Dec 7 2013, 01:29 PM
QUOTE(chongmelvin2238 @ Dec 7 2013, 11:36 AM)
For my case
I pledged FD of 5% of the unit selling price becoz I wanted 90% loan. Banker said I only eligible of 85% due to my current commitment.
You will need to apply a loan and there will be a repayment schedule BUT u don't need to repay anything until VP. Upon VP, you can cancel the FD. Assuming VP is less than the lock in period stated, the facility will automatically void and bank will demand 100% repayment. At this point, ur FD can offset the loan.
Bank will earn
1) interest charges during construction (bare by developer)
2) penalty charges for loan less than certain period (if u have a lock in facility period)
What I will do is get a loan, pledged FD and continue serving the loan until MOT. If you settle the loan before MOT, LHDN will most likely buying u coffee.
good idea if got money, saved and secured.I pledged FD of 5% of the unit selling price becoz I wanted 90% loan. Banker said I only eligible of 85% due to my current commitment.
You will need to apply a loan and there will be a repayment schedule BUT u don't need to repay anything until VP. Upon VP, you can cancel the FD. Assuming VP is less than the lock in period stated, the facility will automatically void and bank will demand 100% repayment. At this point, ur FD can offset the loan.
Bank will earn
1) interest charges during construction (bare by developer)
2) penalty charges for loan less than certain period (if u have a lock in facility period)
What I will do is get a loan, pledged FD and continue serving the loan until MOT. If you settle the loan before MOT, LHDN will most likely buying u coffee.
This post has been edited by yang1976: Dec 7 2013, 01:53 PM
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