Apr 29 2017, 07:56 PM
QUOTE(nookie188 @ Mar 8 2016, 08:54 AM)
the banks are kiasu wan - they still want to be sure 200% the property is insured - that is why they insist on getting a copy of the fire insurance either from the owner or the management of the property.
so I personally ensure I get the fire insurance from the management and send to the bank otherwise the bank will take out a separate fire insurance and charge the premium to your loan account!
so owner end up paying for 2 premiums buta buta..
If I purchased a subsale and obtained a loan, will the bank require that I buy a fire insurance at this point?so I personally ensure I get the fire insurance from the management and send to the bank otherwise the bank will take out a separate fire insurance and charge the premium to your loan account!
so owner end up paying for 2 premiums buta buta..
As the S&P has yet to be executed, I do not have access to the JMC yet (neither would the policy show my name at this point), how do I go about it if the bank requires for this?
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