hii, i'm looking for a housing loan
details are as below:
1. Sub-sales
2. around RM 120K-130K
3. Age: 26
4. address: pandan perdana (near the pandan lake area), cheras
5. Property detail: condominium
6. MOF: <90%
7. looking for BLR - 2.0+ range

appreciate if anyone can advise/suggest what is current best offer out there.

thanks.

Hi Bryon,

Thanks for notifying us on this. Our IT team has try to fix it. Hope it works now. Thanks.

Hi al,

Need sifu's advice on the following. Im trying to help my client on their finances, but im still not 100% sure of the calculations. Can sifu's advice and check if the following is correct?

Deposit and fees requirement
Fees are cal based on selling price unless specified

Payable - Buyer
1) 3% +/- Earnest Deposit/ Booking fees:
2) 7%+/- Deposit:
3) Transactional Fees:
a) Stamp Duty: <100K= 1% , > 400K= 2%
>500K=3%
b)Legal Fee/Lawyer :
First 150,000 1%
Next 850,000 0.7%
Next 2,000,000 0.6%
Next 2,000,000 0.5%
Next 2,000,000 0.4%
c) Other FEES
Stamping fee (per document) 10*4
Adjudication fee 10
Search fee 60
Registration fee 100"

Calculation of Due's:
Selling price of house 122,000.00
Deposit Payable 10% 12,200.00
1) Earnest Deposit 3% 3,000.00
2) Balance of deposit 7% 9,200.00
Note: Balance of 7% can use EPF to pay


Transactional Fees: est 2,950.00
1) Stamp duty: 1% of Selling Price 1,220.00
2) Legal Fees: 1% of Selling Price 1,220.00
3) Stamping Fee's (4 sets) Seller,Buyer,Bank,Gov) 40.00
4) Adjudication Fee/caveat check on prop 10.00
5) Search Fee/bankrupcy/court case on seller 60.00
6) Registration gov. 100.00
7) CKHT 1A per Vendor - RM 300 est 300.00
Total 2,950.00
Note: Transactional fees can be added on loan

Sum of purchase excluding interest on loan: 124,950.00
Loan = 90% on 30 years (BLR -1.8% on 6.3 BLR= 4.5%) est 123,000.00
Est repayment monthly: 650.00

Fees,Taxes Payable by Seller
Fees are cal based on selling price unless specified

1) Agent Fees= 3% or 2%
2) 5% Service Tax on 3% of agent fee
3) Property Sale & Purchase Legal fees:
"1% on the first RM100,0000 of the property's selling price
0.5% on the next RM4,800,000
0.25% on any amount over RMRM4,900,000 "
Note: Some sellers do not instruct a lawyer and therefore save on the legal fees. This is possible because the buyer’s lawyer will draft the Sale and Purchase Agreement. However, not using a lawyer is not recommended unless you really know what you are doing. The Sale & Purchase agreement may seem simple enough to read but you will be surprised how often your lawyer will point out something that you would not have noticed that could have a material impact

4) Early redemption penalty: if applicable
a) Est penalty = 3% on loan amount
Note: Before selling, check your mortgage policy to determine whether any penalty for early redemption may be applicable.
5) Deed of Receipt and Reassignment - RM 400 est
6) CKHT 1A per Vendor - RM 300 est
7) Stamping of Receipt and Reassignment: RM 10 percopy
4 sets required (RM10x4)
8) Purchase of Deed of Receipt & Reassignment = est RM200
9) Registration of Receipt and Reassignment at the High Court =est RM80
10) Disbursement= traveling,stationary and telephony =est RM200
11) RPGT: Real Property Gain Tax
a) 30% on profit made for sale within 2 years of purchase
b) 20% on profit made for sale in 3 years of purchase
c) 10% on profit made for sale in 4 years of purchase
d) 5% on profit made for sale in 5 years of purchase
e) 0% on profit made for sale after 6> years of purchase
Companies would be charged 5% on profit made for 6 yrs>
Note: Payment of real property gains tax is also normally incorporated in the sale and purchase agreement. Usually the solicitors acting for the seller will act as stakeholders retaining 5% of the purchase price unit payment of the same.

Calculation of Seller Due's:
Selling price: 122,000.00
1) Agent Fees= 3% or 2% 3,660.00
2) 5% Service Tax on 3% of agent fee 183.00
Total 3,843.00

Transactional Fee est:
1) Property Sale & Purchase Legal fees: 1,220.00
1% on the first RM100,0000 of the property's selling price
0.5% on the next RM4,800,000
0.25% on any amount over RMRM4,900,000 "
2) Early redemption penalty: if applicable
a) Est penalty = 3% on loan amount early redemption penalty -
3) Deed of Receipt and Reassignment - RM 400 est 400.00
4) CKHT 1A per Vendor - RM 300 est 300.00
5) Stamping of Receipt and Reassignment: RM 10 percopy
4 sets required (RM10x4) 40.00
6) Purchase of Deed of Receipt & Reassignment = est RM200 200.00
7) Registration of Receipt and Reassignment at the High Court =est RM80 80.00
8) Disbursement= traveling,stationary and telephony =est RM200 200.00
9) RPGT: Real Property Gain Tax (Taxable income)
a) 30% on profit made for sale within 2 years of purchase
b) 20% on profit made for sale in 3 years of purchase
c) 10% on profit made for sale in 4 years of purchase
d) 5% on profit made for sale in 5 years of purchase
e) 0% on profit made for sale after 6> years of purchase -
Total 2,440.00

Total Liability to seller est( Agent Fee + Trans Fee) 6,283.00

Net Gain Calculation
1) Value of house purchased inclusive of deposit X
a) Loan amount X
b) Loan amount + interest X
2) Total Loan paid X
3) Full redemption value (Not balance as balance & redemption value is diff) X
4) Transactional & agent fee's X
5) Selling price X
6) Selling price - redemption value - transactional & agent fee X
7) Net Gain after deductions Total X

any good mortgage package to offer me?
1. Sub-sales
2. around RM 250-280k
3. Age: 25
4. bandar baru bangi area
5. Property detail: 2 storey terrace
6. MOF: <90%
7. looking for BLR - 2.0 (fixed or islamic)
8. can get flexi?
thanks

Just wonder if i apply loan for Auction Property, do bank still offer same package like others property? Or there is no more BLR-2.XX for the loan. Thanks for help!!!

hi MattChan,

For auctioned property, the loan package will be similar to the others in the town. In fact, it might be adversely affected by various negative issues as well. Major concerns will be the property location and its condition, this is especially true for the properties located in Rawang or some unfavorable location. Certain properties without proper upkeep will lower down the fundamental value of the properties and thus, lower margin.

Auctioned property can get a similar package as the others as well. Just a point to take note, as the property is auctioned by the banks, banks will have more information about the house, especially in term of its negativity. If the property does not turn up to be a good property, it will eventually lower your margin and push up your rate significantly. Just keep in mind, most of the time, auctioned properties might have some "problems" with them, banks will definitely know more about them and you will suffer from obtaining a worse package. So, keep in mind, avoid getting any "suspicious" properties in the auction. It will ensure you get a good house and with a better chance in getting a better loan.

But, definitely, auctioned properties do not priced well in the marker due to our culture and belief, thus, you cannot put a high expectation that you can get the best rate in the town with it. Hope it helps.

as far as i know....not all banks give loan for auction properties
this is due to the time constraint for auction properties
i managed to get blr -1.6 from c**b 4 months ago for property below 100k

Any Pro please help!
1. Sub-sales
2. around 270-280k
3. Age: 25
4. Manjalara, Kepong, Jln Ipoh or Segambut
5. Property detail: condominium
6. MOF: more or less 90%
7. looking for BLR - 2.2

How much for the intial payment?
how the lawyer, duty stamp and other charges calculation?

thank

---

Added on October 8, 2010, 2:11 pmohh..btw, should I ask for the mortage loan before to buy a house or get a house 1st then just survey for mortage loan?

if let say I get a house 1st, how should I know how the mortage package I can get for example, how much per month I have to pay for bank?

This post has been edited by beast_doadore: Oct 8 2010, 02:11 PM

Dear beast_doadore,

Normal practice would require you to make your selection of property, book it with an earnest booking fee (2~3% of your property price). With a booking receipt in hand, you can use it as a proof of your intention to purchase and apply a loan from the bank. MOF is uncertain, as this will mainly dependent on your property location and other properties details as well. Mostly will range from 80% to 90%. BLR -2.2% shouldn't be a problem. Consider your age at 25, your max tenure can go to 30~40 yrs depending on banks' discretion. Conservatively, we assume you get a 85% mof, 30 yrs tenure, BLR -2.2%, property sales price at 280k, your monthly installment will be RM1,150 (you do your own calculation, download the mortgage repayment calculator right below my initial). This would require your net income to be at least RM 2900 per month (provided you have no other commitment yet)

Based on assumptions above, legal fee for loan document will be est 4.2k, stamp duty at 1.2k and valuation fee 0.6k. These are the common cost to be incurred and you have prepare for them if you are not intend to finance them into the loan (or, simply, the bank don't allow you to finance them into the loan)

Hope it helps. Let me know if you need to hunt for a loan.

Have a good day.

Guys..

I am a newbie in this forum..

I have purchased my first house @ Melaka; currently waiting the construction to be completed. Right now, I'm planning to purchase my second property; a medium-cost apartment at Kota Damansara.. Somebody wanted to sell to me with the price of RM 65k.

My questions are:
1) Typical 'booking' fee is around 2-3% right?
2) How much the associated or extra cost (i.e legal fee, stamp duty etc) in purchasing this property? Anybody could detail out what are the items? I believe it should be around 5% of the property price.
3) Last year, when I 'shop' for the loan, most of the banks mentioned to me that the interest rate will be similar to all banks(i.e BLR - 1.8%).. ZEC cost is not included more..
4) How long the potential loan tenure that I might managed to get. I'm currently 25 years old. It is easy to get 35-years loan for this kind of purchase?
5) Anybody here provide any service for loan or house financing? Kindly PM me.. I'm now working in Melaka.. Better to have online communication..

Thank you very much...

Post removed

This post has been edited by home_save: Dec 20 2010, 12:41 AM

Hi to all,

I need some help with my loan application. basically I'm shopping around for the best deal in town. Already paid the deposit, and got the copy of s&p. The apartment that i'm looking at is valued at 235k, but we're only going for 200k with the tenure of 15 years. Best offer that I got now is from affin bank @ BLR - 2%. I'm looking ONLY for islamic and not conventional.

thank you

wouldnt it be better if we wait to see what the budget has in store bf we commit?

budget might be good for us or otherwise

Hi all,
I have 1 question. I'm about to put my signature on a 189k loan (property value 210k)
with Legal fee financed by the bank at approximately RM5k.
I'm about to be the 3rd owner of the property.

So, my question is how much approximately do I have to top up on the 5k legal fee financed by the bank? Does the 5k includes stamping fee, lawyer fee, etc?
Are there any other charges that I should be aware of, that might cost beyond the 5k amount?
And what if the legal fees are less than 5k? Where would the extra $$$ goes?

thanks.

This post has been edited by animegod: Oct 12 2010, 08:24 PM

legal fee is divided by 2 parts
1. snp fee
2. loan agreement fee
usually both will be done by lawyer

and if u r referring for both fees...i dun think 5k is enuff

Dear animegod,

I think the 5k should be sufficient to cover the stamp duty, legal fee for loan doc & may be the valuation fee as well for your loan package. Standard pricing of legal fee for your loan amount will be RM 3,862, stamp duty at RM 964 while valuation fee will be RM 600. All together it will be about RM 5,426. (If the bank did require you to bear the valuation charges). S&P fee is solely born by the loan applicant and banks will not finance this portion of legal fee. Most likely you are not going to top up for these 3 kinds of charges (except for S&P).

If you are able to negotiate for a lower price for your legal transaction, the difference between the actual payment and the financed amount will be refunded by your lawyer (both of you have to talk about it prior any action to be carried out and agree on this kind of arrangement). For instance, you negotiate for a lower charges at RM 4,426. The firm will get the full pay from the bank (since it is financed by the bank) and they will refund the RM 1,000 difference to you. Minor variation in arrangement might happen as it is largely on a case-to-case basis. This is basically how it works.

Hope it helps.

Hi all,

I am a mortgage consultant from OCBC bank. The package currently offered is BLR-2.2 and BLR 2-3 for property more than 300k.

The advantage of the package is, you can finance all the legal fees, stamp duty, disbursement and valuation fees with OCBC and on top of that you can finance your life insurance (not MRTA or MLTA) as well with the bank. Of course if you opt for MRTA and MLTA, OCBC bank can also finance that for you.

If you are interested, please PM me

thanks epie and home_save for the reply. I never knew about the total charges for the transactions. All the while I thought that the legal fee + stamping + snp are included in the legal fees financed by the bank.
Seems like I have to fork out $$ to cover the snp or even the loan amount then..

Again, thanks for the info. It's really helpful.

2010....FDR rate up to 4.0%......new package....