Mar 8 2016, 08:54 AM
QUOTE(lucerne @ Mar 7 2016, 07:13 PM)
why bank still request borrower to send the insurance certificate since it is mandatory to MC to insure the whole building ? becos bank don't know the property is strata or landed?
what if the individual strata unit did not send the cert to bank? bank will buy another insurance separately on behalf of borrower and charge it to loan account??
I fully understand if bank require borrower to insure if the prop is landed.
i stop buying the insurance once i cleared my loan.
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.what if the individual strata unit did not send the cert to bank? bank will buy another insurance separately on behalf of borrower and charge it to loan account??
I fully understand if bank require borrower to insure if the prop is landed.
i stop buying the insurance once i cleared my loan.
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..
Quote
0.0143sec
0.18
6 queries
GZIP Disabled