Welcome Guest ( Log In | Register )

1090 Pages « < 132 133 134 135 136 > » Bottom

Outline · [ Standard ] · Linear+

 Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

views
     
lifebalance
post Jan 13 2016, 05:02 PM

Licensed Financial Planner & Financial Adviser's Rep.
********
All Stars
10,162 posts

Joined: Nov 2014
QUOTE(squall1987 @ Jan 13 2016, 04:51 PM)
Hi, May i know for property price at RM 560 K what will be the estimated SnP + Loan legal fee and all stamp duty?
*
SPA about 15k

Loan about 7k


lifebalance
post Jan 13 2016, 05:03 PM

Licensed Financial Planner & Financial Adviser's Rep.
********
All Stars
10,162 posts

Joined: Nov 2014
QUOTE(jeff85@ @ Jan 13 2016, 02:25 PM)
Hi Guys, I wish to refinance my mortgage loan. Currently I own 2 houses (2 mortgage is OCBC and UOB).

I wish to refinance my first house to margin 90%. Is it possible?

Any banker can make it margin 90% on refinance mortgage pls pm me.
My favorite bank as below:
-OCBC
-Maybank
-Public

Thanks.
*
The remortgage will depend on ur salary, commitment and credit background, will need to study ur background first to answer u accurately
Madgeniusfigo
post Jan 13 2016, 07:32 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(squall1987 @ Jan 13 2016, 02:15 PM)
Dear Madgeniusfigo,

How to finance legal into loan amount for sub sales? How bank disburse money to lawyer? As far as i know there will be two layer, SnP lawyer and Loan document lawyer? I am a bit confuse here? As for your example, if 5% x Rm 400 k loan = 20k. if 20k is more than enough for legal fee, how bank may give back the extra to us?
*
Dear,

Certain banks allows you to finance Legal fees into the loan amount, some 2% some 5%. Lets say

Property Rm500k, 90% =Rm450k

Borrow Rm450,000 loan from bank.

Legal fees charges from lawyer Rm20k

X bank allows 5% legal fees financing.

RM450,000 X 5%= Rm22,500

Hence you can Finance Rm20,000 into the loan amount, Total loan amount = RM450,000 + RM 20,000 = RM460,000

------------------------------------------------------------------------------------------------------------------------------------------------------------

2. Bank will disburse to the lawyer after first disbursement.

---------------------------------------------------------------------------------------

3. Same lawyer can handle both loan and SPA or different.
Bank will only finance the Legal fees for the loan part only, SPA legal fees haev to bear by own.

---------------------------------------------------------------------------------------------------------------------

4. Before allowing you to finance the legal fees, Bank will need quote from lawyer side, so that the amount is tally and not simply made up to get max loan disbursement.

If there's outstanding amount after deducting legal fees, lawyer will give you the option whether to use the outstanding cash to settle the SPA loan charges or disburse the cash back to you. Definitely we will use it to settle the SPA charges.
Madgeniusfigo
post Jan 13 2016, 07:34 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(lucifah @ Jan 13 2016, 02:18 PM)
tq. my friend appreciates your reply

the bank statements are from the current account. when you asked for the balance, are you referring to his ledger balance as of last day of each month or the total transaction volume?
*
Dear,

Usually company bank statement ending of every month will have ledger of

Credit balance
Debit balance
Closing balance


Bank usually will calculate income from credit balance ending of every month, for 6 months average up and times income factor from different business nature.

------------------------------------------------------------

Bank will also look at debit balance side for credit scoring purposes and also every transaction if there's amount >50k credited.
Madgeniusfigo
post Jan 13 2016, 07:35 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(Davez89 @ Jan 13 2016, 02:40 PM)
Thanks for sharing, I guess best option is family members or JV atm.
*
Dear,

Hope it helps, right now all I can provide you is general solutions. biggrin.gif
Madgeniusfigo
post Jan 13 2016, 07:37 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(ask_dino @ Jan 13 2016, 03:15 PM)
Thanks a lot  rclxms.gif
Thanks for the analysis, my answer as follows -

for point 1 it is performance bonus and just join the company in 2014 so only got bonus for 2015

Can you tabulate the eligibility of my wife only should she wanted to take loan under her name? What is the maximum she can get

Thanks again
*
Dear,

1. If it is performance bonus, will need 2 years of bonus credited to you only Bonus will be derived as income. Hence, the table I tabulated holds.

2. Best is RM630,000 max loan value

3. Be careful of overestimated loan eligibility, things aren't as merry as it seems. Just becareful
Madgeniusfigo
post Jan 13 2016, 07:42 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(squall1987 @ Jan 13 2016, 05:51 PM)
Hi, May i know for property price at RM 560 K what will be the estimated SnP + Loan legal fee and all stamp duty?
*
Dear,

1. If you follow tiers calculation for profession fees, definitely it will be less. But lawyer charges includes whole other variable disbursement charges, that's why the calculation

CODE
Legal S&P:

<=Rm150k = 1%
<=1million = 0.7%
<= 3million = 0.6%

Legal Loan:

<=Rm150k = 1%
<=1million = 0.7%
<= 3million = 0.6%

Stamp duty S&P (MOT)

<=100K = 1%
<= 500k =2%
> 500k =3%

Stamp duty loan

0.5% on total loan amount

Valuation fees

100k = 0.25%
<=2million = 0.2%
<=7mil =1/6%


Only provides you with the minimum costs.

It is best to ask lawyer for quotation, different lawyer provides different fees charges.

2. I am just giving you the ceiling of the price for RM560K property, master title, freehold. It will be around Rm20-25k



user posted image
TSlucifah
post Jan 13 2016, 08:18 PM

St. Fu
Group Icon
Staff
7,948 posts

Joined: Jan 2005
From: Soviet Sarawak


QUOTE(Madgeniusfigo @ Jan 13 2016, 07:34 PM)
Dear,

Usually company bank statement ending of every month will have ledger of

Credit balance
Debit balance
Closing balance
Bank usually will calculate income from credit balance ending of every month, for 6 months average up and times income factor from different business nature.

------------------------------------------------------------

Bank will also look at debit balance side for credit scoring purposes and also every transaction if there's amount >50k credited.
*
so let's assume that the credit and debit balance are in the range of 200k monthly (that means, on average, rm210k in, rm 200k out), will it affect his scoring?
ims2628
post Jan 13 2016, 08:27 PM

Regular
******
Senior Member
1,053 posts

Joined: Jan 2015


QUOTE(lucifah @ Jan 13 2016, 08:18 PM)
so let's assume that the credit and debit balance are in the range of 200k monthly (that means, on average, rm210k in, rm 200k out), will it affect his scoring?
*
Doesn't really matter as long as account balance left is not very less.
Madgeniusfigo
post Jan 14 2016, 01:52 AM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(lucifah @ Jan 13 2016, 09:18 PM)
so let's assume that the credit and debit balance are in the range of 200k monthly (that means, on average, rm210k in, rm 200k out), will it affect his scoring?
*
Dear Lucifah,

1. From experience through looking at all the cases have done, Scoring on company bank statement, will depends on the amount of transaction volume, closing balance each month. Closing balance negative for consecutive 6 months will affect the scoring abit. Most important is the business nature.

Overall, scoring calculation is vague, even credit controller department team have no idea how the calculation works, they just key in. Bank has its own way of keeping is in the blind, so that we can't game their system.

But based on experience, some times, there's few things we can tweak to increase to credit approval chances.
Madgeniusfigo
post Jan 14 2016, 02:02 AM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(jeff85@ @ Jan 13 2016, 03:25 PM)
Hi Guys, I wish to refinance my mortgage loan. Currently I own 2 houses (2 mortgage is OCBC and UOB).

I wish to refinance my first house to margin 90%. Is it possible?

Any banker can make it margin 90% on refinance mortgage pls pm me.
My favorite bank as below:
-OCBC
-Maybank
-Public

Thanks.
*
Dear jeff,

1. Yes, 90% is possible.

a. 1 housing loan, refinance 90%

b. 2 housing loan, refinance 90%

c. 3rd housing loan, refinance 70%
TSlucifah
post Jan 14 2016, 08:55 AM

St. Fu
Group Icon
Staff
7,948 posts

Joined: Jan 2005
From: Soviet Sarawak


QUOTE(Madgeniusfigo @ Jan 14 2016, 01:52 AM)
Dear Lucifah,

1. From experience through looking at all the cases have done, Scoring on company bank statement, will depends on the amount of transaction volume, closing balance each month. Closing balance negative for consecutive 6 months will affect the scoring abit. Most important is the business nature.

Overall, scoring calculation is vague, even credit controller department team have no idea how the calculation works, they just key in. Bank has its own way of keeping is in the blind, so that we can't game their system.

But based on experience, some times, there's few things we can tweak to increase to credit approval chances.
*
thank you. Mr L also shares the same opinion with you

he is happy to know his financing limits as he is updating his folio
ask_dino
post Jan 14 2016, 09:17 AM

DS is the name
*****
Senior Member
741 posts

Joined: May 2006
From: The City Of Petaling Jaya



QUOTE(Madgeniusfigo @ Jan 13 2016, 07:37 PM)
Dear,

1. If it is performance bonus, will need 2 years of bonus credited to you only Bonus will be derived as income. Hence, the table I tabulated holds.

2. Best is RM630,000 max loan value

3. Be careful of overestimated loan eligibility, things aren't as merry as it seems. Just becareful
*
Thanks Evan for your feedback
Madgeniusfigo
post Jan 14 2016, 01:13 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(ask_dino @ Jan 14 2016, 10:17 AM)
Thanks Evan for your feedback
*
Dear,

No sweat, hope it helps.

When there comes a day you need loan services, I can attend to you any point of the time biggrin.gif
Madgeniusfigo
post Jan 14 2016, 01:13 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(lucifah @ Jan 14 2016, 09:55 AM)
thank you. Mr L also shares the same opinion with you

he is happy to know his financing limits as he is updating his folio
*
Dear Lucifah,

Great, hope it helps flex.gif
putra23
post Jan 14 2016, 03:14 PM

On my way
****
Junior Member
654 posts

Joined: Nov 2015
What is the difference between Maybank Islamic loan and Maybank MaxiHome loan?
I'm told the effective rate is the same. There is no lock-in period for Islamic but 3 years for conventional. If so, why would people choose Maxihome over Islamic?
Madgeniusfigo
post Jan 14 2016, 05:31 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(putra23 @ Jan 14 2016, 04:14 PM)
What is the difference between Maybank Islamic loan and Maybank MaxiHome loan?
I'm told the effective rate is the same. There is no lock-in period for Islamic but 3 years for conventional. If so, why would people choose Maxihome over Islamic?
*
Dear,

The imminent difference between those two package is Conventional vs islamic loan.

There's underlying difference between this 2, lets dissect it.

1. Islamic loan, you are required to pay extra 20% on the legal loan because for islamic loan, you are required to sign few more extra documentation, hence it translate into higher stamp duty fees.

2. islamic loan nowadays, most of the banks offered BBA instead of musyarakah mustanaqisah. BBA follows traditional loan structure whereby Letter offer will show total payment including interest, hence you will see a massive amount stated in your letter offer. However, there's ceiling rate 9.99% for your loan. Then what if you settle your loan earlier, what happen to the stated total payment amount stated in my letter offer? How much rebate will I received at the end? Letter offer doesn't state clearly the calculation for the rebate, hence it is quite vague.

For musyarakah mustanaqisah, it follow according the conventional loan struture.

3. Islamic loan offered by most of the banks are sermi flexi only, only Alliance banks offer full flexi islamic loan.

CODE
Full flexi:

1) current account tied to loan account
2) auto debit from current account at month end and interest is calculated based on outstanding balance minus amount in current account
3) maintenance charge of RM10 per month
4) setup/ processing fee of Rm200 (certain bank)
5)The liquidity comes in the form of an ATM card or a linked CASA account to the housing loan. 
Example: You have a shop that is opened Monday to Satuday, rest on Sunday. On Saturday, you deposit all your proceeds of the week into the flexi account, on Sunday, you would save [(your-HL-interest-rate)/365]*AmountDeposited worth of interest. On Monday, you withdraw the money to run your business
6) Withdrawal of money or crediting of money through ATM,CHEQUE,OVER THE COUNTER, or online

Semi Flexi

semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
3) if you indicate advance payment, no additional interest is saved as "advance" payment will only be credited to your loan account when it reaches your cycle date, so it is plain advance payments. and must be in multiple of your monthly payment.
4) For redrawable prepayments, you need to indicate separately and Redraw charge of RM50 is imposed (M*B charge Rm25)
5) Withdrawal of money or crediting of money through Cheque or Over the counter


4. Not all islamic loan offered by bank are lock in period waived, RHB has 3 years lock in period for their islamic loan. Weird but facts.

5. In the end, islamic loan do offered a better alternative package, but with 20% in stamp duty cost, and the offered package isn't standard across banks. Hence, you have to be aware.

This post has been edited by Madgeniusfigo: Jan 14 2016, 11:50 PM
Jasoncat
post Jan 14 2016, 06:58 PM

Look at all my stars!!
*******
Senior Member
9,913 posts

Joined: Jun 2014
QUOTE(Madgeniusfigo @ Jan 14 2016, 05:31 PM)
Dear,

The imminent difference between those two package is Conventional vs islamic loan.

There's underlying difference between this 2, lets dissect it.

1. Islamic loan, you are required to pay extra 20% on the stamp duty, because for islamic loan, you are required to sign few more extra documentation, hence it translate into higher stamp duty fees.

2. islamic loan nowadays, most of the banks offered BBA instead of musyarakah mustanaqisah. BBA follows traditional loan structure whereby Letter offer will show total payment including interest, hence you will see a massive amount stated in your letter offer. However, there's ceiling rate 9.99% for your loan. Then what if you settle your loan earlier, what happen to the stated total payment amount stated in my letter offer? How much rebate will I received at the end? Letter offer doesn't state clearly the calculation for the rebate, hence it is quite vague.

For musyarakah mustanaqisah, it follow according the conventional loan struture.

3.  Islamic loan offered by most of the banks are sermi flexi only, only Alliance banks offer full flexi islamic loan.

CODE
Full flexi:

1) current account tied to loan account
2) auto debit from current account at month end and interest is calculated based on outstanding balance minus amount in current account
3) maintenance charge of RM10 per month
4) setup/ processing fee of Rm200 (certain bank)
5)The liquidity comes in the form of an ATM card or a linked CASA account to the housing loan. 
Example: You have a shop that is opened Monday to Satuday, rest on Sunday. On Saturday, you deposit all your proceeds of the week into the flexi account, on Sunday, you would save [(your-HL-interest-rate)/365]*AmountDeposited worth of interest. On Monday, you withdraw the money to run your business
6) Withdrawal of money or crediting of money through ATM,CHEQUE,OVER THE COUNTER, or online

Semi Flexi

semi flexi package typically has these features:
1) requires you to phone in to indicate the extra payment as early settlement of advance payments
2) if you fail to indicate, you will be charged 1% (some banks do this afaik)
3) if you indicate advance payment, no additional interest is saved as "advance" payment will only be credited to your loan account when it reaches your cycle date, so it is plain advance payments. and must be in multiple of your monthly payment.
4) For redrawable prepayments, you need to indicate separately and Redraw charge of RM50 is imposed (M*B charge Rm25)
5) Withdrawal of money or crediting of money through Cheque or Over the counter


4. Not all islamic loan offered by bank are lock in period waived, RHB has 3 years lock in period for their islamic loan. Weird but facts.

5. In the end, islamic loan do offered a better alternative package, but with 20% in stamp duty cost, and the offered package isn't standard across banks. Hence, you have to be aware.
*
Are you sure Islamic loan will incur additional 20% stamp duty? Says for a RM1M loan the stamp duty would be RM5k + 20% extra ie RM1k which in total RM6k?
ims2628
post Jan 14 2016, 07:02 PM

Regular
******
Senior Member
1,053 posts

Joined: Jan 2015


QUOTE(Jasoncat @ Jan 14 2016, 06:58 PM)
Are you sure Islamic loan will incur additional 20% stamp duty?  Says for a RM1M loan the stamp duty would be RM5k + 20% extra ie RM1k which in total RM6k?
*
Should be 20% off for stamp duty for islamic loan right smile.gif
Madgeniusfigo
post Jan 14 2016, 11:51 PM

Regular
******
Senior Member
1,451 posts

Joined: Oct 2014
From: Kuala Lumpur



QUOTE(ims2628 @ Jan 14 2016, 08:02 PM)
Should be 20% off for stamp duty for islamic loan right smile.gif
*
My bad, typo. On Legal loan smile.gif not stamp duty
Stamp duty 20% off, Not many bank provide 20% off anymore.

This post has been edited by Madgeniusfigo: Jan 15 2016, 01:41 AM

1090 Pages « < 132 133 134 135 136 > » Top
 

Change to:
| Lo-Fi Version
0.0590sec    0.39    6 queries    GZIP Disabled
Time is now: 13th December 2025 - 09:31 AM