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

lifebalance
post Aug 9 2018, 01:59 PM

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QUOTE(shiangyi @ Aug 9 2018, 01:49 PM)
Hi, so in other words, the example here is misleading?

Source: https://mypf.my/2016/11/02/malaysia-propert.../#comment-20672

Thank you.
*
The example you quoted is correct. The amount disbursed is in stages whereby if you. Made extra prepayment at any point of time, it will effectively reduce the interest incurred.

However it will be very tedious to keep track of each of these stages because of many variables such as how much is the outstanding loan at that point of time and when it was disbursed

To not over complicate yourself, just allow the bank system to auto calculate it for you.
altism
post Aug 10 2018, 01:09 AM

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This post has been edited by altism: Aug 10 2018, 01:10 AM
wild_card_my
post Aug 10 2018, 02:56 PM

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QUOTE(shiangyi @ Aug 9 2018, 01:49 PM)
Hi, so in other words, the example here is misleading?

Source: https://mypf.my/2016/11/02/malaysia-propert.../#comment-20672

Thank you.
*
I would not say it is misleading, but it is "inaccurate" to the real world situation. Plenty of things will differ from a simple calculation. If you want the exact calculation, you have to differentiate between 365 annual days to 360 annual days, daily/monthly interest charges, the day the money is disbursed and the day you made the payment of your installments.

All this things are usually not factored in the calculation, which means sometimes it is off by a few ringgit or decimals for the installment

blackseed202
post Aug 10 2018, 06:28 PM

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Can i ask. Developer is selling at around 300k. With extra 10% discount, purchase price is 270k. Is it possible to get 100% from the 270k? Meaning 90% from the 300k?

What are the risk pros and cons involved?


Thanks
wild_card_my
post Aug 10 2018, 06:30 PM

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QUOTE(blackseed202 @ Aug 10 2018, 06:28 PM)
Can i ask. Developer is selling at around 300k. With extra 10% discount, purchase price is 270k. Is it possible to get 100% from the 270k? Meaning 90% from the 300k?

What are the risk pros and cons involved?
Thanks
*
It depends

1. Is the 10% discount reflected on the SPA? If it is reflected on the SPA, the 90% margin will be applied to RM270k, which means your loan amount is RM243k

2. If the 10% discount (or what we call rebate) is not reflected on the SPA, the 90% margin can be applied to RM300k, making your loan amount RM270k

best of luck.
lifebalance
post Aug 10 2018, 06:31 PM

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QUOTE(blackseed202 @ Aug 10 2018, 06:28 PM)
Can i ask. Developer is selling at around 300k. With extra 10% discount, purchase price is 270k. Is it possible to get 100% from the 270k? Meaning 90% from the 300k?

What are the risk pros and cons involved?
Thanks
*
Hi, when you buy a developer unit, they will always state your purchase price as 300k on the booking form and provide the 10% discount.

When you hand over the booking form to the bank, the bank will process 90% loan based on 300k purchase price.

So technically you're still not required to pay any extra downpayment
wild_card_my
post Aug 10 2018, 06:34 PM

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QUOTE(lifebalance @ Aug 10 2018, 06:31 PM)
Hi, when you buy a developer unit, they will always state your purchase price as 300k on the booking form and provide the 10% discount.

When you hand over the booking form to the bank, the bank will process 90% loan based on 300k purchase price.

So technically you're still not required to pay any extra downpayment
*
Insurance agent,

This is technically incorrect. The developers will NOT ALWAYS state the purchase price as per the selling price. Your inexperience in property transaction really shows this time around. There are differences between discounts and rebate. Discounts are reflected on the SPA, while rebate is "given under the table", so to speak. The client needs to clarify with the agent if these things are rebate or discounts.

This goes into the list. The more you talk the more you display your incompetency cool2.gif cool2.gif cool2.gif

Not knowing the difference between discounts and rebates for a property purchase

This post has been edited by wild_card_my: Aug 10 2018, 06:37 PM
blackseed202
post Aug 10 2018, 06:52 PM

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Thanks. I have clarified with the developer they can adjust the snp so that the bank can do full loan before the bumi discount.
blackseed202
post Aug 10 2018, 06:57 PM

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What would be the risk involved? The pros would be i dont have to be paying the downpayment but over time is paying more on interest right?
wild_card_my
post Aug 10 2018, 07:01 PM

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QUOTE(blackseed202 @ Aug 10 2018, 06:52 PM)
Thanks. I have clarified with the developer they can adjust the snp so that the bank can do full loan before the bumi discount.
*
Good, so the S&P wil be RM300k, and the bumi discount is applied as a "rebate". So you will not have to pay the full 10% downpayment

QUOTE(blackseed202 @ Aug 10 2018, 06:57 PM)
What would be the risk involved? The pros would be i dont have to be paying the downpayment but over time is paying more on interest right?
*
yes,

1. Your loan amount will be higher (as per what you want, as you avoid paying the full 10% downpayment)

2. Your total interest payment is also higher, thus your installment is higher than if you had lower loan amount

Risks? Hurm, the normal inherent risks from borrowing, which applies to both 90% of RM270k and RM300k.
blackseed202
post Aug 10 2018, 07:14 PM

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QUOTE(wild_card_my @ Aug 10 2018, 07:01 PM)
Good, so the S&P wil be RM300k, and the bumi discount is applied as a "rebate". So you will not have to pay the full 10% downpayment
yes,

1. Your loan amount will be higher (as per what you want, as you avoid paying the full 10% downpayment)

2. Your total interest payment is also higher, thus your installment is higher than if you had lower loan amount

Risks? Hurm, the normal inherent risks from borrowing, which applies to both 90% of RM270k and RM300k.
*
If i could get better return from the 10% downpayment why would i give it to the developer right? Let say banks interest is 4.9. I invest somewhere else lets say asb, i would get a better rate as the return so far is more than 6%. Financially in terms of numbers that would be better right?

But of course some people would rather have less debt or settle debt early etc.

Cool. I was just afraid that marking up loan is illegal or may have other consequences. Also, in the future, if i would sell the unit, it would be on the snp price or the bank loan price? If based on the snp price, i would save more on capital gain tax right?
wild_card_my
post Aug 10 2018, 07:20 PM

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QUOTE(blackseed202 @ Aug 10 2018, 07:14 PM)
If i could get better return from the 10% downpayment why would i give it to the developer right? Let say banks interest is 4.9. I invest somewhere else lets say asb, i would get a better rate as the return so far is more than 6%. Financially in terms of numbers that would be better right?

But of course some people would rather have less debt or settle debt early etc.

Cool. I was just afraid that marking up loan is illegal or may have other consequences. Also, in the future, if i would sell the unit, it would be on the snp price or the bank loan price? If based on the snp price, i would save more on capital gain tax right?
*
yes, so what most bumiputras would do is to get 90% of the full houseprice (in your case it is RM300k). So your loan is 270k, and only pay 2% to the developer (assuming that the Bumi discount/rebate is 8% off the purchase price)

You would have saved 8% or RM24k that you can invest in ASB, as you have mentioned.

This is also part of the reason Bumiputras should not bother with full-flexi facilities, this is because they have better options for safe and "guaranteed" returns (historically) in the form of ASB

2. yes, nothing illegal about it. If the bank knows, all they can do is to reduce the margin, but seldom see banks do this (Maybank does this sometimes on some projects to protect their interest)

3. For RPGT calculation, it will be based on the S&P price plus other purchasing costs like the legal costs, etc., topic for another day, but you got the idea. So if the purchase price is RM300k on the S&P, and the house is sold for RM450 in 4 years time, the RPGT will be applied on RM150k. This would save a lot on the RPGT (provided that you want to sell it off in the next 5 years)

This post has been edited by wild_card_my: Aug 10 2018, 07:28 PM
blackseed202
post Aug 10 2018, 07:58 PM

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QUOTE(wild_card_my @ Aug 10 2018, 07:20 PM)
yes, so what most bumiputras would do is to get 90% of the full houseprice (in your case it is RM300k). So your loan is 270k, and only pay 2% to the developer (assuming that the Bumi discount/rebate is 8% off the purchase price)

You would have saved 8% or RM24k that you can invest in ASB, as you have mentioned.

This is also part of the reason Bumiputras should not bother with full-flexi facilities, this is because they have better options for safe and "guaranteed" returns (historically) in the form of ASB

2. yes, nothing illegal about it. If the bank knows, all they can do is to reduce the margin, but seldom see banks do this (Maybank does this sometimes on some projects to protect their interest)

3. For RPGT calculation, it will be based on the S&P price plus other purchasing costs like the legal costs, etc., topic for another day, but you got the idea. So if the purchase price is RM300k on the S&P, and the house is  sold for RM450 in 4 years time, the RPGT will be applied on RM150k. This would save a lot on the RPGT (provided that you want to sell it off in the next 5 years)
*
Nice. Very informative. I wonder if you have a nice package better than my current offer which is 4.4% for first 2 yrs then 4.5 thereafter?
wild_card_my
post Aug 10 2018, 11:42 PM

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QUOTE(blackseed202 @ Aug 10 2018, 07:58 PM)
Nice. Very informative. I wonder if you have a nice package better than my current offer which is 4.4% for first 2 yrs then 4.5 thereafter?
*
Typically for the loan amount price the lowest rate is 4.47% for the rest of the life. I think you got the HLBB offer right?
blackseed202
post Aug 11 2018, 02:25 PM

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QUOTE(wild_card_my @ Aug 10 2018, 11:42 PM)
Typically for the loan amount price the lowest rate is 4.47% for the rest of the life. I think you got the HLBB offer right?
*
Yeah HLBB
lifebalance
post Aug 11 2018, 09:59 PM

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QUOTE(blackseed202 @ Aug 10 2018, 06:52 PM)
Thanks. I have clarified with the developer they can adjust the snp so that the bank can do full loan before the bumi discount.
*
Developer won't be so bad to put based on 270k instead of 300k normally. Haha

Listen to spinner then you get confused

QUOTE(blackseed202 @ Aug 10 2018, 06:57 PM)
What would be the risk involved? The pros would be i dont have to be paying the downpayment but over time is paying more on interest right?
*
The pros of course you don't have to pay any Downpayment for your purchase

For con, the more you Loan the more interest and installment you need to pay monthly

QUOTE(blackseed202 @ Aug 10 2018, 07:14 PM)
If i could get better return from the 10% downpayment why would i give it to the developer right? Let say banks interest is 4.9. I invest somewhere else lets say asb, i would get a better rate as the return so far is more than 6%. Financially in terms of numbers that would be better right?

But of course some people would rather have less debt or settle debt early etc.

Cool. I was just afraid that marking up loan is illegal or may have other consequences. Also, in the future, if i would sell the unit, it would be on the snp price or the bank loan price? If based on the snp price, i would save more on capital gain tax right?
*
If you can invest outside better that gives higher than 4.9% than the bank interest rate then yes put your money in that investment.

With a higher investment return you can use it to pay off your housing loan faster.

No la it won't be illegal. For future selling your RPGT will be based on your SPA price and selling price, if you choose to sell within 5 years time but after more than 5 years, it won't be much difference

QUOTE(blackseed202 @ Aug 10 2018, 07:58 PM)
Nice. Very informative. I wonder if you have a nice package better than my current offer which is 4.4% for first 2 yrs then 4.5 thereafter?
*
Well you can consider Public Bank which gives 4.47%

QUOTE(blackseed202 @ Aug 11 2018, 02:25 PM)
Yeah HLBB
*
wild_card_my
post Aug 11 2018, 11:58 PM

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QUOTE(lifebalance @ Aug 11 2018, 09:59 PM)
Listen to spinner then you get confused
*
 
I did not spin, I needed to clarify the situation to avoid giving the wrong advise like you always do in this forum. I am not like you you who blatantly display your lack of ethics out in the open. For example, I caught you misrepresenting MRTA just so that you could sell MLTA here: Link here

You do not care about the client's need, all you want is to sell insurance to the clients, this is shown in all of your mistakes that you have made all this while - your replies lack substance and are full of mistakes because you always want to be the first to reply, but you never think nor do you clarify with people in the know.

I do not need to do so because I am very experienced in mortgages - I coach people in mortgages, having multiple refresher courses for real estate agencies. I do not need to clarify with anyone, instead, people clarify with me. And in the event where I need to get the latest product updates, I know a lot of team managers in the bank, they are all one phone call away. You on the other hand, are a life insurance agent, your lack of experience in mortgages shows in your posts; that is fine though, making mistakes is fine, even I do that sometimes, but your biggest weakness as a person and as a "professional" is your refusal to admit your mistakes and not crediting the people that you have learned from.

Not to mention that I caught you passing off other people's work as if it was your own, essentially performing a plagiarism. The proper way of sharing work is to provide the work as is, and crediting the source. You on the other hand, took the whole article, changed a few words, posted your work without crediting the source. If you were in college you would been kicked out for your crimes. In fact, you have probably committed copyright-crime by doing what you did here: Link here

This is why you repeatedly get suspended form the forum, because you keep on calling other people "stupid" when they point out the errors of your ways. I will keep on calling you out, because your are dangerous as you are misleading because your main objective in doing mortgages is to sell MLTA insurance, as shown on your bias when it comes to insurance advice - your "professional" bias on MLTA vs getting what the clients really need

And when you can't refute my allegations of your malpractice and misselling, you resort to name calling like the post you made in response to me below. Please stop doing so or I will keep bringing this up. You were never good enough to be on my level, and it shows when you never back your defense or assertions with facts nor figures; all you end up doing is insulting the people you are in discussions with. Examples given below. This is who you really are:

user posted image

This post has been edited by wild_card_my: Aug 12 2018, 12:29 AM
cipan2001
post Today, 11:51 AM

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Hi Guys got question.

I already sign LO from RHB Bank around August 2017. The Loan around 300k.
However, till now the project are damn slow. The land still like forest and we are not yet sign any SPA.

Now, I thinking to changed another project. The price around 500k.
Will it affect my loan application of new Project since I checked the amount of 300k already visible inside my CCRIS

Maeve1707
post Today, 04:51 PM

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Hi Sifu,

Newbie here, can i ask how the probability MRTT been rejected due removal surgery? is there other solution ?? cry.gif

By the way, will the distance of housing loan branch be an issue? Shall we choose branch which nearer to us? hmm.gif

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