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 Bank Loan - affirm SD for owner's occupation

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BEANCOUNTER
post Jan 4 2017, 03:16 PM

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QUOTE(poker @ Jan 4 2017, 02:48 PM)
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?
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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.
BEANCOUNTER
post Jan 4 2017, 04:01 PM

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QUOTE(realcyma @ Jan 4 2017, 03:38 PM)
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.
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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.

 

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