Anyone here utilised governmetn loan already? What is their interest rate? it is better than Bank loan is it?

The rates are lower. Dunno how much. I havent used it yet.

hmm..thanks...I plan to apply G loan

But the period of disbursement of the loan you need to take note.. it takes longer period than normal loan.

oh is it? how long..that means Ill need to pay cash first. My first time buying house

u need to inform seller or developer that u are using gomen loan. takes abit longer time..1-2 month compared to bank loans.

usually pipu will understand..lolz

no u dont need to pay in cash..just the deposit will do. but advantage of gomen loan u can get 100% financing

Last I checked, government loan is calculated at a flat of 4%. The maximum tenure is a little shorter than commercial loan however, at about 25 to 30 years, you have to confirm this ya.

The disbursement (when you are buying the house) AND redemption (when you are selling the house) is super slow for government loans, of up to 1 year. As such you may find it problematic when doing any transactions involving a property with government loans. But please don't quote me on that, this is what I hear from my clients who wanted to sell or refinance their properties encumbered to government loan, with a commercial loan.

Please confirm, but if I am not mistaken, the government loan, when used to calculate your loan eligibility, will disregard your allowances and focus only on the basic salary.

This post has been edited by wild_card_my: Jul 1 2015, 01:43 PM

my wife just pplied gov loan, about 2 weeks to approve, case by case basis i think, as 5 teachers submitted only my wife is approve, already 3 weeks another 4 yet to be approved. so now need to see how long will they disburse the money.

loan amount you can check the elegibility, and can loan 100% + MRTA, max to age retirement imnm.

yup it depends. I manage to get approval and paid the redemption (buying sub-sale) within 2 months. Now waiting to get the final disbursement to be paid to owner (total - almost 4 months). off coz, u need to chase them.

one more thing, if you are buying apartment of houses under strata (individual) title using gov loan, land office have new policy - they will finalize your application within 2-3 weeks.

hope this help.

Can we get 100% gov loan for third property?
Thanks in advance

hie, i just recently heard that government servant no longer get to enjoy the 4% flat interest anymore. Is it true?

I heard some of my colleagues saying there isn't any difference to get either private bank loan or government now in the year 2016 after revising the budget.

anybody can clarify or have more info regarding this? TQ