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Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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kusyah
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 Sep 28 2015, 08:56 AM
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Getting Started
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Hello,
I have questions regarding loan to build commercial lot at own land, appreciate sifu out there pls assist me:
1. Any bank offer this kind of loan? I plan to build shop lot (3 units) at own land.
2. If the land title is shared between other family members (joint title, not individual title), will the bank accept? Or do I need to split the lot first? Any idea on the cost?
3. The land title currently under 'tanah pertanian', do I need to convert it as well? Any idea on the cost?
Many thanks.
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kusyah
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Jan 11 2016, 02:54 PM
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Getting Started
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Hi,
Anybody know is there any bank can offer 90% for remortgage (free from debt) on 3rd house?
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kusyah
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Jan 12 2016, 05:35 PM
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Getting Started
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QUOTE(Madgeniusfigo @ Jan 12 2016, 08:17 AM) Dear kusyah 1. If you have 2 mortgage loan and remortgage the 2nd property, you are still entitle for 90% margin of finance. 2. If you have 3 mrtgage loan and remortgage any 1 of the loan, you are only entitle for 70% margin of finance. Dear Madgeniusfigo If I have 2 existing mortgage loan and would like to remortgage 3rd property which is free from encumbrances, is it also MOF 70% only? If yes, is there any other possible way to get MOF 90%? This post has been edited by kusyah: Jan 12 2016, 05:37 PM |
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kusyah
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Jan 12 2016, 06:25 PM
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Getting Started
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QUOTE(lifebalance @ Jan 12 2016, 05:54 PM) unless u fully settle either 1 of ur first or 2nd property only can. I see, ok noted and tq |
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kusyah
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Jan 12 2016, 06:26 PM
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Getting Started
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QUOTE(Madgeniusfigo @ Jan 12 2016, 06:05 PM) Dear, 1. Due to it's 3rd property refinance, it will be come 3rd mortgage loan, hence it will only be eligible for 70% margin of finance. 2. Possible way 1. refinance 2 of the current mortgage loan, you will be eligible for 90% 3. Possible way 2, settle either 1 of the mortgage loan 4. Possible way 3, 3rd party financing, SPA A+B name, borrower B name. Hence debt and income will based on B. Find a family member B who has mortgage loan less than 2 mortgage loan. Thanks for the options. |
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kusyah
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Jan 15 2016, 07:58 PM
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Getting Started
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QUOTE(Madgeniusfigo @ Jan 12 2016, 06:05 PM) Dear, 1. Due to it's 3rd property refinance, it will be come 3rd mortgage loan, hence it will only be eligible for 70% margin of finance. 2. Possible way 1. refinance 2 of the current mortgage loan, you will be eligible for 90% 3. Possible way 2, settle either 1 of the mortgage loan 4. Possible way 3, 3rd party financing, SPA A+B name, borrower B name. Hence debt and income will based on B. Find a family member B who has mortgage loan less than 2 mortgage loan. Suprisingly I got MOF 90% for remortgage the 3rd house. I do not know why, but I just keep quite la, don't want to create unnecessary issue :-). Monday will sign the offer letter. |
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kusyah
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Jan 17 2016, 12:47 PM
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Getting Started
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QUOTE(Jasoncat @ Jan 16 2016, 02:43 PM) Agreed. They have the rights if there are evidences that there are misrepresentation of facts in the loan application & approval process. But it's not my fault. Anyway I've declared that this is my 3rd property, even the loan officer well aware on that. She said no problem on that. If 3rd property to be refinanced still not not free from encumbrance, then only MOF 70%. That's what she told me la. All the documentations already pass to the bank. Anyway it's not my job to find the error. |
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kusyah
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Feb 25 2016, 08:08 AM
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Getting Started
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QUOTE(Madgeniusfigo @ Feb 24 2016, 08:58 PM) Dear, 1.That's why, appoint a lawyer to facilitate the process. Lawyer will make sure both parties are at fair playing ground, and follow the stiipualted accord. 2. As I say, there's different variation of how people deal with this, it could go either way. So it really depends on mutual agreement between you the buyer and the seller. There's no fixed method for this. Yup, totally agree on point no 1. For example, i suppose the lawyer can instruct the bank to disburse the money to law firm first. Then law firm will calculate how much will go to seller and remaining to buyer (in case u paid 10% downpayment). I got this info from lawyer previously. |
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kusyah
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Feb 26 2016, 08:46 AM
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Getting Started
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QUOTE(lifebalance @ Feb 25 2016, 09:21 AM) What is weird is the mode of payment of the remaining balance and the hold on to your deposits. There shouldn't be any need for holding onto your deposit and thereafter refunding it. It's like holding your money on custody while "lending" your 10% deposit interest free to your Seller for 3 months which he could use it to gain financial return. Does it even make sense ? No. I think the seller want to protect his/her interest. Let's say the seller do not hold 10% deposit and after sign s&p, suddenly before the disbursement, the buyer cancel the purchase for example. So the seller already at loss right? |
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