Hi All,

I am in the process of purchasing a newly completed (first VPs around 1-2 months ago and strata title issued) apartment from a developer. During the loan application process, i got mix of offers since some banks require a valuation while some don't. Ultimately I chose the bank that don't require valuation since they offer me the best rate. Since then, I've signed the SnP, loan offer and loan agreement. While the banker insists the valuation is not needed, one clause in the agreement clearly state the value of the property must not be less than the developer's price.

Anyone familiar with this situation? I am currently waiting for the drawdown process to be completed but since bank can change their term or even withdraw the offer altogether, is there a chance for the bank to have a change of mind and requires a valuation? I can probably top up the difference (should not be much according to initial valuation) if they want to reduce the loan amount but I assume it will add some time to the whole process and most likely cause me to miss the SnP deadline especially if they withdraw the offer and I have to re-apply elsewhere.

This post has been edited by babylon2233: Jan 4 2021, 07:48 PM

has the bank approved your loan in writing? i think best to wait till disbursement. any discrepancy in paperwork can be rectified later. i believe the valuation is not necessary for the bank you chose prob cos it financed the developer as well.