oh I see, as I really lack of knowledge regarding this.Thanks for your info

Make sure S&P property address is same with Loan agreement property address. I was slap with 7k penalty from developer due to bank late release payment because of address mismatch when processing the document

Whopsss!!I was not aware regarding this and already signed.Hopefully everything runs smoothly.
Anyway, thanks for your advise. Will take note next time.

Dear all sifus,

I want to ask regarding HOC campaign. I'm a first time house buyer.

About the MOT exemption.

i know that after 30/6/2019, no more MOT exemption.

So i have made booking on march 2019 for a highrise property and already signed loan offer from bank . Now only waiting for SAP to be ready . I told my agent if the SAP is ready after 30/6 i will cancel the deal.

Then my agent informed that even though SAP is ready to be signed after 30/6/2019, i will not need to pay MOT because i made the booking on march 2019? Is it true?

why dont u ask LHDN directly?

Because i have no idea before this who to ask that is why i ask here.
LHDN ? ok noted Thanks.

Hi,

First time buyer. recently book a unit and got a loan offer 3-days later. Was really lucky since difficult to get 90% loan (due 0 CCRIS, <35 yrs term, working in SG).

As first time buyer, if there any particular clause to read (between the lines) in the loan agreement (LA). Used to read terms and conditions whenever I sign any documents, but the clauses too complicated. Haha

Borrowers have to accept most terms stated, otherwise no loan. Applicable to all banks.

Exception ... mrta, fire policy & interest rate.with certain flexibility.

Honestly, bank officers and some lawyers also wont know how to explain.

This post has been edited by mini orchard: Oct 23 2022, 01:46 PM

Typically no particular reason to pay much attention as most banks loan agreement and facilities agreement is quite standard, will not approve your loan if you decide to dispute anyway.

TL;DR is largely to protect banks interest in that the property is "owned" by the bank until loan is payoff, if you default on loan n fail to repay they can send lawyers to take your home and auction off, if you fail to pay for home insurance /master fire policy coverage (or your own home insurance/master fire policy not enough coverage) they can buy their own insurance and put the unpaid insurance in your loan quantum etc.

The most important thing you want to pay attention to is MRTA/MLTA, as sometimes if your health no good your MRTA will not cover if you have total permanent disablement, which means you need to take steps to get life insurance elsewhere to cover in case of such an event where you or your dependents lose ability to repay because of critical illness/disability.

Can I check when signing Offer Letter and Loan Agreement to be the same person, but SPA signing will be another person; e.g. spouse name only instead of the borrower's name?

This post has been edited by lewissac: Oct 24 2022, 04:11 PM

Normally banks would follow the names in SPA. However, additional name can be include in Loan Agreenent not stated in SPA.

I see. So not possible to have name A in the loan agreement but name B in the SPA?

Only way would be Name A in loan agreement and Name A and B in SPA??

Yes.

Is complicated with your arrangement due to legal issues. Additional documents can be signed but banks prefer not to go that route.

For eg what happens when the spa name is not the borrower but wants to sell the property and the borrower cannot clear the outstanding loan ?

Your arrangement is called third party 1st charge. For eg, a director in the company can use his personal property as collateral for a company loan. Since both property and company belongs to the director, it deemed to be the same person. The director dont have to transfer the property to the company as every transfer involve legal fees, stamp duty and rpgt, if applicable.

This post has been edited by mini orchard: Oct 24 2022, 07:34 PM

Is possible to disagree on the adjustment rate in the SPA with developer? Or usually it's standard applied, no argument can be made?

adjustment rate as in the price per square meter, or the allowed difference?