QUOTE(slee03 @ Oct 16 2020, 03:15 PM)
Contractor recently being awarded the project.
https://www.edgeprop.my/content/1743175/int...-works-ecoworldSPA signing started since 26 Sep 2020, up to 25 Oct 2020 for Huni.
Read the following:
https://mypf.my/2016/11/02/malaysia-propert...yment-schedule/While under construction, we only pay the interest, based on completion stages to developer? Assuming my unit is located at level 20, how will that affect the monthly payment?
Secondly, installment of 1.5k to bank, only commence upon completion of project or when the first stage, piling work done? First time getting a new apartment before construction, not sure how it works. Yet to sign SPA (S&P Agreement).
Any sifu mind to share tips/clarify so that I can plan ahead? 🤔
means you'll only kena up to (2a) progressive interests till it reaches level/floor 20.. 😁
just record down the progressive interests u paid in these years, so that it factor-in as total costs.
For 20th floor as e.g.;
10% - payable upon signing snp..
next 10% (2a) - disbursed by bank after earthworks below ground level is done..
next 10 or 15% (2b) - disbursed by bank when ur level structural is up..
next 10% (2c) - disbursed by bank when ur window and door frame is up..
and so on..
All the way till VP, progressive interests usually hit 75-80% only.. as the balance ll be VP and last 5% usually withheld by lawyer till developer fix the defects for common area+individual units..
For bank transactions you gonna see some codes like: "RTA premium" refers to MRTA, should be few thousands. The transaction code of "SR" tells the SI, it tied wit a date. And "EX" is the progressive interests.
Basically once u signed LO - it allows authorization to debit all sorts of payment owing to bank, which includes ur prog interests, monthly repayments, and misc charges like late penalty, fire insurance, processing fees etc.