Hello, I'm fairly new to property buying. I want to know if with the current low interest rates and also HOC, is it a good time to get one? Or is it all just packaged nicely to mask the actual cost.

Sorry if the question is dumb

Hi. No question is dumb question. If don’t know, then you are free to ask. That’s the purpose this thread was created. To help Those who are seeking for answer.

For interest rates, it’s currently very low, but it shouldn’t be the only reason why you are buying now. This is because interest rates can goes up and when it happen, your instalment will be adjusted too.

For HOC, it’s an initiative by Govt to help developers to clear their overhang unit as well as undercon units. Plus with developer's in house package, it further makes it a more attractive one.

But in my humble opinion, property buying should be from you. You have to be ready mentally as it will somehow affect your current lifestyle, especially if you likes to travel. And if you buying to invest, you need to prepare for the time it’s vacant and you have to be paying it.

If you are prepared both financially and mentally, I would say anytime is a good time to buy...

Thank you for the clear and concise response! I'm financially stable right now; It's just that the HOC deal is ending pretty soon and just afraid that I might miss out on an opportunity.

Yup. the count down is on it's way now... 31 May 2021. Unless they decide to extend it again.. If you can find a good deal, something you like at this point of time, you should really consider going into it. But if not, then you might want to reconsider. Do set an objective of your purchase, INVESTMENT? or OWN USE? This will help you decide...

For investment - more criteria to consider. But the rule of thumb, it must offer a good ROI.

For own use - if you love it, you buy it! (of cos it still need to be within your budget)

Happy buying!

Hi YeohKW, would like to ask. If the developers say the downpayment is 1%, free SPA, loan agreement, HOC free MOT. The total amount I would have to cough out is only the 1% downpayment right? Is there any other hidden charges or lawyer fee that I would have to ask my SA? Thank you in advance!

Hi there. I suggest you ask the developer sales person to write down in full details on the financial part.

if they say downpayment is 1% then what happened to the balance of 9% if you secure a 90% loan? Is it falls under 9% rebate?
FREE SPA and Loan agreement means developer is paying for it as long as you use their lawyer.
Under HOC will cover the SPA stamp duty, loan stamp duty and MOT
What about the disbursement charges for SPA and loan? not much but do check if it's covered by developer too?
And the booking fees? Any? is it refundable?

These are some of the basic questions we get from buyers when we are marketing a developer's project.

Hope it helps...

This post has been edited by YeohKW: Mar 28 2021, 04:28 PM

Hi all, I would like to seek some advice regarding public tender houses with registered caveat.
Am I eligible to apply loan upon successful bidding?

Hi. I suggest you try asking an auctioneer on this matter to get a more accurate information. I’m sorry I, unable to answer this as it’s not my forte.

You must find out the reason for the caveat. If it cant be removed, then dont tender.

Banks dont approve loan if the title is not 'clean'. Even if is approved by mistake, normally the banks want the caveat to be removed b4 loan is disbursed.

Or are you referring to a charged by the bank ? Is different.

Ok thank you for the info. Currently the house has been foreclosure sale auctioned by bank, but I can see from the POS there is a registra caveat lodged.
If that is the case high chances that I could not apply loan and make full payment hence my bank draft 10% deposit will be forfeited by bank.

A Registrar Caveat is lodged by the govt (lhdn) for money owed.

Dont touch the property if you are not sure how you can go about dealing with the caveat.

hi. i don't have any house, but i am planning to get one. however I'm a bit scared to get into commitment due to nature of work. I'm not a salary man, I'm a commission man. right now, on average my commission is around 13k per month. already 1 year like this however i do not know how long this will sustain. do i need to wait 1or 2 more years saving more money before i get a house? with current commission, i can buy a terrace house or semi d already but i don't want to be overconfident. please advise. thanks.

Even if one is a salaried man, he cant be assured of a job for the next 30 years.

Buy within your ability to pay and if the worst do happen, just mitigate the loss.

Even with renting, one can lose the monthly income and unable to pay rent.

Agreed. We cannot predict what will happen in the future. We can only plan for our future. And investing is one of the best method to secure a good future. And if one is scared of putting all eggs in one basket, then can consider diversifying the investment.

Unit trust, properties, stocks, insurance, FD and others. Property investment is good as it's the only investment that can be leveraged.

Hey YeohKW, usually for those projects with referral programme, will the referral (1-2%) be deducted from the commission from sales agent, or is it separated from it. Thanks!

I guessed it depend on each developer. But so far those that we dealt with, the if the developers offer referral program, then sales agent (REN) will not get any comm anymore. For internal sales team, they will probably still get it since the comm is very low as there's basic pay for them.

Not sure if this is applicable to all developers ya.

is it true that the developers arent allowed to collect booking fees before obtaining the APDL? and they will usually ask for cheque to process the “booking”?

also for ongoing projects, are there any reasons some developers insist on cheque payments instead of credit card / cash?

Buying property is a trap / money pit. Better invest in forex.

hahahahahah

Yes. Developer aren’t allowed to collect fees before obtaining APDL. They are not even allow to market their product before that. However, developers will still look for ways to get their prospects to commit themselves in a creative way.

As for collection of cheque, it’s easier to cancel the cheque than doing a refund on credit card I guess. Not too sure on the actual reasons as different developers has their own thoughts.