QUOTE(joy4all @ Jul 23 2016, 01:24 AM)
Hi Sifus, May I know how bank calculate the progressive interest ? If we dump in extra money during construction period will this help to reduce the progressive interest ?
Dear,
1. Yes, certain bank allows your to dump in money into the loan account to reduce the interest rate! But not every bank allows such method, do consult with mortgage expert for this option before submitting your loan!
2. Ways they calculate it as below:
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1) 10% Downpayment
2) 15% stg 2a (Pilling / below ground works)
3) 10% stg 2b (Concrete slab for your unit
4) 10% stg 2c (bricks wall)
5) 10%stg 2d (internal piping and wiring)
6) 10% stg 2e (internal and external wall plastering
7) 5% stg 2f (sewerage serving the building)
8) 5% stg 2g (drainage serving the building)
9) 5% stg 2h (Road serving the building)
10) another 20% upon VP (splits down to 12.5+5+2.5)
So for example, your property is 500k. after the bank release the first payment (example : 15% = 55k to the developer)
which means u have to pay the loan interest of 55k x (your bank interest rate) . (Note : INterest rate only, without Principal)
if your property is 500k, loan amount 300k which means differentiate sum is 200k.
the developer will claim from you first, which means you have to pay your portion (upon claim attached with architect certificate) until you've finished your portion only the developer will send their billing to the banks to claim the balance
hope that helps.
no they will claim from you first, together with attached architect certificate
Cheers
QUOTE(joy4all @ Jul 23 2016, 02:30 PM)
Thanks for the information.
Do you think it will benefit the loan taker in the scenario that we increase the D.Payment (+50K), loan amount : (500K)
OR
We apply loan amount (RM 550K), then Only dump in the extra cash (50K) during the disbursements period (if banks allow) to reduce the progressive interest ? (Assuming the 50K in FD and with 4.3 p.a)
Dear,
1. It all boils down to your cash flow.
2. During construction period, the interset payment is quite low for the starting few disbursement. So it won't really affect your cash flow much
3. To save interest, It's better to throw into other investment yiled product than to dump into the account to reduce progressive interest rate IMHO.
Cheers
QUOTE(cocopuffs @ Jul 23 2016, 05:44 PM)
Pls advise legal fee and valuation fee for 252k loan landed property
Dear,
1. Your legal fees will be RM6161.96
2. Valuation fees range between RM700-1000
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Loan amount: 252000 Sub Total
Professional Charges
Facilities Agreement 2,214.00
Charge Annexure 152
Entry and Withdrawal of Private Caveat 350
Statutory Declaration 100
Professional Charge 2816
Disbursement
Stamp duty on the Facility Agreement (Original) 1260
Stamp duty on the Facility Agreement (Copies) 20
Stamp duty on the Charge Annexure 40
Stamp duty on Letter of Offer 20
Registration Fee on Charge 120
Registration Fee on Entry and Withdrawal of Private Caveat 450
Affirming Fee/Bankruptcy Search 100
Stamping on Statutory Declaration (Owner Occupation/not a bankrupt) 40
Land Search 120
Documentation Fee 318
Transportation 300
Telephone Calls, Facsmile, Printing charges and couriers and etc 300
Miscellaneous 50
GST 6% 207.96
6161.96
Cheers
Jul 23 2016, 12:46 AM
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