Hi,

I am planning to buy a property.
i want to know the steps.. yes i have looked around and saw a few topics discussed about this.


so what if i want to put >10% dp, when & to whom do i pay that?
the 3% & 7% to whom am i paying? to owner or to bank?
>10% means i am looking at +-40% cash dp


is it trustable and advisable to 100% rely on agent?
agent told me he can arrange for lawyer & banker so that both seller & buyer go thru same person


the duration from 1st step to getting keys, how long will it take best case & worst case
3 to 6 months?


please enlighten me, and thank you.

Usually downpayment for property is 10%, which is paid to the seller. You will need to pay 2% to book the property, and the remaining 8% to be paid during SPA signing. If you intend to pay more than 10% downpayment, for example 20% coz you're only taking 80% loan, then the extra 10% is only paid when the bank is about to release the loan. Usually the lawyer will notify you when you need to pay this extra 10% and the cheque is usually issue to lawyer. Lawyer will hold this money first and notify bank so that bank can be assured you have the money for the extra 10% and proceed to release your 80% loan.

whats the advantage of higher dp.
will the loan easier to approve?

Definitely. Banks take your loan amount into consideration when approving your loan. The lesser you borrow, the higher chance of approval.

u can take full flexi or semi flexi, get 100% or 90% loan, then park the 10% or 20% extra money to offset the interest.

serve the same but you will have more flexibility in case of rainy day