Yes i already paid a booking of 2% and my loan now approved 100% but they still ask me to pay up 8% to the seller when signing snp. I thought i had a full loan. Suppose they just proceed without furder payment and when bank disburse loan i get back my 2% but they told me is common practise that i top up 8% and there is no way seller will willing to not hold any money and wait for disburse after 3 months

This post has been edited by qkumba: Feb 24 2016, 08:59 PM

Dear,

Installment will forever be the same no matter how much cash you dump into the capital account.

Your installment RM1400/MONTH, for loan Rm500k

If you put extra RM200K cash into the capital account, installment would still be the same RM1400.

What changes is the interest payable will reduce and the payment to capital would be higher.

Hi qkumba, there is no such practice. Kindly do not proceed

Yup, totally agree on point no 1. For example, i suppose the lawyer can instruct the bank to disburse the money to law firm first. Then law firm will calculate how much will go to seller and remaining to buyer (in case u paid 10% downpayment). I got this info from lawyer previously.

What is weird is the mode of payment of the remaining balance and the hold on to your deposits. There shouldn't be any need for holding onto your deposit and thereafter refunding it. It's like holding your money on custody while "lending" your 10% deposit interest free to your Seller for 3 months which he could use it to gain financial return. Does it even make sense ? No.

Dear kusyah,

1. Usually bank doesn't allow the transaction to be mark up, as they wouldn't want to cash out extra for the financing to you.

2. Lawyer would usually have both party signed the consent agreement, as seller agreed that the 10% would be received via disbursement.

Quick question: Can 'friends' joint as buyers for residential property?

Yes and No, need to establish the type of relationship.

I think the seller want to protect his/her interest. Let's say the seller do not hold 10% deposit and after sign s&p, suddenly before the disbursement, the buyer cancel the purchase for example. So the seller already at loss right?

Feel free to meet up to talk about this

Hi guys,

Currently I'm having a CIMB Flexi loan of about 320k on a residential property. If I dump in 200k onto this flexi loan, may I know how it will affect my repayments? Will I still be paying the same monthly amount and the tenure be shorten or will my repayments be lessen and tenure remains the same? Also, the 200k which I dumped in can easily be withdrawn partially or fully whenever I please right? Thanks in advance!

Once you sump in the 200k the principle amount is reduced but you will still be paying the same amount of installment. Your tenure will be shorten

You can withdraw it anytime subject to letter offer clause. Mostly minimum withdraw are in rm1000

Dear mangoproperty,

This topic has been discussed regularly in this thread.

Let me make it brief.

1. Bank requires joint borrower to be immediate family members, including in law.

2. However, bank wouldn't do a checking on your relationship during loan process, some bank will check, case by case.

Hence, you get my point right

I have CIMB Flexi loan and dump in money before. The loan tenure will not be shorten. Only the interest part will be reduced. If you dump in 100%, you will not see the interest part and just the repayment for the loan amount which is much less than the installment amount. You can withdraw any dump in amount by cheque.

Dear Kusyah,

1. This could be one of the case scenario.

2. However, I can understand till far is, they might be misunderstanding for the seller regarding the mark up process. There's no lawyer facilitating this deal, hence definitely seller would be concern of his 10% portion. Property agent from his side didn't advise well on this issue manner.

3. Genuine Seller would always want the property to be sold as ASAP, every time waiting is his loss.

This post has been edited by Madgeniusfigo: Feb 26 2016, 01:25 PM

Dear Charlz,

1.
Example 1.

RM320K loan outstanding
35 years
4.5%

Installment RM1514.42 ( RM1200 interest + RM314.42 Principal)= RM1514.42

If you put RM200K into the account

RM320K-RM200K(credit) = RM120K
RM120K
35 years
4.5%

Installment RM1514.42 (RM450 interest + RM1064.42 Principal)= rm1514.42

Meaning to say, your installment will be the same.


2. RM2O0K dumped in to the account, would be easily withdrawable, however notice pre withdrawal is needed. As the bank need to prepare the cash for your withdrawal.

This post has been edited by Madgeniusfigo: Feb 27 2016, 01:29 AM

Thanks for the reply, wouldn't the loan tenure decreases since more money is paid to the principal? Hence, the loan should finish faster.

Yes, you're right, the loan tenure will decrease as the installment portion will be paid to the principle and effectively decreasing the interest charged on you.

I understand about the loan part, how about the SPA part?

Thanks!

This post has been edited by mangoproperty: Feb 26 2016, 09:18 PM

It's abit tricky on the SPA part that you need to discuss with the lawyer personally on this