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> Ecoworld - Help2own scheme, Ecoworld

fireloh
post Sep 16 2018, 09:08 PM, updated 6d ago

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Hi everyone,

I have recently came across an advertisement about the ecoworld help2own housing scheme.

It is referring to the purchase of ecoworld house for first home buyer and home upgrader to pay only 5 percent of the property value, get 70% of bank loan and the rest will be cover by Ecoworld.


Have anyone approach the ecoworld staff yet regarding this scheme?

What it means by taking care of the rest, all we need to pay is just 5 % +70% of the bank loan. Is the balance indirectly absorbed by the developer?

I am just wondering how does the developer make money if this is the case.

Sifus, please enlighten me. Thank you in advance biggrin.gif
David_77
post Sep 16 2018, 09:24 PM

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Most probably the balance of 25% is loan from developer to you.
MNet
post Sep 16 2018, 09:26 PM

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how much ecoworld charges us on the 25% of the loan ?
Ekash
post Sep 16 2018, 09:27 PM

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From what I rmmbr, 5% is rebate, then 20% is 0% loan for 5yrs.. Then the loan hearsay got some rebate too..
fireloh
post Sep 16 2018, 09:35 PM

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QUOTE(David_77 @ Sep 16 2018, 09:24 PM)
Most probably the balance of 25% is loan from developer to you.
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That makes sense too. But do you know if there is any interest rate charges? If most of us delay payment they wont si kiao kiao? lol
David_77
post Sep 16 2018, 10:05 PM

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QUOTE(fireloh @ Sep 16 2018, 09:35 PM)
That makes sense too. But do you know if there is any interest rate charges? If most of us delay payment they wont si kiao kiao? lol
*
Don’t know the rate.

But it’s basically 90% (20% from Ecoworld + 70% from bank) financing.

If one can’t get 90% financing from bank (here I am assuming it’s first property for the buyer), then it’s crazy to leverage at this level.
spazerock
post Sep 16 2018, 10:36 PM

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its very common in Hong Kong, if the buyer cant get 90% loan, buyer can borrow the rest from developer or third party.

two situation may apply.

a) buyer cant get 90% loan.

b) the bank valuer evaluate the property itself is over value and cant approve 90% loan.


AvenueX
post Sep 16 2018, 10:37 PM

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Last I heard from EcoSky SA its 0% interest loan for 5 years.
New Klang
post Sep 16 2018, 11:27 PM

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Is ecoworld licensed to charge interest on loans?
gks
post Sep 16 2018, 11:30 PM

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Basically it is not a loan

It is easy installment scheme which the 20% repaid in equal installment for 5 years. It is good if you do not have cash now. Or you can put the cash in FD to earn interest while use cash flow to pay the installment.
Babizz
post Sep 16 2018, 11:43 PM

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QUOTE(New Klang @ Sep 16 2018, 09:27 AM)
Is ecoworld licensed to charge interest on loans?
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they can set up a new company. The new company will be an NBFI.

good way to clear the overpriced houses they have.
kobu
post Sep 16 2018, 11:51 PM

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70% bank loan
5% rebate from EW
5% downpayment

Last 20% is the H2own program.interest free loan from EW that u need to pay according to their payment schedule(increasing every year) within 5 years.got huge rebate from EW depending on which project u r buying.if without proper planning, buyer might be suffering within this period(bank installment+h2own payment /every month).got force devolepr buyback clause if buyer fail to pay.
After that 5 years,enjoy your home with low monthly installment
gladfly
post Sep 17 2018, 12:55 AM

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QUOTE(New Klang @ Sep 16 2018, 11:27 PM)
Is ecoworld licensed to charge interest on loans?
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Ada.. Legacy matter from BN

https://themalaysianreserve.com/2017/04/03/...nding-licences/
BEANCOUNTER
post Sep 17 2018, 12:56 AM

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good only if you have extra cash of 20% otherwise need to flip the property upon vp.

kalua tidak, tai wok when vped and you need to serve 2 parties.
icemanfx
post Sep 17 2018, 02:42 AM

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For 70% LTV, does it mean bank valued ew property only worth about 80% of spa price?

This post has been edited by icemanfx: Sep 17 2018, 02:53 AM
ed1torz
post Sep 17 2018, 10:11 AM

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QUOTE(icemanfx @ Sep 17 2018, 02:42 AM)
For 70% LTV, does it mean bank valued ew property only worth about 80% of spa price?
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you catch it nicely.

bank also felt, these are OP cake.

good luck to those buyer but to note, if you like the design and concept for ownstay… is a good choice
Quang1819
post Sep 17 2018, 11:33 AM

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I thought EW all premium ones for the higher income? cannot sell them and now come up with this scheme hmm.gif
cedyy
post Sep 17 2018, 11:36 AM

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just goes to show how overpriced is their products

This post has been edited by cedyy: Sep 17 2018, 11:37 AM
twentyfour24
post Sep 17 2018, 12:21 PM

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QUOTE(cedyy @ Sep 17 2018, 11:36 AM)
just goes to show how overpriced is their products
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Totally agreed. Overpriced. Same as IOI project Malay in “Langit”. Is it because of this they come out with help2own scheme?
fireloh
post Sep 17 2018, 01:41 PM

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indeed the houses are really overpriced la. I know they go by high-end concept and they have super good service.

However, 1 terrace also reaching RM1 mil. How to buy nia..

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