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TSmrsbean
post Jun 8 2017, 01:08 AM, updated 7y ago

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Hi all the sifus, can i apply my housing loan after i pay the earnest deposit and before i sign the SNP? Or do i need to pay the full 10% before i apply for the loan?

Thank all sifus in advance. Cheers!
sunami
post Jun 8 2017, 01:18 AM

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No..u can apply loan after u paid the deposit...
oxm8
post Jun 8 2017, 05:58 AM

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QUOTE(mrsbean @ Jun 8 2017, 01:08 AM)
Hi all the sifus, can i apply my housing loan after i pay the earnest deposit and before i sign the SNP? Or do i need to pay the full 10% before i apply for the loan?

Thank all sifus in advance. Cheers!
*
pay booking deposit only (3% or lower) then apply loan....
after loan approve then appoint lawyer to draft SPA n pay balance deposit
hanhanhan
post Jun 8 2017, 03:09 PM

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QUOTE(mrsbean @ Jun 8 2017, 01:08 AM)
Hi all the sifus, can i apply my housing loan after i pay the earnest deposit and before i sign the SNP? Or do i need to pay the full 10% before i apply for the loan?

Thank all sifus in advance. Cheers!
*
you can apply housing loan after pay the earnest deposit and before sign the SNP
wild_card_my
post Jun 8 2017, 03:10 PM

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QUOTE(mrsbean @ Jun 8 2017, 01:08 AM)
Hi all the sifus, can i apply my housing loan after i pay the earnest deposit and before i sign the SNP? Or do i need to pay the full 10% before i apply for the loan?

Thank all sifus in advance. Cheers!
*
The most usual way is to apply the loan after paying the earnest deposit and before paying the remainder 10%. In fact, you DO NOT want to pay the 10% and sign the SPA BEFORE you get confirmation from your banker/broker on your loan approval....

In some rare cases, you can also apply for the loan BEFORE you pay the earnest deposit. there are some ways but I wont talk abou tit at great detail in the open

QUOTE(oxm8 @ Jun 8 2017, 05:58 AM)
pay booking deposit only (3% or lower) then apply loan....
after loan approve then appoint lawyer to draft SPA n pay balance deposit
*
this is right, this is the most usual way.
lifebalance
post Jun 9 2017, 05:35 PM

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QUOTE(mrsbean @ Jun 8 2017, 01:08 AM)
Hi all the sifus, can i apply my housing loan after i pay the earnest deposit and before i sign the SNP? Or do i need to pay the full 10% before i apply for the loan?

Thank all sifus in advance. Cheers!
*
You're suppose to pay the 2% or 3% booking fee first, then look to apply for the loan within 14 - 21 days.

Before you plan to do so, I would advise you to check on your loan eligibility. Otherwise you would have applied for so many banks and end up not getting your house if your loan is rejected.

You may provide me the info below so I can check it out for you.

Age
Gross pay
Nett pay
Rental Income
Bonus 2014 2015 2016

Commitment
House
Car
Credit card outstanding
Personal Loan
PTPTN
balistafear
post Jun 16 2017, 12:21 PM

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Do it in this order:

1. Preliminary financial status & loan application checking
2. Identify property, pay 2% booking fees.
3. Then, apply for mortgage to multiple bankers immediately. If done #1 properly, it would be very easy and straightforward.
4. By 2-3 weeks time you should have it sorted out.
5. Then only you sign Loan Offer Letter,
6. Then only you immediately follow that up with signing SPA.

Do not sign SPA first before signing Loan Offer Letter!
And you can't apply for loan without paying deposit first, as banks will require a copy of the booking form for application.

Hope this helps.

PM if need more clarification.
wild_card_my
post Jun 19 2017, 12:09 PM

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QUOTE(balistafear @ Jun 16 2017, 12:21 PM)


Do not sign SPA first before signing Loan Offer Letter!
And you can't apply for loan without paying deposit first, as banks will require a copy of the booking form for application.

Hope this helps.

PM if need more clarification.
*
I agree with not signing the SPA before getting the loan offer. After paying the 10% deposit and you dont get the loan then how?

In addition, some banks require that you get individual/strata titles, previous owner's SPA, and master title (for undercon units), which you will very unlikely to get unless you have paid the booking fees.
Fortezan
post Jun 20 2017, 02:35 PM

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As mentioned by others, you'll need to pay the booking deposit first, however, make sure you indicate in the booking form that your booking deposit is refundable if loan not approved. Most responsible REN will have this clause included in the booking form
tbs_0506
post Aug 1 2017, 12:19 PM

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Just want to check, what are the required documents that we need to submit to banks for loan application after paying booking deposit?

This post has been edited by tbs_0506: Aug 1 2017, 12:19 PM
wild_card_my
post Aug 2 2017, 10:46 AM

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QUOTE(tbs_0506 @ Aug 1 2017, 12:19 PM)
Just want to check, what are the required documents that we need to submit to banks for loan application after paying booking deposit?
*
These are just the general documents. Not all documents will be applicable to you, and sometimes there are extra documents that you may need as well

CODE
Documents for mortgage application for subsales(joint-applicants to provide as well)

PERSONAL DOCUMENTS
- NRIC front-back (do not cross)

PROPERTY DOCUMENTS
- Booking form provided by agent
- Relevant pages of current-owner's SPA
- Individual/strata title (if available)

EMPLOYMENT/CONTRACTUAL DOCUMENTS
- 3/6 months payslip (6 months for commission earners)
- 3/6 months  bank statement
- Latest EPF statement
- 2 years EA form (for bonus calculation)
- Job letter offer (for new employees)

OTHER INCOME DOCUMENTS
- Stamped and valid tenancy agreements (for rental income)
- 6 months Bank statement (to verify rental income)
- Investment passbook/statement (for ASB, unit trusts, Tabung Haji)

LOAN COMMITMENT DOCUMENTS
- Hire-purchase letter offers
- Personal loan letter offers
- ASB loan letter offers
- Settlement letters of previous loans
- PTPTN settlement/restructuring letters

lifebalance
post Aug 9 2017, 09:30 PM

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QUOTE(tbs_0506 @ Aug 1 2017, 12:19 PM)
Just want to check, what are the required documents that we need to submit to banks for loan application after paying booking deposit?
*
You need to prepare the following
IC
3 months payslip and bank statement
Epf statement 2016 and 2017
Booking form
Snp and title of the property
Ea form 2015 and 2016
cym
post Aug 10 2017, 03:22 PM

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hi all,

what happens if the loan rejected. consider the earnest deposit gone?
wild_card_my
post Aug 10 2017, 03:27 PM

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QUOTE(cym @ Aug 10 2017, 03:22 PM)
hi all,

what happens if the loan rejected. consider the earnest deposit gone?
*
No. During booking payment, you should ALWAYS insist on "earnest deposits returned if cannot get 90% loan approval"...

try to make sure the time for you to from booking to signing as 14 or 21 working days to give you more time to secure a loan and getting the S&P right

I'm the premier mortgage broker here, ask me if you have further questions
Joysee
post Sep 25 2017, 10:33 PM

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[/quote]

This post has been edited by Joysee: Sep 25 2017, 11:02 PM
Joysee
post Sep 25 2017, 10:37 PM

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Hi. Can we sign our SPA outside of the lawyer firm? Due to our working schedule can we request lawyer representative to bring the document out from lawyer firm to sign?
mini orchard
post Sep 26 2017, 07:10 AM

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QUOTE(Joysee @ Sep 25 2017, 10:37 PM)
Hi. Can we sign our SPA outside of the lawyer firm? Due to our working schedule can we request lawyer representative to bring the document out from lawyer firm to sign?
*
Yes. There is no rules stating it must be in the lawyer's office .

This post has been edited by mini orchard: Sep 26 2017, 07:35 AM
sonypshomer
post Sep 26 2017, 08:23 AM

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QUOTE(lifebalance @ Jun 9 2017, 05:35 PM)
You're suppose to pay the 2% or 3% booking fee first, then look to apply for the loan within 14 - 21 days.
3% booking fee of house price? or 3% from 10% deposit?
3% Pay to agent?
Then 7% balance pay to seller?

lifebalance
post Sep 26 2017, 08:44 AM

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QUOTE(sonypshomer @ Sep 26 2017, 08:23 AM)
3% booking fee of house price? or 3% from 10% deposit?
3% Pay to agent?
Then 7% balance pay to seller?
*
3% of the house price

the 3% is issued to the real estate company name.

7% balance is issued to the seller's name upon signing of SNP
nookie188
post Sep 26 2017, 08:53 AM

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QUOTE(Joysee @ Sep 25 2017, 10:37 PM)
Hi. Can we sign our SPA outside of the lawyer firm? Due to our working schedule can we request lawyer representative to bring the document out from lawyer firm to sign?
*
legally the documents must be signed in front of a lawyer - can be anywhere as long as witnessed by a lawyer..

but then, in reality does this happens all the time? not really lor..

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