hi,

Is there anyone out there have experience in buying an empty plot of residential land

1. is it the same process as subsales?
2. do i get to do 90% loan as well like subsale?
3. can me and my sister take loans together? (valued amount 500k, probably will share 50% with my sister, 250k + 250k).

thank you in advance

Yes... land can loan...

The problem with less ppl doing this is...

The amount of $$ u need to fork out to build the house.... that one u need cash and can hardly loan from bank.

I heard it's very hard to get 90% loan on land.... You better check with banker to ensure this.

carefull. lots of bungalow land scam nowadays

Haha.this one not scam bro. My father's one. But because need money for his business, need to sell off the land

Land no way 90% loan

Max is around 85%. Interest rate higher than buying house, abt 1.5% higher.

there is no way u can get 90% loan on land.

It's possible if you get the construction package for certain banks..but for the rate I'm not too sure..

Well if your dad needs cash for biz.
I'm assuming you and sis are helping for it.

30% of downpayment not needed. Just sign documents as if its been paid by you/sis to dad.
Generally it will be only 70% loan for purchase price. 85% possible, but most cases hard. Nevertheless, try.

If you plan to build a house, you need house/building plan approved via correct channels ie. architect, majlis, etc.
This can be submitted to bank for loan purpose.
Again bank typically offers 70% loan from BQ value.

Take note there is clause within residential land purchase in bank loan agreement that house must be build within 10 years from date of land purchase. But if payment is prompt and no issues, bank will not kacau.

Good luck!

are u saying- for the house construction works we cant get housing loan?
means it will be via different package? higher interest and lower margin of finance?

U see...

If you buy a house.. u get a loan say 90~95% these days.. that cost that you paid for the house is actually the land + the building.

Now you go buy a land, you can get around 60~70% loan.... if you dont include building plans on it.

Then you go take a construction loan, again the margin of financing is probably around 70% at best.

Now you see the amount of cash u need to fork out for this endeavor?

Looks like not viable for me how leh later got land but cannot afford build house

Play Bunglo land means you should be rich enough... Depending all on Bank is no no.. A lot of people in Malaysia mixing with bank loan + black dirty $$ to build...

Why make conclusion without checking with bank?
Why buy land must build house on it? For investment and later sell off cannot ar?

If you, including ur father and sis, like the land, just call the bank how much u can finance and what are the T&Cs, then only decide lor! I'm sure got bank to loan u for land only. Try it first! Many no experience fumerers just blow water only...