can legal fee be financed into the loan for subsale transaction?
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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May 24 2018, 11:51 PM
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2,115 posts Joined: Mar 2009 |
can legal fee be financed into the loan for subsale transaction?
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May 25 2018, 10:26 AM
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QUOTE(wild_card_my @ May 25 2018, 12:53 AM) 1. Yes it is possible. Different banks have different ways of calculating them though. For MBB, they brokers like myself and bankers can estimate a round number within certain limits for the legal, stamp duty, and valuation fees financing Thanks a lot for the information... in this case do you know which bank which allows S&P stamp duty and legal fee to be financed into the loan?2. For other banks, like OCBC, we need to use calculators by inputting your loan amount, subsalve vs. underconstruction, etc. before it can come out with the figure, of which I would need to attach to the application form that I submit for processing 3. Take note though, that for most banks, only the Loan Agreement legal fees and the accompanying stamp duty can be financed, while the Sale-Purchase-Agreement and its stamp duty CANNOT be financed into the loan. Different banks may be able to finance the valuation fees, while others may not (valuation fees not applicable to underconstruction projects) Thanks |
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May 25 2018, 11:27 AM
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QUOTE(lifebalance @ May 25 2018, 10:28 AM) You cannot finance in SPA stamp duty and legal fees. Thank you You are only able to finance in the Loan Agreement stamp duty, legal fees, valuation fees and MRTA with the bank loan. When buying a subsales, you'll need to pay for the SPA stamp duty and legal fees in cash / cheque |
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May 25 2018, 11:28 AM
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QUOTE(wild_card_my @ May 25 2018, 10:49 AM) You are most welcome. Thanks a lot for the valuable information, appreciate it 1. When it comes to subsales, you would have fork out money out of your own pocket to pay for the S&P and its stamp duty - I haven't come across any banks that would finance those into the loan. This is why buying subsales can be problematic for some purchasers - due to the high cost of entry, including the 10% deposit 2. For financing of these fees, usually banks will only include these items: a. Loan Agreement legal fees b. LA stamp duty c. valuation d. MRTA I made a short video, thanks to your earlier question. Let me know what you think of it.. I hope I can be better at it as I post more |
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Feb 16 2025, 05:11 PM
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