once you sell your current house, you will need to wait until 1st disbursement for the buyer's bank to release the money to pay off your current housing loan with your bank then you will receive a full settlement of your loan from ur bank.

From there you can apply for 90% loan.

My advise is wait until you get a full settlement letter for your loan, don't have to wait until CCRIS update if you're in a hurry or if you can wait until the 10th of the month then you can refresh ur CCRIS to show that ur housing loan is no more.

Thanks for the prompt reply. Appreciate it.

guys. I got an offer from HL for my 425k loan. But HL said it is mandatory to use their lawyer and quoted me 8.1k for the legal fees. May I know whether it is expensive?

Also, is that a way to negotiate with bank on which lawyer to use? Thanks.

it's around that rate, depending on what is lodge by the lawyer.

You may choose to use your own lawyer, provided they are panel to HLB, otherwise will need to get consent which takes about 2 weeks to be an ad-hoc lawyer to HLB.

Thanks very much for your quick reply. Is the consent is something guarantee can obtain regardless the processing time?

Yeap, just time consuming and you'll be liable for delaying in signing your S&P as 2 weeks would have been gone.

anyone here know if "fire insurance" is compulsory?

As long as you take a loan with the bank. It's compulsory to get it from the bank.

If high rise unit you need to buy but the management will buy a master policy for ur fire insurance then get a copy and present to bank to waive

If landed then it's compulsory to buy

This post has been edited by lifebalance: Jul 25 2016, 03:38 PM

what is the policy rate like for a landed house valued at 673,000 yearly?

Tq for the explanation

What type of house is this ?

its a double stry unit (22 x 70)

About rm624

noted with thanks...i assume this is calculated not based on the full unit value as land will be exempted from this.

Yes. 80% of 673k

thank you.

Dear sifu,
What is the latest rate that you have heard after the recent rate cut? MBB offered 4.30%

lowest is still 4.3%

So, whats the point of BNM cut the opr? To reduce FD interest rate to boost liquidty.

Well as you said, good and bad. More ppl can borrow now, but still subject to bank's approval.

Bad would be, those who save in FD will be encouraged to put the money else where.