Lawyer will say pending documentation from developer master chargee, developer will say pending documentation from lawyer for issuance of letter of undertaking, etc etc

I received letter of completion 10% from developer last week. I try to contact and ask for status from Lawyer firm (Gan&Zul) but i got no reply from them.

Then I contacted my bank for status they said there were no instructions from the Lawyer side to release the fund to developer.

I am not happy with the developer appointed Lawyer firm progression. Started to play the blaming game already.

Which bank is that?
But the later your bank release then you start paying interest later also right?

As per 2016 budget review, with immediate effect, for all new housing projects, the Government mandates that all houses priced up to RM300,000 be limited to first-time house buyers only.

-Double post-

This post has been edited by senderos11: Jan 28 2016, 04:13 PM

This should not applicable to those who ady confirmed their purchase of Casa Green before this announcement as they have get their SNP + Loan Approved.... Some even going to start paying the first progressive billing.. But not sure for those in waiting list..

So.... What it will change the game by the way.... sell at 301K and give rebates lor... LOLz.z...

It means u can't go around sapu all those affordable house like prior loophole allowed. They could gt a rumah selangorku, then prima and round out with rumawip methodically, using the prior loophole. Guess it's only fair then. Only bona fide first time gt a unit. Finally a wise move by the government.

-Double post-

This post has been edited by senderos11: Jan 29 2016, 11:06 PM

The ceiling price for RUMAWIP projects is 300k

Sooner or later people will find a loophole also.
Rules are there, enforcement not sure yet though

This rules bound to have it's drawback as well. Just look at what's happening in Penang. They built affordable house, bt not many eligible buyer. End up, the unit was open to the mass at a slight premium. End of the day, capitalism still rules. Bt at the very least, first time house buyer was given their crack of owning decend home. Anyhow, the point I'm trying to make is that, well done to those casa green rumawip purchaser, who bought it as their second home and so forth. The courage and foresight to make the move before this avenue was close, hopefully, will be handsomely rewarded in future. =)

checked my bank account for the house loan and see that the 10% has been disbursed.

but the 10% is only the 300k of the house, how about the extra carpark ie 20k, when developer request?

Upon completion of your car park parcel

Which bank you using? Mine RHB also disbursed but never show the computation how much I need to payback to the bank. (Installment amount still RM0.00)

Normally how long only start paying?

the installment amount only show once u start paying interest+principal. now u only paying interest, they will show RM0.00 saje. you will know amount of interest* upon receiving payment notice from bank.

*the calculation u can count like this...
loan interest rate / 365 days x number of days of the particular month x total amount disbursed

eg,
loan interest rate : 4.45%
number of day : assuming december 2015 @ 31 days
amount disbursed : RM30,000

interest payable
= 4.45 / 365 * 31 * 30000
= RM113.38

(should be right la, cuz my excel calculation also tally with what the bank sends me)

hope that helps.

If pay installment instead of interest only..how they calculate ?

impossible. your installment is inclusive of your interest already.

ref to simulation table (of mine) for first 4 years attached. you can see for the starting years you're paying more interest, less principal. u see month 48, assuming u pay 50k, only you pay more principal, less interest thus month 49 onwards will have less interest due to principal reduced.



**the table is not 100% accurate. based on assumption.

Urs calculation is fully disburse only start pay installment ?

Yes. The table is full disbursed. I shared the calculation for progressing interest calculation few replies above too.