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Need to sign S&P before loan approved?
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special
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 Apr 7 2021, 11:18 PM
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as long as your bank already give you a LO (letter offer) you can then proceed to sign the SPA.
bank LO is as good as confirmed.
good profile bank usually within 1 week already approve your loan.
if you are business owner is slightly complex and the bank will require more documents and takes longer time.
my loan took about 1 month plus, sales agent just ask developer to extend with proof our loan submission is still pending.
dont ever go sign the SPA without LO. as all the sifu already explain. you get yourself into trouble.
This post has been edited by special: Apr 7 2021, 11:45 PM
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special
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Apr 7 2021, 11:47 PM
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QUOTE(lysiew @ Apr 7 2021, 11:33 PM) most of the case will be sign LO first then only sign SPA and some developer impose 21 days from booking date to sign SPA after loan approval (as i know at least few developers have this practice), normally will state clearly in their sales form or offer letter and your agent shall well-informed you on this; but so far i didn't come across 14 days must loan approval developer as bank processing need some time. then in some rare case i do heard about due to HOC expiring soon, and the unit need time for some processing before stamping and need to sign within 7 days; which last time towards end of HOC do heard about this things happening i sign SPA before LO. is not something not normal. go ask a banker if you are not sure. i done mine just 1 month plus ago. |
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