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

idoblu
post Jan 10 2019, 08:11 PM

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Thanks guys, I just wait for their response see how
ganaesan
post Jan 13 2019, 07:39 PM

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Hello everyone, Need some advise on Government housing loan...

Plan to buy a landed house worth RM580k. I plan to take goverment loan 90%...

As i know 10% deposit is RM58k...

How much total initial cash money i need to fork out for S&P fee, legal fee, loan agreement fee, MOT fee, stamp duty fee and (any other fee tht i missed out here) ??

Anyone expert in government loan or experience taking government loan kindly please share your knowledge to me please..

Thanks

RVN10
post Jan 16 2019, 10:36 AM

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QUOTE(RVN10 @ Dec 24 2018, 03:53 PM)
Hi i was in process of buying a sub sale house. Had loan approved from cimb. I already sign the offer letter. S&p and  Loan aggrement haven't sign yet.  But now the seller had change of mind and don't want to proceed with transactions.

I called the loan agent, the person advice to keep the loan and find another property to swap/change address. But it is not easy to find your ideal house in short time period especially when the amount involved is in millions.

How do I go about cancelling the approved loan and will there be any fees charged to me. Please advise.
*
Hi all just want to update my posting above with final outcome for future reference by others. I manage to cancel the loan without any charges from CIMB. Received cancellation of facility letter today.

Additional info on status at time of cancellation.
- Bank loan offer letter signed
- Loan agreement not signed
- Valuer done site visit but valuation report not out.
blackseed202
post Jan 16 2019, 10:41 AM

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Will there be an effect to our credit facility if we apply for loan and then rejects it? My ccriss record is clean but the seller is asking for loan approval first then only decide for selling. No need for downpayment or anything.

Im asking just in case someone else got their loan offer quicker then my loan application would be go to waste. Any advice?
lifebalance
post Jan 16 2019, 12:27 PM

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QUOTE(blackseed202 @ Jan 16 2019, 10:41 AM)
Will there be an effect to our credit facility if we apply for loan and then rejects it? My ccriss record is clean but the seller is asking for loan approval first then only decide for selling. No need for downpayment or anything.

Im asking just in case someone else got their loan offer quicker then my loan application would be go to waste. Any advice?
*
no effect, however if you do it constantly then you will be questioned
Jie
post Jan 16 2019, 12:45 PM

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Hi All,

I got offer from Public bank,RHB and maybank so far trying to decide between this two.

1.) PBB Semi flexi 1st yr 4.35% subsequently 4.45% (semi flexi can reduce principle by any amount and min mrta only 6k)

2.) RHB full flexi 4.45% (* downside is need to reduce principle need to pay into loan account multiples of rm1000 and min mrta is higher at 9.7k)

3.) Maybank semi flexi 4.45%

what is your advice and which would you choose? Is maybank a better choice as it would have a more stable BR rate?

thanks in advance !
joway93
post Jan 16 2019, 02:04 PM

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Gotten an offer from Maybank.

LA = RM 473,850
MRTA = RM 3,543 (cover RM236,925 for 19 years)

Interest rate = 4.5%

Tenure 35 years.

Is this considered a pretty good deal? Is Maybank a better choice in terms of its BR?
lifebalance
post Jan 16 2019, 05:24 PM

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QUOTE(Jie @ Jan 16 2019, 12:45 PM)
Hi All,

I got offer from Public bank,RHB and maybank so far trying to decide between this two.

1.) PBB Semi flexi 1st yr 4.35% subsequently 4.45% (semi flexi can reduce principle by any amount and min mrta only 6k)

2.) RHB full flexi 4.45% (* downside is need to reduce principle need to pay into loan account multiples of rm1000 and min mrta is higher at 9.7k)

3.) Maybank semi flexi 4.45%

what is your advice and which would you choose? Is maybank a better choice as it would have a more stable BR rate?

thanks in advance !
*
I'm okay with either of them, probably you can narrow down to RHB or MBB

QUOTE(joway93 @ Jan 16 2019, 02:04 PM)
Gotten an offer from Maybank.

LA = RM 473,850
MRTA = RM 3,543 (cover RM236,925 for 19 years)

Interest rate = 4.5%

Tenure 35 years.

Is this considered a pretty good deal? Is Maybank a better choice in terms of its BR?
*
Okay seems fair
wild_card_my
post Jan 16 2019, 07:18 PM

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QUOTE(blackseed202 @ Jan 16 2019, 10:41 AM)
Will there be an effect to our credit facility if we apply for loan and then rejects it? My ccriss record is clean but the seller is asking for loan approval first then only decide for selling. No need for downpayment or anything.

Im asking just in case someone else got their loan offer quicker then my loan application would be go to waste. Any advice?
*
There wont be any issues, people cancel their loans for all sorts of reasons. But the credit controllers can see all the previous loan applications. And you have made too many loan applications and keep rejecting them, they may query your application the next time around.

QUOTE(RVN10 @ Jan 16 2019, 10:36 AM)
Hi all just want to update my posting above with final outcome for future reference by others. I manage to cancel the loan without any charges from CIMB. Received cancellation of facility letter today.

Additional info on status at time of cancellation.
- Bank loan offer letter signed
- Loan agreement not signed
- Valuer done site visit but valuation report not out.
*
I have a client who may face the same situation as yours. Harimau bank. We did everything by the book, but the owner may be cancelling the sales before SPA is signed. Will update the situation and see how it goes. Thanks for updating us with yours.

This post has been edited by wild_card_my: Jan 16 2019, 07:21 PM
Agent 45
post Jan 17 2019, 08:17 PM

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anyone mind to explain how does capping works on fully flexi loan? hlbb fully flexi loan has 70% capping on the principal loan amount, is this capping only applicable for lump sum payment? afaik, for example if loan 300k, pay lump sum more than 210k, the rest of 90k will still need to pay for interest.

if monthly installment is 1400/month, every month i pay 2400, how this 70% capping going to work?
lifebalance
post Jan 17 2019, 10:33 PM

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QUOTE(Agent 45 @ Jan 17 2019, 08:17 PM)
anyone mind to explain how does capping works on fully flexi loan? hlbb fully flexi loan has 70% capping on the principal loan amount, is this capping only applicable for lump sum payment? afaik, for example if loan 300k, pay lump sum more than 210k, the rest of 90k will still need to pay for interest.

if monthly installment is 1400/month, every month i pay 2400, how this 70% capping going to work?
*
1400 will still be paid towards your monthly installment and you need to specify the 1k extra is for prepayment towards the principal.

And yes 90k portion will need to serve the interest.

Unless your 1k extra prepayment has exceeded your 210k, the extra payable will no longer reduce any payable interest.

This post has been edited by lifebalance: Jan 17 2019, 10:34 PM
Agent 45
post Jan 18 2019, 09:18 AM

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QUOTE(lifebalance @ Jan 17 2019, 10:33 PM)
1400 will still be paid towards your monthly installment and you need to specify the 1k extra is for prepayment towards the principal.

And yes 90k portion will need to serve the interest.

Unless your 1k extra prepayment has exceeded your 210k, the extra payable will no longer reduce any payable interest.
*
which mean no matter how much extra payment i make, i cannot exceed the 210k limit? if exceeded 210k, any extra payment will still have to pay for interest?

does this mean that loan with no capping is better than loan with capping, if i have the ability to make extra payment every month(if both interest rate is the same)?

This post has been edited by Agent 45: Jan 18 2019, 09:22 AM
lifebalance
post Jan 18 2019, 01:04 PM

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QUOTE(Agent 45 @ Jan 18 2019, 09:18 AM)
which mean no matter how much extra payment i make, i cannot exceed the 210k limit? if exceeded 210k, any extra payment will still have to pay for interest?

does this mean that loan with no capping is better than loan with capping, if i have the ability to make extra payment every month(if both interest rate is the same)?
*
Yeap you're right on the no capping
Ekash
post Jan 19 2019, 04:21 PM

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Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.

Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..

If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??

Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??

Comments and inputs are welcomed.. Thx thx

@wild_card_my @lifebalance
wild_card_my
post Jan 20 2019, 01:12 AM

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QUOTE(Ekash @ Jan 19 2019, 04:21 PM)
Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.

Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..

If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??

Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??

Comments and inputs are welcomed.. Thx thx

@wild_card_my @lifebalance
*
1. The short answer is yes, you could, provided that the "cash-out" of one of the refinancing could cover the loan balance of the property that you are going to "consolidate" into the one loan account.

2. At 900k? Assume about 2% of the loan amount. To be sure, it is important to run some numbers with the law firm. The professional fees and stamp duty are fixed - for RM900k, they are RM8,692 and RM4,500 respectively. But there are other costs associated with the documents that will be put on you. Don't forget the valuation fees as well

For example:
user posted image

3. The good news is that, the "moving costs" can be financed on top of the 90% margin, making your margin about 92+%. All offers can be reviewed before signing. Most people mistake the "moving costs" financed by the banks as the actual costs, in reality, they are just the max amount to be financed, if the actual amount is lower/higher, the firm(s) may withdraw less from the allocation, or you would have to top up

3. This is a good option actually, which I have covered in some of my articles. Consolidating your mortgages for cash, to settle some other loans including another mortgage to free you from the 90% capping for only the first 2 residential properties.

4. Discharging a property from mortgages always has a cost, be it to discharge so it would be charged to another bank (refinancing) or to fully discharge it as a full-settlement (the one you would pay off in cash), this would be "absorbed" (haha, no free lunch eh?) by the lawyer that will do your refinancing loan agreement (LA)

This post has been edited by wild_card_my: Jan 20 2019, 01:14 AM
lifebalance
post Jan 20 2019, 01:53 AM

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QUOTE(Ekash @ Jan 19 2019, 04:21 PM)
Hi all sifus, would like to seek for some advices here. Appreciate it if you can help out.

Currently I have 2 properties under my name, one is landed (Johor) and another one is service apartment in Klang Valley. The residential loans are taken from 2 different banks as well, bank H* and bank M*.. With outstanding amount of 300k and 600k, different tenure left and with MRTA taken for both..

If I'm to consider the refinancing, can I choose to combine them under one residential loan only, say 900k loan if market value allowed? If yes, roughly how much would the refinancing fee be like?? Legal, valuation, and loan disbursement or stamp duty??

Would cancelling the old loans before expiry but after the lock in period, attract any legal cost??

Comments and inputs are welcomed.. Thx thx

@wild_card_my @lifebalance
*
You can combine them into 1 housing loan

in order to do so, 1 of your property must have enough appreciation in value to cash out enough to pay off the other property outstanding amount.

Example if your 600k property is worth 1.5m now, then you can cash out additional 300k to settle off the 300k outstanding house and lump it into 1 home loan.

In terms of refinancing a 900k loan, it's estimated roughly 22.5k


if it's after the lock in period, you will not incur any penalty if you choose to refinance.
Ekash
post Jan 20 2019, 03:10 PM

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QUOTE(wild_card_my @ Jan 20 2019, 01:12 AM)
1. The short answer is yes, you could, provided that the "cash-out" of one of the refinancing could cover the loan balance of the property that you are going to "consolidate" into the one loan account.

2. At 900k? Assume about 2% of the loan amount. To be sure, it is important to run some numbers with the law firm. The professional fees and stamp duty are fixed - for RM900k, they are RM8,692 and RM4,500 respectively. But there are other costs associated with the documents that will be put on you. Don't forget the valuation fees as well

For example:
user posted image

3. The good news is that, the "moving costs" can be financed on top of the 90% margin, making your margin about 92+%. All offers can be reviewed before signing. Most people mistake the "moving costs" financed by the banks as the actual costs, in reality, they are just the max amount to be financed, if the actual amount is lower/higher, the firm(s) may withdraw less from the allocation, or you would have to top up

3. This is a good option actually, which I have covered in some of my articles. Consolidating your mortgages for cash, to settle some other loans including another mortgage to free you from the 90% capping for only the first 2 residential properties.

4. Discharging a property from mortgages always has a cost, be it to discharge so it would be charged to another bank (refinancing) or to fully discharge it as a full-settlement (the one you would pay off in cash), this would be "absorbed" (haha, no free lunch eh?) by the lawyer that will do your refinancing loan agreement (LA)
*
QUOTE(lifebalance @ Jan 20 2019, 01:53 AM)
You can combine them into 1 housing loan

in order to do so, 1 of your property must have enough appreciation in value to cash out enough to pay off the other property outstanding amount.

Example if your 600k property is worth 1.5m now, then you can cash out additional 300k to settle off the 300k outstanding house and lump it into 1 home loan.

In terms of refinancing a 900k loan, it's estimated roughly 22.5k
if it's after the lock in period, you will not incur any penalty if you choose to refinance.
*
From the reply, if the 600k property cant fetch up to 900k now, then I cant really consolidate them together?? Can the loan be based on 2 diff property???
lifebalance
post Jan 20 2019, 04:38 PM

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QUOTE(Ekash @ Jan 20 2019, 03:10 PM)
From the reply, if the 600k property cant fetch up to 900k now, then I cant really consolidate them together?? Can the loan be based on 2 diff property???
*
What do you mean by 2 diff property ?
wild_card_my
post Jan 21 2019, 10:31 AM

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QUOTE(Ekash @ Jan 20 2019, 03:10 PM)
From the reply, if the 600k property cant fetch up to 900k now, then I cant really consolidate them together?? Can the loan be based on 2 diff property???
*
Basically what you would want is to have one of the properties to have appreciated in value enough that the cash-out portion of the loan would be able to cover the outstanding balance of the other property, that is to completely settle the loan on the other property.
KTCY
post Jan 21 2019, 01:15 PM

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Got my loan approved from MBB. 4.4%
Is this good rate ?

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