Does anyone know, for those close to retirement age eg 50 or 55, how does bank evaluate whether you can get loan up to 70 years or not? Even if you earn high Ceo type salary now, the bank still knows you gonna retire soon...so they see EPF + savings etc?

Hi all, I have a couple of questions:-

1) I was told that when we buy a property under construction, and we sign the SPA and Loan Agreement, the SPA will be executed and copies given to us within a few weeks. However the Loan agreement with Bank does not get finalized and stamped until the first disbursement is paid out to developer, meaning we only get the final signed and stamped Loan agreement copy in a few months time after signing. Is this correct?

2) lawyer warned me that some (under construction) progress payments may be disbursed to developer LATE by the banks, and if that happens developer can charge us (the buyers) late interest. But it’s the banks fault for disbursing late! Anyone has any experience with this type of situation? Is it really that unfair or does this rarely happen?

Thanks all Sifus and experts!

Hi friends, may I ask a question. I have a Maybank Islamic home loan for a house still in construction. So, the bank has started to charge me the monthly Profit charge (basically the Islamic loan version of interest charges on loan amount disbursed to the developer). However this interest charge seems to keep changing every month, usually going higher, even though the interest is the same (no OPR increase) and no additional loan disbursement. Does anyone have any experience with this Maybank Islamic loan for under construction house? Is this normal? How do I determine if the bank is charging me correctly? Thanks.

I have an important question for you those who know. I took a loan with a local bank and the house just VP’ed a few months ago after a 24 mth construction period. I have since been paying the loan at agreed installment. However last week I got a letter from bank saying due to interest rate changes the installment amount will be revised up and now I have to pay the new higher installment. I thought the bank will usually adjust the repayment period to take into account OPR changes, and not adjust the installment amount? Can anyone advise whether what the bank is doing is correct? Is there anything I can do to negotiate this? Thanks.