Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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 Jul 25 2016, 11:03 AM
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#1
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Senior Member
1,849 posts Joined: Jan 2003  
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Guys... i have a question. If I sell off my current house and purchase a new house will it consider as 2nd house with only 70% financing?
Also, any advice on selling and buying a house at the same time?? I am in Penang. Thanks. |
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Jul 25 2016, 11:17 AM
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#2
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Senior Member
1,849 posts Joined: Jan 2003
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QUOTE(lifebalance @ Jul 25 2016, 11:06 AM) 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. Thanks for the prompt reply. Appreciate it.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.  |
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Jul 28 2016, 11:03 PM
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#3
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Senior Member
1,849 posts Joined: Jan 2003
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Hi all...
I am planning buying a house (2nd hand). Let say the house is 400k. If want to apply 450k loan, jack up the actual price to 500k is it possible (500k - 10%)? How is the procedure and is it safe?? Since the loan amount will be released to the owner, how to come about this situation? Please advice. Thanks Also, is there any calculator to roughly estimate mrta/mrtt?? This post has been edited by manx: Jul 28 2016, 11:04 PM |
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Jul 28 2016, 11:33 PM
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#4
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Senior Member
1,849 posts Joined: Jan 2003
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QUOTE(lifebalance @ Jul 28 2016, 11:25 PM) This is called a mark up loan meaning if you want to borrow 100% loan then the property you want to purchase needs to be valued atleast 450k to get 400k loan. Thanks for the reply. How will the deal be? Let say i already pay the owner 40k as for my 10% depost. Then i only owe the owner another 360k. My loan will be approved for 405k. How can i get the extra 45k? From the owner's lawyer? Any agreement need to be signed for protection?MRTA is dependent on your loan amount and your age. Different question on the mrta/mrtt Loan 900k. Age 37y. Tenure 33y.. any edtimate? |
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Jul 28 2016, 11:44 PM
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#5
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Senior Member
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QUOTE(lifebalance @ Jul 28 2016, 11:39 PM) The arrangement can be made between the lawyer meaning you don't have to pay for the 10% and wait for the disbursement from the bank. Yes self coverageYou're buying this mrta for self coverage or ? |
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Jul 28 2016, 11:52 PM
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#6
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Senior Member
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QUOTE(lifebalance @ Jul 28 2016, 11:50 PM) About 52k. Wow... thats expensive I would recommend you to get MLTA for longer term coverage and cheaper overall ownership cost.  .How much is MLTA? can it be included in the loan? 90% + 5%? |
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Jul 30 2016, 09:51 PM
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#7
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Senior Member
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What is the current interest rate? Saw some banks interest as low as 4.25%. Can I demand the same or lower rate to other banks?
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Jul 31 2016, 05:55 PM
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#8
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Senior Member
1,849 posts Joined: Jan 2003
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QUOTE(lifebalance @ Jul 28 2016, 11:56 PM) Mlta is bought separately sorry to ask... does the cash value means after i paid off the loan, i still have extra rm170k as saving?For 900k coverage until 70 yr old 6084 per year. Cash value 10th year 47,900 20th year 131,900 30th year 172,600 |
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Jul 31 2016, 06:50 PM
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#9
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Senior Member
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QUOTE(lifebalance @ Jul 31 2016, 06:09 PM) Yes correct. You can use it to pay off ur loan or for other purposes thanks for the reply... also can the 6k annual premium paid by instalment every month? |
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Jul 31 2016, 07:04 PM
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#10
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Senior Member
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QUOTE(lifebalance @ Jul 31 2016, 06:51 PM) Can Ic. thanks again.Sorry for too many questions... do nowadays banks still offer any multi-tier rate loans? |
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Aug 2 2016, 01:33 PM
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#11
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Senior Member
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QUOTE(manx @ Jul 31 2016, 07:04 PM) Ic. thanks again. Sorry for too many questions... do nowadays banks still offer any multi-tier rate loans? QUOTE(lifebalance @ Jul 31 2016, 07:05 PM) Got. AIA and hong leong Do you have and rough figure how the multi-tier rates are? Curious to know  .This post has been edited by manx: Aug 2 2016, 01:33 PM |
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Aug 16 2016, 04:19 PM
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#12
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Senior Member
1,849 posts Joined: Jan 2003
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Hi sifus... just a query.
If I apply loan from few banks and all offered me with different rates, will there be any penalty if I didn't take their offer? I did read some rules saying need to pay RM2k penalty if didn't take the offer? Is it true? |
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Aug 16 2016, 04:27 PM
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#13
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QUOTE(lifebalance @ Aug 16 2016, 04:22 PM) No penalty if you didn't take up their offer. great, thanks. However if you sign already the letter offer and thereafter want to terminate then you'll need to pay the penalty for cancellation fee.  |
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Aug 16 2016, 04:55 PM
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#14
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QUOTE(MeToo @ Aug 16 2016, 04:28 PM) Not that I'm aware of. You didnt sign anything. THey make u an offer, you dont like it u dont sign. That's it. I checked with liek 5 or 6 banks... QUOTE(kok_pun @ Aug 16 2016, 04:36 PM) Even if you have signed it you still can cancel the Letter Offer. no penalty will be charged if Letter of Instruction is not issued to your appointed solicitor. Thanks all. Really appreciate it.Once the Letter Instruction is issued, then you need to bear the cost (say 1% of the TOTAL loan amount) Let say I tried 3 banks for 90% MOF, but all banks can offer me 80% only, does it mean i can get my 1% booking fee refunded? In the booking form only mentioned rloan ejected letter to eligible for refund. Do i need to include this clause in the booking form?? |
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Aug 16 2016, 06:48 PM
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#15
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Senior Member
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QUOTE(kok_pun @ Aug 16 2016, 05:23 PM) No... if you read the line... not clean CCRISS.. but to high commitment hence lower margin approved.approved at 80% does not mean loan reject, it's actually loan APPROVED, but at a lower margin. you can request the banker to recommend for reject then only you are able to get the rejection letter. ** let me guess... you have CLEAN CCRISS (langsung no commitment with banks) resulting only 80% loan approval? |
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Aug 23 2016, 12:37 PM
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#16
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Senior Member
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QUOTE(jojolicia @ Aug 23 2016, 12:05 PM) sorry m a noob in financial cal & no financial calculator with me. Use PMTRm500,000 /4.3%/ 35 years -Total payment RM967,990 can anyone grateful to help me with an excel formula to derive the above math?? =ABS(PMT(C1/12,C2*12,C3,0)) Where C1=interest rate in % C2= tenure in years C3=boreowing amount Try it. Not 100% accurate but more or less 99.9% compared to other/web loan calculator |
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Aug 25 2016, 12:09 AM
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#17
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Senior Member
1,849 posts Joined: Jan 2003
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are there any advantages or disadvantages between
low BR + high bank interest = 4.4% with high BR + low bank interest = 4.4% just curious to know if there are any long term hidden agendas  |
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Aug 26 2016, 07:37 PM
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#18
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Senior Member
1,849 posts Joined: Jan 2003
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950k purchase price. HLB offer 89% financing with 1st yr 4.2% and remaining 32y 4.4%. Still waiting for other banks. PB offer 85% financing with 4.27% rate unfortunately i dont have enough cash to take this. Now waiting fkr RHB/Maybank with around 4.35%. Hopefully can get some update early next week.
Haish... dilema dilema... |
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Aug 27 2016, 08:31 AM
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#19
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Senior Member
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QUOTE(zhengdek @ Aug 27 2016, 01:29 AM) I believe with that rate Rhb is bundling with MLTA? Yup. Correct. |
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Aug 29 2016, 09:33 AM
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#20
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Senior Member
1,849 posts Joined: Jan 2003
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hi guys.. sorry its me again with more questions
Since I applied loans from few banks, my first banker called and ask for appointment to sign the offer letter. I still have few banks pending the results. How should I go about this situation? Can I ask for the loan offer letter to review through (1-2days at home) before I sign? Please advice. Thanks. |
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