When to start serving interest for new house?
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 Nov 9 2017, 11:00 PM, updated 9y ago
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#1
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Senior Member
1,711 posts Joined: Sep 2006  
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Just received stamp S&P for under development house. The lawyer said will send loan document to bank to sign.
So when do I start to serve the interest payment? Wait until bank to send letter then only need to start pay? Dunno how is the actual process. |
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Nov 11 2017, 04:02 AM
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#2
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Junior Member
394 posts Joined: Mar 2016
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Usually the bank will send a letter notifying that payment will start at a certain date
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Nov 11 2017, 10:11 AM
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#3
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Junior Member
439 posts Joined: Dec 2012
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QUOTE(kennykck @ Nov 9 2017, 11:00 PM) Just received stamp S&P for under development house. The lawyer said will send loan document to bank to sign. Yes, your understanding is correct. The bank will send a letter to notify on your housing loan bank account. When your account is active, the details of the loan ie. sum of payment and due date will be indicated. Nowadays everything is online so you can check the loan details online.So when do I start to serve the interest payment? Wait until bank to send letter then only need to start pay? Dunno how is the actual process.  |
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Nov 14 2017, 04:16 PM
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#4
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Senior Member
1,203 posts Joined: Oct 2006 From: Kuala Lumpur
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u will need to start serving interest after the bank's first release of the loan.
if it's under construction property, the bank will release in stages (upon developer's billing) and u will pay interest based on how much has been released. |
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