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!
subsales deposit
subsales deposit
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Jun 8 2017, 01:08 AM, updated 7y ago
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#1
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Junior Member
147 posts Joined: Jun 2016 |
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! |
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Jun 8 2017, 01:18 AM
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#2
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Senior Member
1,415 posts Joined: Jul 2006 |
No..u can apply loan after u paid the deposit...
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Jun 8 2017, 05:58 AM
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#3
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1,458 posts Joined: Jul 2011 |
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? pay booking deposit only (3% or lower) then apply loan....Thank all sifus in advance. Cheers! after loan approve then appoint lawyer to draft SPA n pay balance deposit |
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Jun 8 2017, 03:09 PM
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#4
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Senior Member
1,142 posts Joined: Oct 2006 From: Kuala Lumpur |
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? you can apply housing loan after pay the earnest deposit and before sign the SNPThank all sifus in advance. Cheers! |
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Jun 8 2017, 03:10 PM
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#5
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Senior Member
6,562 posts Joined: Jan 2003 From: Kuala Lumpur |
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? 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....Thank all sifus in advance. Cheers! 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.... this is right, this is the most usual way.after loan approve then appoint lawyer to draft SPA n pay balance deposit |
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Jun 9 2017, 05:35 PM
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#6
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All Stars
10,029 posts Joined: Nov 2014 |
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? You're suppose to pay the 2% or 3% booking fee first, then look to apply for the loan within 14 - 21 days.Thank all sifus in advance. Cheers! 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 |
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Jun 16 2017, 12:21 PM
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#7
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298 posts Joined: Jul 2005 |
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. |
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Jun 19 2017, 12:09 PM
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#8
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Senior Member
6,562 posts Joined: Jan 2003 From: Kuala Lumpur |
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. 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. |
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Jun 20 2017, 02:35 PM
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#9
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463 posts Joined: Oct 2011 |
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
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Aug 1 2017, 12:19 PM
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Newbie
1 posts Joined: Aug 2017 |
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 |
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Aug 2 2017, 10:46 AM
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Senior Member
6,562 posts Joined: Jan 2003 From: Kuala Lumpur |
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 wellCODE 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 |
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Aug 9 2017, 09:30 PM
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All Stars
10,029 posts Joined: Nov 2014 |
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 followingIC 3 months payslip and bank statement Epf statement 2016 and 2017 Booking form Snp and title of the property Ea form 2015 and 2016 |
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Aug 10 2017, 03:22 PM
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Junior Member
82 posts Joined: Jan 2003 |
hi all,
what happens if the loan rejected. consider the earnest deposit gone? |
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Aug 10 2017, 03:27 PM
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Senior Member
6,562 posts Joined: Jan 2003 From: Kuala Lumpur |
QUOTE(cym @ Aug 10 2017, 03:22 PM) 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 |
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Sep 25 2017, 10:33 PM
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Newbie
2 posts Joined: Sep 2017 |
[/quote]
This post has been edited by Joysee: Sep 25 2017, 11:02 PM |
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Sep 25 2017, 10:37 PM
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Newbie
2 posts Joined: Sep 2017 |
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?
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Sep 26 2017, 07:10 AM
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13,913 posts Joined: Sep 2017 |
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 |
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Sep 26 2017, 08:23 AM
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Senior Member
1,577 posts Joined: Aug 2017 |
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? |
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Sep 26 2017, 08:44 AM
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10,029 posts Joined: Nov 2014 |
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Sep 26 2017, 08:53 AM
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2,515 posts Joined: Jan 2012 |
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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