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 subsales deposit

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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!
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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
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this is right, this is the most usual way.
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.
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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.
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?
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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
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?
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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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