1. There will be few panel banks registered with the developer. Approach 2 or 3 for comparison purposes. Each bank will have their own tnc, so select the bank that meet most of your requirements.

2. If you are spending more than your monthly salary each month, how do you intend to pay the loan instalment ?

3. Borrowing more doesnt always mean lower interest. If borrower expect bank to take ALL the risk, definite they would want to charge higher interest. If borrower is willing to share the risk with higher dp, he will have better bargaining.

This post has been edited by mini orchard: Jan 9 2023, 08:57 PM

If the money is parking at fd and have no problem to accumulate further savings, I suggest you can consider partial or full settlement.

Some borrowers find it 'stressful' to pay the monthly instalment not because they cant afford but prefer a debt free status.

While others prefer to leverage on others people money.

One thing you have to bear in mind .... no matter what borrower does with his spare cash other than paying off the loan, the bank is not concern. But the monent a borrower default, they will come after him.

https://www.lowpartners.com/malaysia-law-fi...uty-calculator/

The calculator is excluding disbursements.

17.1k is for mot and 7k is for legal fees snp exclude disbursement. Mot is std scale rate paid to govt and legal fees is for work done on snp inclu payment of mot to govt on buyer's behalf.

If you are taking a loan,, is a separate payment for stamp duty and legal fees. Use the formula from the same link.

This post has been edited by mini orchard: Jan 13 2023, 06:01 AM

All banks work this way .....

If borrower pays more than the miniimum requirement, they will keep quiet.

If borrower pays less than the minimum requirement, they will 'haunt' you every other days

Depending on the loan tnc, any excess payment will either ....

1. Deduct for future interest / instalment billing, or

2. Part payment of principal sum, which means loan sum will reduce and so is interest billing.

What is the booking deadline about ?

Have you sign the booking form and paid a deposit ?

Have you appointed a lawyer to prepare the SnP ? If you have done that, instruct you lawyer to deal with the seller and or his lawyer.

If you havent, then is unlikely you can sign the agreement this friday. Request the seller for extension of time to sign tbe agreement.

This post has been edited by mini orchard: Jan 16 2023, 09:42 PM

Yes, but mlta and the premium is higher 20 years later due to age factor and if you have any medical history during the 20 years, no insurance wants to insure you or with high premium loading.

Better buy the full coverage at start .... when young and healthy.

This post has been edited by mini orchard: Jan 30 2023, 09:53 PM

Documentation fee for housing loan borrowings abolished, EdgeProp.my February 01, 2023

Bank Negara Malaysia wants banks to cease charging a fee relating to the provision of housing loan or home financing documentation for financial customers.

PETALING JAYA (Feb 1): The documentation fee for housing loan borrowings has been abolished by local banks following a “notice of cessation to all banks” from Bank Negara Malaysia, according to a report by The Star.

The daily reported that notices posted by a number of banks mentioned the directive from Bank Negara, detailing that they must from today “cease charging a fee relating to the provision of housing loan or home financing documentation for financial customers”.

A documentation fee of between RM100 to RM600 for housing loan borrowings had always been charged by banks before this directive was issued.

“This is a good decision for consumers and the timely abolition of the documentation fees will lighten the burden on borrowers by reducing costs especially for purchasers of medium cost properties,” chairperson of the Bar Council’s Conveyancing Practice Committee, Datuk Roger Tan, told The Star.

“This is one matter which the Bar Council has been engaging over a number of years with all the relevant stakeholders, especially Bank Negara and the Association of Banks Malaysia. In fact, we had also raised it with two finance ministers, namely former finance minister Lim Guan Eng and the current Finance Minister Datuk Seri Anwar Ibrahim,” said Tan.

“The decision is also in accordance with the law, that is, only lawyers can charge a fee for the preparation of documentation for immovable property under section 37(2) of the Legal Profession Act, 1976,” he added.

Tan explained that the previous practice of charging a documentation fee was actually against the law and “had a become a burden for consumers”.

He said the document fee is usually passed on to the borrowers as part of the solicitor’s charges, but in some cases, solicitors are compelled by the banks to absorb these costs.

“This results in borrowers having to pay additional costs when taking a loan from a bank and the solicitors getting peanuts for the professional work done, especially purchasers of low– and medium–cost and affordable homes,” Tan added.

Meanwhile, consumer groups have also praised the move by Bank Negara.

“This is great news, especially at this time when the cost of living is high and tough for the people. Banks have been somehow getting away with charging consumers for documentation fees before this.

“So this is a very positive step by the central bank to help consumers in facing the cost of living issues,” Federation of Malaysian Consumers Associations secretary-general, Datuk Dr Paul Selvaraj told The Star.

Consumer Association of Penang (CAP) president Mohideen Abdul Kader told the daily that getting rid the documentation fee would ease the borrowers’ burden.

“CAP welcomes the abolishment of documentation fees between RM100 to RM600 for loans. It’s a very good move.

“This will help alleviate the burden on the poor,” he said.

https://www.edgeprop.my/content/1905118/doc...hed-says-report

This post has been edited by mini orchard: Feb 2 2023, 07:01 AM

No

Don't forget to include 'AUCTION' 🤔

This post has been edited by mini orchard: Sep 23 2023, 05:56 AM

No big risk.

Some banks don't imposed mrta purchase. Is up to borrower to mitigate own risk.

No.

Both are different documents.

A 250k loan is about 1.3k a month current interest rate.

This post has been edited by mini orchard: Sep 27 2023, 10:06 AM

Find out what is the bank insured value, then call any insurance co for a quote and you will know the answer.

Request a short letter from the seller stating his intention to sell you the property and the price.

Then ask seller for a copy of the house title.

With the two documents, you can approach the bank.

The savings in EPF (provided nomination of beneficiaries is made) is creditor proof.

Meaning ... no creditors can touch the money.

This post has been edited by mini orchard: Oct 3 2023, 06:16 PM

No.

This post has been edited by mini orchard: Oct 3 2023, 08:00 PM

It hard to say how govt depts work.

Having said that, they can be legally liable if they are negligent if a person relied on the information to conduct a transaction.

This post has been edited by mini orchard: Oct 4 2023, 10:38 AM

If you don't have a reference or a receipt payment to quote, don't waste time calling.

This post has been edited by mini orchard: Oct 4 2023, 11:22 AM