Got house at KL? If yes will be rejected

Not in KL

Did u applied thru agent? Basically if all documents are complete, there's shouldn't be a problem.

Hi all,

I have something to ask. I have signed the LO (from Maybank) and got my unit secured/locked in tower A. After further discussion and consideration, i would like to back out from the offer.
I have not signed for SPA yet. So i asked one of the developer agent (name Sam), that i wanted to pull out from the offer. She asked me that i would get a penalty for cancelling the agreement, need to pay RM2000 and will have a bad record in the future.
I wanted to call my banker to get her confirmation personally but she said i don't need to do that and only deal with her. This got me SUSPICIOUS as per LO, it does not stated that one have to pay penalty if pull out from the agreement during the period.

Anyone have any idea/opinion/experience on this?

Thanks!

What your Agent said is true.

What makes you think you can pull out from the Loan agreement without any repercussion ?

This post has been edited by victorian: Jul 24 2022, 08:28 PM

Call your loan officer first, if your L.O say no cancellation charges or fees then there should be no charges, period.

No penalty according to who?

"Between signed L.O date to drawdown date + may by way", email nicely to Loan Officer use the saddest story you can come up with, cc BNM too, since this is a government project, they can't paksa much

From my experience, Public Bank has penalty, UOB no penalty.

I had a call with my banker and she said i would not get any kind of penalty (according to LO as well). It is only the record of me might look "bad" in the future considering i am getting a rumahwip with a 100% loan + MRTT.
So later in the future, maybe if i want to apply another housing loan with MBB, they will check and consider me before approving for a 100% loan.

Tbh, i am still considering a lot since our current inflation is getting worse and i am worried if i could not proceed with the commitment in the future since this is my first house

Did you check your LO? Don't think different Maybank LO will have different terms.

Anyway, you can't go wrong with a rumawip. If you can't even afford a rumawip now, what makes you think you can afford other houses in the future?

Also, you got 100% loan and you don't need to fork out any DP. You are already miles easier compared to other people who have to fork out 30k.

Yea i checked my LO and no such term written to me. I am not sure why i have slightly different term from you. Don't get me wrong, i like the property a lot and I can afford it but with the full loan, i really appreciate it.

I apologize i am not trying to get under everyone skin. I was asking if declining the offer is doable before signing SPA and if there is any possible penalty that i could get charged.

Besides, I was thinking to have this property as an investment but as this is a pretty dense high rise and a lot other high rises nearby, a lot of competition around the area. From the research i did, the monthly rental for a unit within this area is around RM1200-1800 depending on the size and furnishes. Of course i could just stay here for few years after completion since this is my first home.

Appreciate if anyone has any insight/opinion of renting out this property?

You will be blacklisted by rumawip if you decline the offer.

In any case, if you can't break even with rumawip, you will never be able to break even with other properties.

The blacklist is just a threat, RumaWIP can still decline and select other projects albeit your application on other projects will not be high priority. Only RSKU is strict enough that you'll be blacklisted if reject upon offer.

Lol, if your intention is for investment then please, go cancel

Quick question, 0.20 per sqft mean (0.20 x 900 = RM180) including sinking funds?

All the facilities cost only less than 200 yes? Correct me if i'm wrong

Yes

Sinking fund is separated,
Mean if the maintenance is fee 180, then sinking fund is 10 % additional.

RM 180 +18 = RM 198

Yes, i agreed with you..

Only the word of "break even" should be changed to "manage". Sorry, my personal opinion.
Example:
If the monthly rental is RM 1300, the loan installment is RM 1200.
the owner seem got positive cash flow of RM 100 per month.
But take note the maintenance fee + Sinking fund, home ownership insurance, cukai Tanah, Cukai pintu .. are excluded.
So owner might need to folk out more cash....

But..... do accept the fact that Rumawip is one of the cheapest/affordable unit in the market.
If you buy normal property, the entry cost could be around RM 600K++ or more.
Rental is almost the same collection rate, but your house installment would be more killing you....
If someone can't survive with rumahwip, no need to consider other.

Now building materials cost (cement, rebar, pipe etc) been increased, shortage of Indo worker...
Increasing interest rate etc... this will pull the house price to be increased too...
If someone not own a house now if you given a choice, the life will be more tough.....

Just signed SNP, actually this project under KL or Selangor？😅😅😅