Approximately 14.5% of 900k needed for upfront legal+stamp duty costs including downpayment of 10%

bear in mind, this is just legal fees and stamp duty, not including any miscellaneous fees like loan disbursement (a few hundred), MRTA/MLTA (about 5 digits cost), agent fees etc.

cost of renovation and repair for subsale house is another problem too

This post has been edited by DragonReine: Dec 30 2021, 11:41 AM

In the eyes of the bank that 5k is not alot especially for 2 people combined.
If this business fails basically nobody will be paying the loan. Because both of you are in the same business and only have extra 5k which is terribly little for 2 people.

When you mention above, no choice have to die die buy this house it already shows your plan.

You have the choice to rent but u are fixated in buying that house.
Especially when the rent only 1.6k but Ur loan payment if u buy will be 3.5k not including the 16% u need for subsale administrative fee and dp.

That 16% is 130k rm which is your whole years profit if not more

No our annual income around 200k
This only what we submit

I want buy but I scare loan not approve cannot get back my booking fee
I got around 200k cash
I looking for bank loan for 85% for 950k
It is dangerous I pay for booking fee and submit loan ?

Usually booking fee is refundable if your loan is not approved. However:
1. Some vendors or developers may need loan rejection letters from at least 2 banks.

2. If banks are only willing to loan you < 85%, is that considered loan rejection? You must ask the banks about this and see how they can "help" you. But it's all verbal promise.

If I were you, I'd talk to the banks first. They'll be able to give you an estimation. Of course it all depends on your profile and repayment patterns.

Now adays you can go to bank and submit all the documents. They will let you know what's your loan approval limit. So you don't need to put deposit first. If I'm not mistaken it's pre loan approval.

Maybe you can do that before you put deposit if you are worried loan does not approve.

assuming subsales, you may only get 80% loan or even lesser at 75%. plus your 10k income, is it consistent for the past 5 years? Banks are very strict lately to be frank with you. before MCO, i can get a house loan easily within 7 days. Lately i just secured another loan requiring 14 days! with all sort of documents in which i never submitted in my previous mortgage loan application.

This post has been edited by mypalm79: Apr 6 2022, 10:00 AM

Which bank? HLB?

Maybank, public bank, Hong Leong also.... They asked me for other docs and even FD account statement... For the past 15 years I have been securing loan without FD statement. Just normal savings will do.

some subsale even can get more than 100% with markup loan, as long the bank value higher than the selling price.

now market very soft, easier bargain till below bank value