Outline ·
[ Standard ] ·
Linear+
Covid19 and MCO effect on properties, Q&A Session on the effects
|
Brandonben
|
 Apr 25 2020, 02:32 PM
|
New Member
|
Hi guys,
a quick question, before MCO i sign the loan agreement with bank to purchase home for own stay. However, due to the MCO, i have not had the chance sign any legal fees nor make any payment for SPA or set up a meet with my lawyer although they have already given quotation for the legal fees, etc.
And now im having a second thought considering the uncertainties of the current crisis (fear of retrenchment as i work in o&G industry), i plan to terminate the loan, albeit there will be penalty of rm2k from bank for loan termination, also the deposit of rm5k to developer will burn.
Do i continue on or do i terminate the loan and take the wait and see approach?
|
|
|
|
|
|
Brandonben
|
Apr 25 2020, 03:22 PM
|
New Member
|
QUOTE(wsoon82 @ Apr 25 2020, 03:01 PM) Only you can make the decision because there are so many factors to consider. The property is already completed? If it is in 3 year time then you only need to pay interest. The reasons you bought that property, your own financial situation, etc. etc. The property not yet complete. the way i see it, it will probably be delay. progress now already at 70-80%. If i carry on, i scared worse thing happen like retrenchment i wont be able to pay installment.  |
|
|
|
|
|
Brandonben
|
Apr 26 2020, 04:32 PM
|
New Member
|
QUOTE(forever1979 @ Apr 26 2020, 03:06 PM) just my suggestion If your cost is merely few thousand, i think you should consider let go the unit... first is the property market will be further soften and if you are seriously look for property, it can even done it later. unless, you are urgently need a house for stay. secondly, you mention your are in o&g, which is not doing good, better do some provision on your salary... touch wood ... Thanks for the suggestion bro. i was thinking the same thing too. but will end up burning up to 7K in the process. Anyway, any idea will there be HOC campaign this year? |
|
|
|
|
|
Brandonben
|
Apr 26 2020, 05:00 PM
|
New Member
|
QUOTE(Zwean @ Apr 26 2020, 04:51 PM) Don’t need to pay the 2k. Just cancel leave it outstanding. When you apply loan in the future appeal to waive it. can do that? in the agreement already written if terminate need to pay penalty to bank rm2k |
|
|
|
|
|
Brandonben
|
Apr 29 2020, 08:41 AM
|
New Member
|
QUOTE(Zwean @ Apr 26 2020, 05:58 PM) Why cannot lol I did it and I got it waived when I applied for a loan three years later the bank didnt call you to pay them during this 3 years time? |
|
|
|
|
Quote
0.0300sec
1.20
6 queries
GZIP Disabled