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

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lifebalance
post Mar 30 2019, 10:27 AM

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QUOTE(activexxx @ Mar 29 2019, 11:06 PM)
Currently, I got 2 loan application approved, both offer 4.45% rate.

HLB - informed by them that the loan package does not comes with MLTA or MRTA. If I need those insurance, told me to buy outside separately.

PBB - must take their MLTA/MRTA with the loan package.

What is the pros and cons if I buy insurance outside/not from the bank? Is it cheaper?
Please advise...
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Here is a comparison

user posted image

MLTA will be more viable for long term property investment and cheaper overall cost
Onioncapsium
post Mar 30 2019, 12:41 PM

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The time frame to sign the LO within how many days?
lifebalance
post Mar 30 2019, 12:49 PM

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QUOTE(Onioncapsium @ Mar 30 2019, 12:41 PM)
The time frame to sign the LO within how many days?
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14 days
screwedpeep
post Mar 30 2019, 03:09 PM

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to those who are in the midst of considering loan packages from banks; have you confirmed with bankers on your eligibility of stamp duty waiver under House Ownership Campaign (HOC)?

i asked my banker. she said no official memo yet. so still need to pay. we are going into April and this so called campaign which should run up only until end of June, has not yet make it to developers or banks.
apalexar
post Mar 30 2019, 06:05 PM

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QUOTE(screwedpeep @ Mar 30 2019, 03:09 PM)
to those who are in the midst of considering loan packages from banks; have you confirmed with bankers on your eligibility of stamp duty waiver under House Ownership Campaign (HOC)?

i asked my banker. she said no official memo yet. so still need to pay. we are going into April and this so called campaign which should run up only until end of June, has not yet make it to developers or banks.
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I think your banker know nothing, you should ask your lawyer instead of banker.
And if your property is registered under HOC then you will get MOT and loan agreement stamp duty free, others than that you still need to pay.
lifebalance
post Mar 30 2019, 07:23 PM

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QUOTE(screwedpeep @ Mar 30 2019, 03:09 PM)
to those who are in the midst of considering loan packages from banks; have you confirmed with bankers on your eligibility of stamp duty waiver under House Ownership Campaign (HOC)?

i asked my banker. she said no official memo yet. so still need to pay. we are going into April and this so called campaign which should run up only until end of June, has not yet make it to developers or banks.
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Refer as below

Exemption Period
Subject to Stamp Duty (Exemption) (No. 2) Order 2019 gazetted vide P.U. (A) 81 on 19 March 2019 and Stamp Duty (Exemption) (No. 3) Order 2019 gazetted vide P.U. (A) 82 on 19 March 2019, stamp duty exemptions are given for residential properties which are sold during the period between 1 January 2019 to 30 June 2019.

Eligibility for Exemption
Only ‘residential properties’, defined as houses, condominium units, apartments and flats including service apartments built and used as dwelling houses – with valid Developer’s Licence (DL) and Advertisement and Sale Permit (AP) or CCC (where applicable) are eligible to register, all other property types are not included in this exercise;
The service apartment must be for residential use only and cannot be converted for commercial activities;
Property price : RM300,001 to RM2.5 million (before discount);
It must be a sale from a developer to a purchaser or co-purchasers, all of whom are Malaysian citizens;
The stamp duty exemptions are applicable for the purchase of residential unit/s for Sale & Purchase Agreement executed between 1 January 2019 to 30 June 2019;
A minimum of 10% discount (from selling price) is applicable to all units that are not subjected to government price control.
Eligible properties in Peninsular Malaysia must be registered with REHDA Malaysia. Eligible properties in Sabah and Sarawak must be registered with SHAREDA (shareda.com) and/or SHEDA (www.sheda.org.my) respectively;

screwedpeep
post Mar 30 2019, 08:12 PM

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QUOTE(lifebalance @ Mar 30 2019, 07:23 PM)
Refer as below

Exemption Period
Subject to Stamp Duty (Exemption) (No. 2) Order 2019 gazetted vide P.U. (A) 81 on 19 March 2019 and Stamp Duty (Exemption) (No. 3) Order 2019 gazetted vide P.U. (A) 82 on 19 March 2019, stamp duty exemptions are given for residential properties which are sold during the period between 1 January 2019 to 30 June 2019.

Eligibility for Exemption
Only ‘residential properties’, defined as houses, condominium units, apartments and flats including service apartments built and used as dwelling houses – with valid Developer’s Licence (DL) and Advertisement and Sale Permit (AP) or CCC (where applicable) are eligible to register, all other property types are not included in this exercise;
The service apartment must be for residential use only and cannot be converted for commercial activities;
Property price : RM300,001 to RM2.5 million (before discount);
It must be a sale from a developer to a purchaser or co-purchasers, all of whom are Malaysian citizens;
The stamp duty exemptions are applicable for the purchase of residential unit/s for Sale & Purchase Agreement executed between 1 January 2019 to 30 June 2019;
A minimum of 10% discount (from selling price) is applicable to all units that are not subjected to government price control.
Eligible properties in Peninsular Malaysia must be registered with REHDA Malaysia. Eligible properties in Sabah and Sarawak must be registered with SHAREDA (shareda.com) and/or SHEDA (www.sheda.org.my) respectively;
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Thanks. I will check with my developer whether they're registered with REHDA.

Just need to double check, legal fees and stamp duty of loan agreement is paid to developer or bank?
Onioncapsium
post Mar 30 2019, 10:10 PM

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QUOTE(apalexar @ Mar 30 2019, 06:05 PM)
I think your banker know nothing, you should ask your lawyer instead of banker.
And if your property is registered under HOC then you will get MOT and loan agreement stamp duty free, others than that you still need to pay.
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if the project not register under HOC need to pay both MOT and loan agreement fee?
Agent said this project not under MOT so need to pay MOT but free stamping loan agreement,got this possible?
Onioncapsium
post Mar 30 2019, 11:24 PM

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For loan application usually people submit hard copy the require documents direct to banker or email softcopy to banker (this way safe not)?or better meet up and submit hardcopy?
apalexar
post Mar 30 2019, 11:26 PM

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QUOTE(Onioncapsium @ Mar 30 2019, 10:10 PM)
if the project not register under HOC need to pay both MOT and loan agreement fee?
Agent said this project not under MOT so need to pay MOT but free stamping loan agreement,got this possible?
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You mean not under hoc, pay for mot but not stamp duty for loan agreement?
Yes it is possible, if it's your first house and the price is not above 300k, or the developer borne the stamp duty for loan agreement.
Onioncapsium
post Mar 30 2019, 11:30 PM

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QUOTE(apalexar @ Mar 30 2019, 11:26 PM)
You mean not under hoc, pay for mot but not stamp duty for loan agreement?
Yes it is possible, if it's your first house and the price is not above 300k, or the developer borne the stamp duty for loan agreement.
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Yes , this is my first house but above 300k, and Agent mentioned package for this project is free all SPA and loan agreement fee but excluding MOT.
apalexar
post Mar 30 2019, 11:36 PM

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QUOTE(Onioncapsium @ Mar 30 2019, 11:30 PM)
Yes , this is my first house but above 300k, and Agent mentioned package for this project is free all SPA and loan agreement fee but excluding MOT.
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In this case your developer may borne the SPA legal+stamp duty & loan legal+stamp duty, except MOT fees, so you need to pay for the MOT. May check with your agent again.
azlanys1
post Mar 31 2019, 09:15 AM

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confused.gif confused.gif confused.gif
Hello sifus here,

I need some clarification on my Islamic housing loan (Semi Flexi Maybank since 2015).

Loan amount: RM578K

I compare my statement in 2016 and 2018 as follows:

31/12/2016:
Cost of Outstanding Finance: RM562 K
Total debit for the year = RM25091
Total credit for the year = RM38543
Profit charge for the month = RM2000.61
Monthly payment RM3122
31/12/2018:
Cost of Outstanding Finance: RM534 K
Total debit for the year = RM24515
Total credit for the year = RM38704
Profit charge for the month = RM2018.27
Monthly payment RM3197 (Increased since Apr 2018)

I need to know why was profit charge by bank in Dec 2016 vs Dec 2018 not reduced. Should it be lower in Dec 2018 since balance outstanding has dropped to RM534 k.

Let say if I dump RM100 K to reduce the balance will this profit charge by bank be reduced in my monthly statement.

Thank you

icon_question.gif
Pac Lease
post Mar 31 2019, 02:20 PM

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QUOTE(Onioncapsium @ Mar 30 2019, 11:24 PM)
For loan application usually people submit hard copy the require documents direct to banker or email softcopy  to banker (this way safe not)?or better meet up and submit hardcopy?
*
Well, is depend on customer preference. Some customer prefer send document via email , some customer prefer to meet up with agent or banker.
Onioncapsium
post Mar 31 2019, 09:42 PM

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QUOTE(apalexar @ Mar 30 2019, 11:36 PM)
In this case your developer may borne the SPA legal+stamp duty & loan legal+stamp duty, except MOT fees, so you need to pay for the MOT. May check with your agent again.
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ok. will check with my agent.
Onioncapsium
post Mar 31 2019, 09:45 PM

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QUOTE(Pac Lease @ Mar 31 2019, 02:20 PM)
Well, is depend on customer preference. Some customer prefer send document via email , some customer prefer to meet up with agent or banker.
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Is there any restriction to apply loan from few different bank (got maximum not)?
Pac Lease
post Mar 31 2019, 10:18 PM

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QUOTE(Onioncapsium @ Mar 31 2019, 09:45 PM)
Is there any restriction to apply loan from few different bank  (got maximum not)?
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There is not restriction to apply loan with few bank. U can try apply.
Good luck.
garylimcn
post Apr 1 2019, 09:08 AM

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guys, i little bit confuse on the loan interest.
I was been told that the loan interest were BR + A = 4.4%
BR is base on each bank
A is a fix rate.
If I was offered by 2 different bank with loan interest of 4.4%, but the fix rate "A" is different. How do I consider?
Pac Lease
post Apr 1 2019, 09:28 AM

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QUOTE(garylimcn @ Apr 1 2019, 09:08 AM)
guys, i little bit confuse on the loan interest.
I was been told that the loan interest were BR + A = 4.4%
BR is base on each bank
A is a fix rate.
If I was offered by 2 different bank with loan interest of 4.4%, but the fix rate "A" is different. How do I consider?
*
BR will be fluctuate but fixed rate capped that rate. U may check the effective rate for the fixed rate. Moreover, u may consider the after sales service. Which mean the way u pay the installment , call back inquiry regarding ur loan and bank branch.
lifebalance
post Apr 1 2019, 09:43 AM

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QUOTE(Onioncapsium @ Mar 30 2019, 11:24 PM)
For loan application usually people submit hard copy the require documents direct to banker or email softcopy  to banker (this way safe not)?or better meet up and submit hardcopy?
*
Either way submission is still the same.

QUOTE(azlanys1 @ Mar 31 2019, 09:15 AM)
confused.gif  confused.gif  confused.gif
Hello sifus here,

I need some clarification on my Islamic housing loan (Semi Flexi Maybank since 2015).

Loan amount: RM578K

I compare my statement in 2016 and 2018 as follows:

31/12/2016:
Cost of Outstanding Finance: RM562 K
Total debit for the year = RM25091
Total credit for the year = RM38543
Profit charge for the month = RM2000.61
Monthly payment RM3122
31/12/2018:
Cost of Outstanding Finance: RM534 K
Total debit for the year = RM24515
Total credit for the year = RM38704
Profit charge for the month = RM2018.27
Monthly payment RM3197 (Increased since Apr 2018)

I need to know why was profit charge by bank in Dec 2016 vs Dec 2018 not reduced. Should it be lower in Dec 2018 since balance outstanding has dropped to RM534 k.

Let say if I dump RM100 K to reduce the balance will this profit charge by bank be reduced in my monthly statement.

Thank you

icon_question.gif
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possibly because the interest rate you're paying has increased from 2018 vs 2016

QUOTE(Onioncapsium @ Mar 31 2019, 09:45 PM)
Is there any restriction to apply loan from few different bank  (got maximum not)?
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Suggest to apply max 4 banks at any point of time

QUOTE(garylimcn @ Apr 1 2019, 09:08 AM)
guys, i little bit confuse on the loan interest.
I was been told that the loan interest were BR + A = 4.4%
BR is base on each bank
A is a fix rate.
If I was offered by 2 different bank with loan interest of 4.4%, but the fix rate "A" is different. How do I consider?
*
It's Base Rate (BR) + Spread Rate (SR) = Effective Lending Rate (ELR)

SR is fixed when the offer is given but that's not entirely true as the bank can impose changes to the SR while you're serving your loan if you fail to pay on time for x amount of months. Usually 1 - 3 mths

With regards to if both banks give 4.4%, it won't differ much as you're still paying the same interest rate, so go with the bank offer that you have preference for.

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