During 2011-2014, uuu/BBB brought many to holand citing missing the boat, etc.

There are still people into this?

I thought these types of risks are only to be done during a recovery stage of the property market or when it is booming.

In 2005, my old man was approached by a certain developer's rep to view a not yet launched project. Only 200+ units of high end condos.

He brought me along as he was interested in moving out of his landed house.

He was shown the project, was quite interested and said he would buy a unit but his max budget was around RM1.8m as he wanted to sell off his house.

Back in the day, you could forget about rebates or cashback and if you had to ask for a discount you'd be told where are the doors.

Instead of being shown on the plan 1 unit that was in his budget, the rep told him no need to sell the house, all he needed to pay was RM50k per unit to book. Told him they would arrange everything else. He pestered to book 5 units, said guaranteed no issues.

Next day he gave them 5 pieces of bank drafts and was told he would hear from them very soon. Each unit was RM520psf. All 5 were identical but 2 of it is in the 2nd phase.

He then forgot about it till 8 months later, they told him the condo was launching and to come sign some docs. On the day of launch it was RM590psf for the 1st phase and only 35 units were available as the rest were sold before launch. He was told to pay another RM50k "goodwill money" on the 3 units.

6 months later, 2nd phase launch 40 units available for RM650psf. Had to sign SPA for all 5 units and loan agreement as well. All were priced at RM520psf but SPA RM650psf.

Now at VP in 2009, 1 unit was sold at RM880psf.

2 were rented out as bare units. Enough to cover the repayments.

1 unit he had it renovated and moved in. He gave me the keys to the old house.

Only thing 4 months later he asked me to return the key as he wasn't going back there as he was through with living in a prison in the sky.

Therefore it was rented out at a bit more than the other 2.

2013, he sold both the bare units at RM1220psf to the tenants that were living in it.

2014, someone offered to buy his remaining unit at RM1500psf. He didn't sell.

Today that place asking price RM1200psf.

I always thought that was the example of loan compression as essentially that unit is nearly FOC.

Now every one talking Adrian wee only haha. Gary chua no people mention dy?
Anyway how real is this?

Keep getting whatapps message from some banker.

*Bank new ruling effective June 2019*.
Any multiple submission now will be scrutinized by banks. Assume bank detect u hv multiple submission in several banks, bank will require u to submit cancellation letter from other banks to avoid buyer multiple submission.

Any cases now with multiple submission need to complete before 1st June 2019. Pls take note.

Tis kinda cutie I owners ll cos huge prob to maintainance of the building

Having said tat a project with too many buying for investment is kinda doomed hor

There is another method coming into place. Michael Tan's Property Stacking as "opposed" to loan compression. No idea what it is, but I believe it also relates to buying multiple properties at a go.

The lelongs no doubt are giving better opportunity for people to buy their place for own stay compared to HOC and rebates.

Btw, is loan compression a fraud ? Consider cheating the financial insti or not ? Is there jail term if my friend does it ?

Please don’t misleading and over promised if u can’t achieve what u have said.

What a joke Subhome give8 % rental yield? They can’t even pay the owner ontime for the Robertson and the private private suite 188. Plus with 3 digit income for feb peak season.
Compression loan oledi bad enough Subhome expedite the process by killing the owner faster.

Subhome cant even able to list in the Airbnb due to poor service and unclean room. Few complaint from guest they being delisted from airbnb

They even destroying the rental market in Robertson by renting it out rm2400. If this kind of rental why owner still need passed it to subhome? 40% profit taken. Owner can rent it out themselves and getting higher rental.

These mortgage brokers may apply up to six banks for a buyer. When three approve a loan, instead of buying one house which cost RM800,000, the buyer may end up buying three.

The “motivation”, he says, is the cash rebate which sometimes run up to 30% of the house price.

On the conservative side, the buyer may be offered RM100,000 rebate for a RM800,000 house. Three houses mean RM300,000.

Assuming a 30% rebate, that is RM240,000 per house. So the borrower takes a 90% loan, or RM720,000. The buyer gets a “cash back” of RM160,000.
Multiple applications

Banks were unaware of multiple loan applications.

“The whole process is to cheat the banks,” the source says.

“This led to banks asking for termination letters from the other banks, when they got wind of it,” the source says.

First loan 370k rental 900 no issue

New loan
618k commercial lvl 21
400k residential lvl 38

I just signed spa and LA for both undercon new project at the same time. How high is the chance loan being cancelled?

DSR and installment shoulndt be a problem gua although i dont know how to calculate it. I just wish i could save the 20% cash downpayment if can. Who knows it turn out ugly to face those risk of loan being cancelled and blacklisting.

* They r different projects

Newbie here, I want to ask the seniors here, how buying property with 90% loan can be profitable when the initial cost is so much, factoring in stamp duty, legal fees, insurance, etc. When we sell the property after 5 years given the Rpgt tax will be 5%, and all the bank interest incurred during the 5 years, paying penalty early loan settlement. Furthermore, property price supposed to be increase 8% per year, but the after checking property prices, it does not seem to happen in many current properties. So, when I sell the house in the 6th year, I will be at loss. Hopefully, someone can guide me, thank you.

I also want to know is there any success loan compress investor outside, mind sharing?