Jul 8 2017, 07:54 PM
QUOTE(AskarPerang @ Jul 3 2017, 10:09 PM)
Cash is king in lelong property. If you can afford to buy with cash without needing any loan, then you are very mightily strong.
If not, there are few key tips:
1. 10% dp or 5% dp depending on auction bank.
2. CCRIS/CTOS must be perfect. DSR also must comply. you cannot afford to get loan rejected by bank.
3. Not all property can obtain bank loan. Developer bankrupt. Abandon project. less than 100k loan. etc. So it is back to the top first statement. If you got cash, you are king.
Fully agree with these statements.If not, there are few key tips:
1. 10% dp or 5% dp depending on auction bank.
2. CCRIS/CTOS must be perfect. DSR also must comply. you cannot afford to get loan rejected by bank.
3. Not all property can obtain bank loan. Developer bankrupt. Abandon project. less than 100k loan. etc. So it is back to the top first statement. If you got cash, you are king.
Id like to add, you can also use an OD facility to source for the cash. Buy these properties using cash after withdrawing from your OD account, and refinance it later to get cash to pay off the OD. rinse and repeat
You wont be double paying for any agreements, the transfer and loan agreement are done once, although not at the same time
Secondly you wont be anxious that your mortgage application is not approved
but you dont want to borrow from the bank using the OD for too long, because the interest is very very high compared to term loans, hence the refinancing I mentioned above
Quote
0.0141sec
0.23
6 queries
GZIP Disabled