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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

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cuddlybubblyteddy
post Mar 14 2024, 02:48 PM

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Hi guys,

I’m buying a new property, join name with my sister:

This is the initial detail

House price: RM885,000
80% loan: RM708,000

Therefore, down payment: RM177,000
Legal fees & stamp duty: RM39,000+-

Total preparation needed: RM216,000


Questions: is the legal fees and stamp duty expensive?

I dont have the interest rate at the moment


uglyduckling422
post Mar 21 2024, 02:01 PM

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QUOTE(cuddlybubblyteddy @ Mar 14 2024, 02:48 PM)
Hi guys,

I’m buying a new property, join name with my sister:

This is the initial detail

House price: RM885,000
80% loan: RM708,000

Therefore, down payment: RM177,000
Legal fees & stamp duty: RM39,000+-

Total preparation needed: RM216,000
Questions: is the legal fees and stamp duty expensive?

I dont have the interest rate at the moment
*
sorry but why want join name with your sister? later one want sell house one don't want to sell house.
argument and so on. some people went to court also. if can better wait you can afford only buy or buy house within your range. when got money buy bigger house.

my friend husband also join name with sister. now the sister bought another house then need sell the house. pity my friend coz no house to stay and his husband need buy again.
jenova
post Mar 21 2024, 10:26 PM

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hi, any UOB, RHB and Hong Leong banker here?? Can PM me? want to ask mortgage package ya~

Thanks in advance smile.gif
vinceleo
post Mar 22 2024, 05:40 AM

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Why not buy out the sister portion by refinance it?

QUOTE(uglyduckling422 @ Mar 21 2024, 02:01 PM)
sorry but why want join name with your sister? later one want sell house one don't want to sell house.
argument and so on. some people went to court also. if can better wait you can afford only buy or buy house within your range. when got money buy bigger house.

my friend husband also join name with sister. now the sister bought another house then need sell the house. pity my friend coz no house to stay and his husband need buy again.
*
lifebalance
post Mar 22 2024, 10:09 AM

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QUOTE(cuddlybubblyteddy @ Mar 14 2024, 02:48 PM)
Hi guys,

I’m buying a new property, join name with my sister:

This is the initial detail

House price: RM885,000
80% loan: RM708,000

Therefore, down payment: RM177,000
Legal fees & stamp duty: RM39,000+-

Total preparation needed: RM216,000
Questions: is the legal fees and stamp duty expensive?

I dont have the interest rate at the moment
*
Sounds about right
westlife
post Mar 24 2024, 09:35 PM

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QUOTE(cuddlybubblyteddy @ Mar 14 2024, 02:48 PM)
Hi guys,

I’m buying a new property, join name with my sister:

This is the initial detail

House price: RM885,000
80% loan: RM708,000

Therefore, down payment: RM177,000
Legal fees & stamp duty: RM39,000+-

Total preparation needed: RM216,000
Questions: is the legal fees and stamp duty expensive?

I dont have the interest rate at the moment
*
Dun ever buy house with join name. U are wasting a lot of opportunities with that and u are risking urself with the the dispute next time as well.
cuddlybubblyteddy
post Mar 24 2024, 09:40 PM

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QUOTE(westlife @ Mar 24 2024, 10:35 PM)
Dun ever buy house with join name. U are wasting a lot of opportunities with that and u are risking urself with the  the dispute next time as well.
*
What opportunities I will be missing?

There won’t be any dispute
vinceleo
post Mar 24 2024, 10:01 PM

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Everyone has 2 quota of 90% margin so if joint name mean each left with only 1 quota, also no dispute now will not guarantee no in the future

QUOTE(cuddlybubblyteddy @ Mar 24 2024, 09:40 PM)
What opportunities I will be missing?

There won’t be any dispute
*
westlife
post Mar 24 2024, 11:17 PM

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QUOTE(vinceleo @ Mar 24 2024, 10:01 PM)
Everyone has 2 quota of 90% margin so if joint name mean each left with only 1 quota, also no dispute now will not guarantee no in the future
*
yeah... correct.
in addition, if one is buying affordable price housing can loan up to 110% will be used for both names. but of course for this case, not applicable to him becos it is not affordable housing.
The free stamp duty benefit before year 2025 will be used for both names.

all couples also tot that they will be together forever when they get married, but it is not real for everyone... tongue.gif
even sibilings or even parents and childs also can have the same dispute any time...


in addition, there are many hidden problems too.

1) if one of the borrowers does not have a good credit rating, even the other one may have good one, bank can still reject the loan.

2) if loan is under two names, if both never pay loan, house will get lelong also unless one bear the loan for full amount.

3) if one of the borrowers become bankrupt, the house ownership will be frozen for both. so the one who is not bankrupt also will be affected.

This post has been edited by westlife: Mar 24 2024, 11:27 PM
LostAndFound
post Mar 24 2024, 11:28 PM

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QUOTE(vinceleo @ Mar 24 2024, 10:01 PM)
Everyone has 2 quota of 90% margin so if joint name mean each left with only 1 quota, also no dispute now will not guarantee no in the future
*
Agree on the dispute part. But 2 quota of 90% margin is only really relevant to those who gonna invest in property. With current pricing and rentals - the opportunity for that will likely be very dry for foreseeable future for most of us. Paying more than two mortgages.... jia lat wei.
cuddlybubblyteddy
post Mar 25 2024, 08:16 AM

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QUOTE(vinceleo @ Mar 24 2024, 11:01 PM)
Everyone has 2 quota of 90% margin so if joint name mean each left with only 1 quota, also no dispute now will not guarantee no in the future
*
QUOTE(westlife @ Mar 25 2024, 12:17 AM)
yeah... correct.
in addition, if one is buying affordable price housing can loan up to 110% will be used for both names. but of course for this case, not applicable to him becos it is not affordable housing.
The free stamp duty benefit before year 2025 will be used for both names.

all couples also tot that they will be together forever when they get married, but it is not real for everyone...  tongue.gif
even sibilings or even parents and childs also can have the same dispute any time...
in addition, there are many hidden problems too.

1) if one of the borrowers does not have a good credit rating, even the other one may have good one, bank can still reject the loan.

2) if loan is under two names, if both never pay loan, house will get lelong also unless one bear the loan for full amount.

3) if one of the borrowers become bankrupt, the house ownership will be frozen for both. so the one who is not bankrupt also will be affected.
*
I see, I learnt something today!

My plan is to get my own property under my name between rm1m - rm1.5m with 50% loan next year.


Working on accumulating the fund at the moment.
x3Kai
post Mar 25 2024, 02:10 PM

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Hi sifus,

Recently looking to buy my first house, a PR1MA unit for 250k.

So far I only applied to the 1 of the 2 panel bankers and got a loan offer from Public Bank (Islamic), the other panel Maybank's quota is full for this project.

Approved amount : RM225,000 + MRTT/CI RM11,806 = RM236,806
Interest rate: SBR+1.0 = 4.00%
Tenure: 35 years
Installment: RM1,050

Got a few questions that I would like to as for further advice

1. Islamic vs. Conventional - Based on my research and talking to bankers, other than more expensive documentation fees (due to more documents, but doesn't matter to me currently as the developer will cover this) it's mainly just upsides like no lock in period, capped max interest and no compounding on late payment interest, is that right? Any other pitfalls that I should look out for?

2. Semi vs Full Flexi - Was advised by banker to take semi flexi instead of full flexi due to:
- Full flexi has a monthly fee (RM10 per month)
- Full flexi interest offset is capped at 70% of current account balance while there's no cap for semi flexi (based on my understanding, i.e. I have 100k in the account, can only offset up to 70k worth of the 4% interest)
- Semi flexi withdrawal is now more optimized, don't have to go to counter as can apply online, but RM50 withdrawal fees still apply
I was planning to go for the full flexi at first until I heard about the limitation.

3. I was also told that this is the current best rate (4.0%) for projects under RM300,000, with the condition of taking up their MRTT, is this correct?

4. Any other banks that I should look out for to apply for their mortgage loan?
lifebalance
post Mar 25 2024, 02:12 PM

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QUOTE(x3Kai @ Mar 25 2024, 02:10 PM)
Hi sifus,

Recently looking to buy my first house, a PR1MA unit for 250k.

So far I only applied to the 1 of the 2 panel bankers and got a loan offer from Public Bank (Islamic), the other panel Maybank's quota is full for this project.

Approved amount : RM225,000 + MRTT/CI RM11,806 = RM236,806
Interest rate: SBR+1.0 = 4.00%
Tenure: 35 years
Installment: RM1,050

Got a few questions that I would like to as for further advice

1. Islamic vs. Conventional - Based on my research and talking to bankers, other than more expensive documentation fees (due to more documents, but doesn't matter to me currently as the developer will cover this) it's mainly just upsides like no lock in period, capped max interest and no compounding on late payment interest, is that right? Any other pitfalls that I should look out for?

2. Semi vs Full Flexi - Was advised by banker to take semi flexi instead of full flexi due to:
    - Full flexi has a monthly fee (RM10 per month)
    - Full flexi interest offset is capped at 70% of current account balance while there's no cap for semi flexi (based on my understanding, i.e. I have 100k in the account, can only offset up to 70k worth of the 4% interest)
    - Semi flexi withdrawal is now more optimized, don't have to go to counter as can apply online, but RM50 withdrawal fees still apply
I was planning to go for the full flexi at first until I heard about the limitation.

3. I was also told that this is the current best rate (4.0%) for projects under RM300,000, with the condition of taking up their MRTT, is this correct?

4. Any other banks that I should look out for to apply for their mortgage loan?
*
Since it's a project, there are panel banks appointed by the developer for the project. Ask your SA instead
raaj1818
post Mar 27 2024, 04:52 PM

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Hi everyone,

Just a quick question.

Planning to purchase a property and the interest rate offered right now by Bank Islam is at 3.9%. Is this rate okay? Considering the fact that there could be changes in the OPR in the future and it could increase slightly.

Thank you in advance.
lifebalance
post Mar 27 2024, 05:03 PM

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QUOTE(raaj1818 @ Mar 27 2024, 04:52 PM)
Hi everyone,

Just a quick question.

Planning to purchase a property and the interest rate offered right now by Bank Islam is at 3.9%. Is this rate okay? Considering the fact that there could be changes in the OPR in the future and it could increase slightly.

Thank you in advance.
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About average
nauticat99
post Mar 27 2024, 06:53 PM

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QUOTE(cuddlybubblyteddy @ Mar 24 2024, 09:40 PM)
What opportunities I will be missing?

There won’t be any dispute
*
Never said never unless both of you are singles for life. Lots of problems will arise if got future spouses or children later.
Trinity Arcadia
post Yesterday, 11:52 PM

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Hi Sifus, would like to ask for prelim advice. I have a mortgage ~550k at 4.75% for 35 years. I'm approaching the end of my lock-in period, hence seeking refinance options to get a better rate. What's a good rate nowadays? I'm currently on BR instead of SBR, not sure how different it is. Additionally, what are the refinance costs like? (e.g. any legal/stamp duty fees/valuation fee?) Thanks in advance!
lifebalance
post Today, 12:16 AM

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QUOTE(Trinity Arcadia @ Mar 28 2024, 11:52 PM)
Hi Sifus, would like to ask for prelim advice. I have a mortgage ~550k at 4.75% for 35 years. I'm approaching the end of my lock-in period, hence seeking refinance options to get a better rate. What's a good rate nowadays? I'm currently on BR instead of SBR, not sure how different it is. Additionally, what are the refinance costs like? (e.g. any legal/stamp duty fees/valuation fee?) Thanks in advance!
*
That depends on how much you are looking to refinance. Unless you're looking to refinance the same amount. Then I am wondering what's your purpose of refinancing.

Rate can be around 3.9% depending on your profile.

 

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