as SPS will pay this directly to the appointed solicitors - hence the selected / preassigned solicitors.

+1

Hello there,
My LO did stated DIBS scheme, but I noticed a clause at the end:

"What are the fees and charges I have to pay?
Stamp Duties
As per the Stamp Duty Act 1949 (Revised 1989)
Disbursement Fees
Include fees for registration of charge, land search and bankruptcy search
Processing Fees/Set Up Fees
Flexi
Setup Fee : RM200.00
Monthly Service Charge: RM 10.00 until full settlement of this HomeFlexi"

Does it means we have to pay stamp duties and disbursement fees? Thanks.

LOL ... do not shed tears, but shed money to build empire! INFINITY LIKE!!!

OK... thanks CY taikarjie

Thx to u 2 bro darween

haha this must b also CIMB LO same as mine. Just explained my CY & Darween. See above.

You're welcome!

Danke!

Everything pay by developer through panel solicitor except if you using government loan. If your banker need clarification just ask him to call personnel incharge in SEH(name card given) before sign LO. SEH personnel really helpful to explain detail to your banker. You only have to pay Service charge RM 10 per month if flexible loan and MRTA or MLTA if you want it.

But my draft CIMB LO stated DISP(Developer Interest Servicing Package) not DIBS even meaning no interest payment during construction period. Need further clarification on this matter.