Good day.

Need your advise on housing loan. I'm interested to get a second hand house. It's a apartment worth of 400k. I have some amount in EPF account 2. This is not my first home as I already have joint loan with my dad for another house. But I'm not paying for the house as it's rented already. The SNP is under my dad's name but loan is under me and my dad.

To buy this apartment can I withdraw from account 2?
I donhave enough cash with me.l but I really want this house. Is there anything like 100%loan that I can apply? Please advise. Many thanks.

P/S: sorry for the poor English

i think cannot..

maybe other sifus here know how

Do markup

I had the similar situation. Other people advised me to markup but the owner don't wanna do so because of taxation issue.

So I borrowed from family, paid deposit, signed and ask lawyer to arrange withdrawing from EPF acc 2. After disbursement, I pay back to my family with interest. You can only withdraw from EPF acc 2 once you signed the S&P and change name.

Do mark up and you pay the extra taxation. U also need to kawtim with owner since no payment b4 signing s&p. If its okay with owner, then everything should be ok already.

Hi you mean mark up the loan and pay taxation? If house is 400k how much to mark up and roughly how much need to pay tax? Any idea please

Sad truth is my family or friends don't have much cash wth them that's why can't borrow from them

Mark up to RM445k, RM45k as 10% deposit, and RM400k from loan.

How much wil be the tax then? Can u advice pls?

this depend in the initial purchase cost of the seller and also the years of he/she holding the property.

http://www.hasil.gov.my/bt_goindex.php?bt_...nit=1&bt_sequ=2

Look at the table for sales of property after year 2014. The also show the calculation formula.

to withdrawn money from efp, u need to produce the stamped s&p.

as u are buying a subsale, all the payment term is arranged between vendor (seller) and buyer.

in market, there are gomen servant who actually manage to only pay 2% booking fee (earnest deposit) and the rest is by gomen loan.
lots of owner are comfortable for it.

if u want to convince seller to sign the s&p and he receive no payment at all, chances is very slim, u just put urself into his shoe.

but maybe u can propose to him i.e
1. u bear his portion of legal fee for s& p, will not be much ard RM1K-2K. (but this also mean u need to pay extra money upfront)
2. slightly higher selling price.

Does the markup work for subsales? I was under the impression that the bank will send a valuer and you'll only be approved for a maximum of 90% of the property's market rate.

Thanks for the suggestion. Let me talk with the seller and update outcome here

Thank you again

You can do mark up loan, provided you're buying below market price.

Account 2 will only be paid out to you at the end of the transaction, you will have to fork out money first for all the initial cost.

Wait, I still remember, to withdraw from EPF account 2, you will need to dispose (sell, or transfer or etc) before able to do that. Isn't it? Please advice

TS, pls update us on the status.

just curious whether seller is agreed to any of ur proposal.

Please do homework before you use your hard earned money.

You dont even know the bank value of that property??!! Hence, I bet you dont have the idea on the potential appreciation value, and the rental value of the property.

I bet you also nvr calculate your current DSR, and whether able to secure loan from bank. I bet you also do not know currently which bank is easier in giving loan and which bank is close water hose. I bet you also do not know the standard DSR that given by each bank.

If the bank value is lower than the owner asking price, then you will have no chance at all to buy.

Do your homework and gain knowledge before gain money.