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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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lifebalance
post Apr 20 2018, 07:11 PM

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QUOTE(ping325 @ Apr 20 2018, 06:46 PM)
A and b is friend
A and c is sibling
Both snp and loan agreement change to a and c
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in this case have to sign a new SPA and do a new Loan Agreement.

On the MOT, since C is buying the half share, C needs to pay 50% MOT only, same for Loan Agreement.

You can't refinance this property, it will be treated as a buy/sell transaction
Geoffrey
post Apr 21 2018, 01:55 PM

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Hi.

1. I just signed a SPA today. I was informed to be charged about account opening for Maybank for RM212. Suddenly today, the lawyer informed me to pay another RM212 for ELDS. I was a bit shocked because I have never heard of it. First time buyer here and it’s a new house. Please advise what’s ELDS.

2. I was told by the banker and the lawyer, that Bank Negara has a rule that if we buy landed property, we will be charged for a fire insurance of about RM400 every year. And again, I never heard of this MUST-PAY insurance. They told me it is a rule set by Bank Negara. Is this true?

Thanks
lifebalance
post Apr 21 2018, 02:43 PM

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QUOTE(Geoffrey @ Apr 21 2018, 01:55 PM)
Hi.

1. I just signed a SPA today. I was informed to be charged about account opening for Maybank for RM212. Suddenly today, the lawyer informed me to pay another RM212 for ELDS. I was a bit shocked because I have never heard of it. First time buyer here and it’s a new house. Please advise what’s ELDS.

2. I was told by the banker and the lawyer, that Bank Negara has a rule that if we buy landed property, we will be charged for a fire insurance of about RM400 every year. And again, I never heard of this MUST-PAY insurance. They told me it is a rule set by Bank Negara. Is this true?

Thanks
*
1. ELDS is for the law firm to purchase the loan documentation for MBB

2. Yes compulsory
ngph988
post Apr 21 2018, 03:10 PM

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QUOTE(Geoffrey @ Apr 21 2018, 01:55 PM)
Hi.

1. I just signed a SPA today. I was informed to be charged about account opening for Maybank for RM212. Suddenly today, the lawyer informed me to pay another RM212 for ELDS. I was a bit shocked because I have never heard of it. First time buyer here and it’s a new house. Please advise what’s ELDS.

2. I was told by the banker and the lawyer, that Bank Negara has a rule that if we buy landed property, we will be charged for a fire insurance of about RM400 every year. And again, I never heard of this MUST-PAY insurance. They told me it is a rule set by Bank Negara. Is this true?

Thanks
*
ELDS is a lawyer system link with Maybank system for loan documentation status.

Fire insurance is compulsory is to cover your property in the event any natural disaster/human error caused damage towards your property structure. You may choose for bank recommended fire insurance company or any insurance company in market. Do note that should you select your own preferred insurance company, you need to request assignment from insurance to bank as an assurance.

This post has been edited by ngph988: Apr 21 2018, 05:18 PM
NecroPhilia
post Apr 21 2018, 05:03 PM

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QUOTE(lifebalance @ Apr 17 2018, 11:35 AM)
I am assuming 3k is the gross pay for each of you.

user posted image
Yes there is an option to finance in the legal fees, depending on your loan amount and also your profile.
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Thanks for your reply.

Because right now we are renting a place cost us 2k+ a month and it's very hard to save money at the end of the day.

Just wondering that whether possible for us to get ASB loan for our downpayment and buy house?

the house value maybe around 550-650k
ngph988
post Apr 21 2018, 05:23 PM

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QUOTE(NecroPhilia @ Apr 21 2018, 05:03 PM)
Thanks for your reply.

Because right now we are renting a place cost us 2k+ a month and it's very hard to save money at the end of the day.

Just wondering that whether possible for us to get ASB loan for our downpayment and buy house?

the house value maybe around 550-650k
*
Conventional way is to save up 10% down payment. If you're first home buyer, you may withdraw the down payment from your EPF account 2 by presenting the stamped SNP and stamped loan agreement/offer letter to KWSP. They will take about 7-14 working days to reimburse.

Do you have ASB loan on hand? Cause the simulation I have given was no any monthly commitment from banking facilities.
lifebalance
post Apr 21 2018, 08:17 PM

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QUOTE(NecroPhilia @ Apr 21 2018, 05:03 PM)
Thanks for your reply.

Because right now we are renting a place cost us 2k+ a month and it's very hard to save money at the end of the day.

Just wondering that whether possible for us to get ASB loan for our downpayment and buy house?

the house value maybe around 550-650k
*
Well you can but taking an Asb loan would mean it'll be part of your current commitment. Which means your housing loan may need to loan lesser.

However if you need that Asb loan for the Downpayment, I would say that you're taking in a lot of commitment for yourself just to buy a house.

I'd rather you save up enough for the Downpayment with your own money rather than taking a loan for Downpayment and take another home loan for it.

However if you insist on the idea above then you may try to take up a Asb loan for the Downpayment purpose. But I'll need to recalculate your amount that you can loan once you take out the asb.


NecroPhilia
post Apr 21 2018, 09:15 PM

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QUOTE(ngph988 @ Apr 21 2018, 05:23 PM)
Conventional way is to save up 10% down payment. If you're first home buyer, you may withdraw the down payment from your EPF account 2 by presenting the stamped SNP and stamped loan agreement/offer letter to KWSP. They will take about 7-14 working days to reimburse.

Do you have ASB loan on hand? Cause the simulation I have given was no any monthly commitment from banking facilities.
*
Yes I would like to save up to 10% conventionally as well. Since I’m from Sabah, the living expenses here is rather high and rental also kinda at the high side.

Thanks for the reminder for EPF2 account but I just working for about a year since graduate.

Both of us don’t have any ASB loan on hand. Can you do me a favour to see how much can we loan if we take up the asb loan for downpayment? Much much appreciated.
QUOTE(lifebalance @ Apr 21 2018, 08:17 PM)
Well you can but taking an Asb loan would mean it'll be part of your current commitment. Which means your housing loan may need to loan lesser.

However if you need that Asb loan for the Downpayment, I would say that you're taking in a lot of commitment for yourself just to buy a house.

I'd rather you save up enough for the Downpayment with your own money rather than taking a loan for Downpayment and take another home loan for it.

However if you insist on the idea above then you may try to take up a Asb loan for the Downpayment purpose. But I'll need to recalculate your amount that you can loan once you take out the asb.
*
So sorry and I know this is not the best solution. But for me, I would choose this path is because don’t want to continue to pay the house rental that cost me 2k per month..

Can you do me a favour to help me calculate if I take up the ASB loan for down payment?

And just wondering how much deviation of interest rate for ASB loan and home loan?

Thank you so much for your kindness.
ngph988
post Apr 23 2018, 12:24 AM

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QUOTE(NecroPhilia @ Apr 21 2018, 09:15 PM)
Yes I would like to save up to 10% conventionally as well. Since I’m from Sabah, the living expenses here is rather high and rental also kinda at the high side.

Thanks for the reminder for EPF2 account but I just working for about a year since graduate.

Both of us don’t have any ASB loan on hand. Can you do me a favour to see how much can we loan if we take up the asb loan for downpayment? Much much appreciated.

So sorry and I know this is not the best solution. But for me, I would choose this path is because don’t want to continue to pay the house rental that cost me 2k per month..

Can you do me a favour to help me calculate if I take up the ASB loan for down payment?

And just wondering how much deviation of interest rate for ASB loan and home loan?

Thank you so much for your kindness.
*

I think you need to get a lower rental start to save up some money, especially you're looking for a property. Try to minimize unnecessary spending and you will see your savings growing. biggrin.gif
lifebalance
post Apr 23 2018, 09:55 AM

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QUOTE(NecroPhilia @ Apr 21 2018, 09:15 PM)
Yes I would like to save up to 10% conventionally as well. Since I’m from Sabah, the living expenses here is rather high and rental also kinda at the high side.

Thanks for the reminder for EPF2 account but I just working for about a year since graduate.

Both of us don’t have any ASB loan on hand. Can you do me a favour to see how much can we loan if we take up the asb loan for downpayment? Much much appreciated.

So sorry and I know this is not the best solution. But for me, I would choose this path is because don’t want to continue to pay the house rental that cost me 2k per month..

Can you do me a favour to help me calculate if I take up the ASB loan for down payment?

And just wondering how much deviation of interest rate for ASB loan and home loan?

Thank you so much for your kindness.
*
You'll need to find out for me how much is your monthly installment after taking up an ASB loan for the downpayment purpose.

Then I will only be able to recalculate.
Geoffrey
post Apr 23 2018, 12:59 PM

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QUOTE(ngph988 @ Apr 21 2018, 03:10 PM)
ELDS is a lawyer system link with Maybank system for loan documentation status.

Fire insurance is compulsory is to cover your property in the event any natural disaster/human error caused damage towards your property structure. You may choose for bank recommended fire insurance company or any insurance company in market. Do note that should you select your own preferred insurance company, you need to request assignment from insurance to bank as an assurance.
*
Is that compulsory for ELDS?
lifebalance
post Apr 23 2018, 02:53 PM

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QUOTE(Geoffrey @ Apr 23 2018, 12:59 PM)
Is that compulsory for ELDS?
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it's compulsory.
TalkKing
post Apr 24 2018, 11:09 AM

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Hi all sifu, which bank has the lowest effective interest rate for mortgage about 450k? and what's the rate?
TalkKing
post Apr 24 2018, 11:09 AM

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Hi all sifu, which bank has the lowest effective interest rate for mortgage about 450k? and what's the rate?
lifebalance
post Apr 24 2018, 11:10 AM

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QUOTE(TalkKing @ Apr 24 2018, 11:09 AM)
Hi all sifu, which bank has the lowest effective interest rate for mortgage about 450k? and what's the rate?
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Ranges from 4.47% ~ 4.55%
CIMB, RHB, HLB, PBB, MBB
Ahsin1987
post Apr 24 2018, 11:55 AM

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Hi,

May i know if i can request bank to lower the interest rate after more than 3 years with good record paying credit on time?
lifebalance
post Apr 24 2018, 12:13 PM

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QUOTE(Ahsin1987 @ Apr 24 2018, 11:55 AM)
Hi,

May i know if i can request bank to lower the interest rate after more than 3 years with good record paying credit on time?
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Yes, you can request.

If you can't get the approval, you may opt for refinancing option.
NecroPhilia
post Apr 24 2018, 12:53 PM

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QUOTE(ngph988 @ Apr 23 2018, 12:24 AM)
I think you need to get a lower rental start to save up some money, especially you're looking for a property. Try to minimize unnecessary spending and you will see your savings growing.  biggrin.gif
*
Just wondering if I saved up 10% downpayment, how could I proceed with the loan if don't have the 5% legal fee+stamping fee.

QUOTE(lifebalance @ Apr 23 2018, 09:55 AM)
You'll need to find out for me how much is your monthly installment after taking up an ASB loan for the downpayment purpose.

Then I will only be able to recalculate.
*
It would be roughly RM700 per month installment.

Just wondering if I saved up 10% downpayment, how could I proceed with the loan if don't have the 5% legal fee+stamping fee.
lifebalance
post Apr 24 2018, 02:20 PM

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QUOTE(NecroPhilia @ Apr 24 2018, 12:53 PM)
Just wondering if I saved up 10% downpayment, how could I proceed with the loan if don't have the 5% legal fee+stamping fee.
It would be roughly RM700 per month installment.

Just wondering if I saved up 10% downpayment, how could I proceed with the loan if don't have the 5% legal fee+stamping fee.
*
You'll need to prepare for the 5% extra for legal fees and stamp duty as well as this is paid upfront as well otherwise you can't proceed with your SPA.

This is applicable for subsales

If you're buying project you can still delay the stamp duty cost until upon completion of the property.
css9028
post Apr 25 2018, 10:29 AM

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Hi sifu here...is it a standard procedure to conduct a medical checkup after accept the house loan (include mrta) with bank?feel surprise when banker told me i will be informed to do so...

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