Is it 'standard' or 'normal' for banks to insist that the borrower affirms a statutory declaration that the house is for owner's occupation?

I am getting a loan from CIMB and they are insisting on this provision. I plan to go with another bank if CIMB does not budge on this.

Anyone manage to get this requirement waived by their respective banks for their loans?

A procedure to weed out speculator. Believe more banks will follow.

nobody will declare the home is for biz or rental.........

beside you might change your mind over the course of vp....

I think also if its for rental or biz...the margin of finance and interest might be different.

this is 1st time i heard this in malaysia.
but, in hongkong, it is a must to declare. in hongkong, the loan ratio is different, own stay is 70%, rent out is 50%.

(in hongkong) if you stated own stay, get the loan, buy the house; and then somehow bank found out you rent out, they can call back the loan.

as far as I can remember, it has been in practise for many years lioa.....

I think for hongkong case, its like pr1ma housing qua...not private condo.

the declaration procedure in hongkong is for private house/condo.

in hongkong, gov house = pr1ma, you absolute cannot rent out. So, there is no declaration issue for hongkong gov house.

thanks for your feedback