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

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LazyKurosaki
post Jun 17 2019, 12:46 AM

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QUOTE(wild_card_my @ Jun 16 2019, 11:39 PM)
OCBC rates are quite OK. Prior to the BR reduction, about 4.41% for 500k and above.
It depends, if it is under schedule H (checkout the HDA), the the loan would be tagged as a residential loan thus the 90% margin applies, just like any other residential units. The 85% margin limit for commercial loans are set by the banks themselves, to reduce their exposure to "investment" properties.

Between the developers' sales agent who will help you processing the loan, and the subsales agent, I would trust the developers' sales agent because those projects are their own.

It is not unheard of that subsale agents would sway the purchaser into buying their own units by downplaying the competition - for some the 5% difference between 90% and 85% is a huge factor.

Investment properties carry with the higher risks, and are defaulted more often than own-use residential.
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How bout uob hsbc and standard chartered rate?

lifebalance
post Jun 17 2019, 09:27 AM

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QUOTE(blanket84 @ Jun 15 2019, 02:05 PM)
How accurate is this calculator? RM200 off means less 2 weekends of eating out in a month for my family sweat.gif

Thanks for the recommendation though..
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instead of rushing to buy a property and take up a long term commitment which is risky for you at the moment, consider renting first until you find a more suitable solution for yourself as renting would not tie you down.

QUOTE(LazyKurosaki @ Jun 16 2019, 01:01 PM)
Nowadays No1 taking foreign bank loan edi? Their rate not good?
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rates with foreign banks are not really that bad, especially for my OCBC clients recently.

First 2 years 4.1% and thereafter 4.18% subject to customer scoring

QUOTE(Drian @ Jun 16 2019, 05:06 PM)
For commercial title service apartment (residential) , is 90% Loan amount allowed?

Some of the newer developer projects considers them as 90% loan but my subsale agent says it is 85%. So which is true?
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depends if the project is under HDA or not. if yes then it's up to 90% depending on the bank.
LazyKurosaki
post Jun 17 2019, 11:14 AM

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QUOTE(lifebalance @ Jun 17 2019, 09:27 AM)
instead of rushing to buy a property and take up a long term commitment which is risky for you at the moment, consider renting first until you find a more suitable solution for yourself as renting would not tie you down.
rates with foreign banks are not really that bad, especially for my OCBC clients recently.

First 2 years 4.1% and thereafter 4.18% subject to customer scoring
depends if the project is under HDA or not. if yes then it's up to 90% depending on the bank.
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Wow. Ocbc rate this good?? Comparable to pbb edi.. Hw bout other foreign like HSBC uob standard chartered?
lifebalance
post Jun 17 2019, 11:16 AM

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QUOTE(LazyKurosaki @ Jun 17 2019, 11:14 AM)
Wow. Ocbc rate this good?? Comparable to pbb edi.. Hw bout other foreign like HSBC uob standard chartered?
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Sorry don't have much cases sent to those banks recently, can't tell much biggrin.gif
wild_card_my
post Jun 17 2019, 11:26 AM

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QUOTE(LazyKurosaki @ Jun 17 2019, 11:14 AM)
Wow. Ocbc rate this good?? Comparable to pbb edi.. Hw bout other foreign like HSBC uob standard chartered?
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Yeap they actually just got back into the mortgage business after a few years slowing down; at least that is what my banker told me. They want to ramp up their mortgage business, so they are offering OK rates.
joe8489
post Jun 17 2019, 02:54 PM

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loan = 730k;
maybank = BR + 1.15%

good?
Pac Lease
post Jun 17 2019, 02:59 PM

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QUOTE(joe8489 @ Jun 17 2019, 02:54 PM)
loan = 730k;
maybank = BR + 1.15%

good?
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good deal.
wild_card_my
post Jun 17 2019, 03:35 PM

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QUOTE(joe8489 @ Jun 17 2019, 02:54 PM)
loan = 730k;
maybank = BR + 1.15%

good?
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4.15%? That is good.
lifebalance
post Jun 17 2019, 04:04 PM

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QUOTE(joe8489 @ Jun 17 2019, 02:54 PM)
loan = 730k;
maybank = BR + 1.15%

good?
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4.15% is good
dj1 P
post Jun 17 2019, 07:43 PM

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Guys,

Just signed the Letter of Confirmation (Sale), so couple of questions:

The mode of payment shall be as follow:

a. "Within 90 days from date of S&P/consent from Date Authority/Developer to pay 90%

b.The additional grace period for payment of balance purchase is 30 days carrying an interest rate 8% per annum.

Is the above clauses standard?

Also the agent forgot to sign as witness under my signature. But did sign under seller's signature. So does it void the Letter ?

Lastly is 90 days more than enough to conclude the S&P?
My credit rating is good, do not have any debts. Do use CC, but always pay on time.

Thanks in advance
lifebalance
post Jun 17 2019, 10:12 PM

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QUOTE(dj1 @ Jun 17 2019, 07:43 PM)
Guys,

Just signed the Letter of Confirmation  (Sale), so couple of questions:

The mode of payment shall be as follow:

a. "Within 90 days from date of S&P/consent from Date Authority/Developer to pay 90%

b.The additional grace period for payment of balance purchase is 30 days  carrying an interest rate 8% per annum.

Is the above clauses standard?

Also the agent forgot to sign as witness under my signature. But did sign under seller's signature. So does it void the Letter ?

Lastly is 90 days more than enough to conclude the S&P?
My credit rating is good, do not have any debts. Do use CC, but always pay on time.

Thanks in advance
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Yea the clause above are standard.

As for the witnessing, it's arguable.

Normally the time frame is enough within the 3 + 1 period unless your SPA lawyer screws up.



wild_card_my
post Jun 18 2019, 12:22 AM

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QUOTE(dj1 @ Jun 17 2019, 07:43 PM)
Guys,

Just signed the Letter of Confirmation  (Sale), so couple of questions:

The mode of payment shall be as follow:

a. "Within 90 days from date of S&P/consent from Date Authority/Developer to pay 90%

b.The additional grace period for payment of balance purchase is 30 days  carrying an interest rate 8% per annum.

Is the above clauses standard?

Also the agent forgot to sign as witness under my signature. But did sign under seller's signature. So does it void the Letter ?

Lastly is 90 days more than enough to conclude the S&P?
My credit rating is good, do not have any debts. Do use CC, but always pay on time.

Thanks in advance
*
1. The actual date is based on the SPA, not so much on the LOP (letter offer to purchase). So this depends quite a bit on your SPA lawyer.

2. The clauses are standard, but some lawyers will be on your side and apply "90 working days" as opposed to calendar days.

3. 90 days is standard, but there may be other pending issues such as your LA lawyer or the bank itself taking their time. The land office may be of some trouble too especially if we are looking at leasehold properties. But any good SPA lawyer will have the 90 days start counting from the day transfer of lease approval is received from the land office

4. As for the signature, if you bring it to court, it may void the letter as part of your evidence. But at this point, the only concern would be getting your deposit back if none of your loan applications are approved. But you have your bank-in receipt right? The deposit was made to the agent's "CLIENTS' ACCOUNT" right?
dj1 P
post Jun 18 2019, 01:02 PM

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QUOTE(wild_card_my @ Jun 18 2019, 12:22 AM)
1. The actual date is based on the SPA, not so much on the LOP (letter offer to purchase). So this depends quite a bit on your SPA lawyer.

2. The clauses are standard, but some lawyers will be on your side and apply "90 working days" as opposed to calendar days.

3. 90 days is standard, but there may be other pending issues such as your LA lawyer or the bank itself taking their time. The land office may be of some trouble too especially if we are looking at leasehold properties. But any good SPA lawyer will have the 90 days start counting from the day transfer of lease approval is received from the land office

4. As for the signature, if you bring it to court, it may void the letter as part of your evidence. But at this point, the only concern would be getting your deposit back if none of your loan applications are approved. But you have your bank-in receipt right? The deposit was made to the agent's "CLIENTS' ACCOUNT" right?
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Yes, the cheque was made to the agent's company name.

Now with the LOI together with my pay slip, I can start sourcing for bank loan right?

Also I have approached a couple of lawyers and one said I need the land title then only can apply for loan? Anyway am going to try getting loan with just the LOI and pay slip.

Thanks all for your excellent replies. I'm buying a sub sale freehold house.
wild_card_my
post Jun 18 2019, 01:11 PM

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QUOTE(dj1 @ Jun 18 2019, 01:02 PM)
Yes, the cheque was made to the agent's company name.

Now with the LOI together with my pay slip, I can start sourcing  for bank loan right? 

Also I have approached a couple of lawyers and one said I need the land title then only can apply for loan?  Anyway am going to try getting loan with just the LOI and pay slip.

Thanks all for your excellent replies.  I'm buying a sub sale freehold house.
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Depending on the type of purchase you would generally need:

PERSONAL DOCUMENTS
- NRIC front-back (do not cross)

PROPERTY DOCUMENTS
- Booking form provided by agent
- Relevant pages of current-owner's SPA
- Individual/strata title (if available)

EMPLOYMENT/CONTRACTUAL DOCUMENTS
- 3 months payslip | 6 months if variable income
- 3 months bank statement | 6 months if variable income
- Latest EPF statement
- 2 years EA form (for bonus calculation)
- Job letter offer (for new employees)

The title is important especially if the property has already been subdivided into individual titles. At the very least give the the title details. If you apply from lawyer they will help source for the bank loans as well. Best of luck.
lifebalance
post Jun 18 2019, 04:51 PM

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QUOTE(dj1 @ Jun 18 2019, 01:02 PM)
Yes, the cheque was made to the agent's company name.

Now with the LOI together with my pay slip, I can start sourcing  for bank loan right? 

Also I have approached a couple of lawyers and one said I need the land title then only can apply for loan?  Anyway am going to try getting loan with just the LOI and pay slip.

Thanks all for your excellent replies.  I'm buying a sub sale freehold house.
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Then it's fine as it's issued to the real estate company and not to the REN directly.

Yes you can start sourcing for the bank loan now.

The title is needed to ascertain the info given in the application form.

Currently you're under employment or self employed ? as the documents to secure the loan is different.

Generally you will need to prepare the following document

Self Employed
IC
6 mths bank statement
SSM Full Set
SPA & Title of the property
Booking Form
Income Tax 2 years with tax receipt.

Employment
IC
3 mths payslip and bank statement / 6 mths for commission earner
EPF Statement 2018 & 2019
SPA & Title of the property
Booking Form
Savings / FD statement
wild_card_my
post Jun 18 2019, 05:04 PM

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QUOTE(lifebalance @ Jun 18 2019, 04:51 PM)
The title is needed to ascertain the info given in the application form.
Insurance agent,

The title is required by the credit controller, not simply to ascertain the title information. Without the title, the case would be incomplete. If you claim that the property already has strata/individual titles issued, there should be no problem to get your hands on them. Alternatively, you can ask for the title information so you can have your own runner to get a land-search. But these information are usually already on the title (or one other document, I am going to keep you guessing), so there should be no reasons why the title cannot be shared. You should know this by now if you have processed the loan applications yourself, it is quite clear where your priorities are laugh.gif
urameshi81
post Jun 19 2019, 11:47 AM

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Hi,

Am planning to get a loan of approx 1.4m, does anyone know what is the best interest rate that the bank can offer out there?

Thanks.
urameshi81
post Jun 19 2019, 12:00 PM

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This post has been edited by urameshi81: Jun 19 2019, 12:01 PM
lifebalance
post Jun 19 2019, 12:37 PM

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QUOTE(urameshi81 @ Jun 19 2019, 11:47 AM)
Hi,

Am planning to get a loan of approx 1.4m, does anyone know what is the best interest rate that the bank can offer out there?

Thanks.
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4.1% first year
4.16% subsequent
urameshi81
post Jun 19 2019, 03:38 PM

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QUOTE(lifebalance @ Jun 19 2019, 12:37 PM)
4.1% first year
4.16% subsequent
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Thanks. May i know which bank is that?

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