hi, I'm looking for home loan package for double storey lease hold 99 terrace link house at Seri Kembangan from developer:

house price : 465k
status : under construction, CF will be ready in 3-6 months time acc to developer

i saw some bank offer loan up to 40 years? is it true? any drawback?

please offer me your loan package including all details..

thanks

Dear yiivei,

Certainly, our 2011 budget does have something for low-priced home buyer. For instance, the guarantee downpayment of 10% for income earner less than RM3000 (houses below RM220,000) and 50% stamp duty exemption on instruments of transfer for 1st-time house buyers (housing price <350k) while 50% of stamp duty exemption for loan agreement is proposed too. However, the exact date for the arrangement of these benefits yet to reveal (I believe our gov is still "working" on it, as we all know about their efficiency). 50% discount is on the stamp duty instead on the property pricing. For property priced RM245, consider you can get a mof of 90%, thus, stamp duty for SPA is around 3.9k while loan doc's stamp duty is around RM 1.1k. S, the rebate you can expect is around 50% of the total stamp duty.

Just bear in mind, only applicable for 1st home buyer.

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Added on October 19, 2010, 3:28 amHi Develab,

Based on the info above, estimated you have a net income of around 9775. Consider the tenure that you are taking up is 25 yrs, rate at BLR -2% (4.3%), loan amount which available to you is RM 650k (conservative estimation). Just a note, if the rental is unable to be supported by latest and LHDN stamped tenancy agreement, no matter how much you earn from that, the banks won't take that into consideration (for commitment neutralization purpose).

Hope it helps.

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Added on October 19, 2010, 3:41 amDear 007Loo,
It is not necessary to have the same lawyer for SPA and loan docs. Even if you are having different legal firms for 2 process, it will just take additional 3~7days for the complete signing of SPA and loan doc. If you are not in haste, it won't be a big deal to do this. Timing of loan drawdown is mainly dependent on banks' requirements. Some of the banks request for certain original docs to be presented, or, CF to be issued, or etc for the drawdown of the loan. Not sure whether your bank did request for condition of MOT to be completed prior the loan drawdown, you might to check with the bank. If the bank request for that, you will need to ask the seller to provide the supporting to show he is registering strata title in order to ask your loan doc lawyer to prepare letter of undertaking for loan drawdown.

Till to date, I haven't encounter a case whereby, the bank delay the drawdown due to the client uses different lawyers for SPA and loan docs. Normally, the drawdown is delayed due to human factors that caused by either legal firms or banks instead of the appointment of legal firms, or, certain conditions that laid by the banks which the applicants yet to fulfill.

Pricing and efficiency, most importantly, trustworthy is everything when you appoint a legal firm. Certain legal firm is indeed good in pushing the drawdown of the loan and make it happens fast.

Hope it helps.

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Added on October 19, 2010, 3:50 amIndeed, we will never know what the banks are going to do next. Current low rate is slashed under the name of "promotion period" till end of Oct. No one is certain what is going to happen after Oct. Are they going to be the same? extension? or going back to BLR -1.8/1.9 again? This is basically your expectation, for safety measure, get a back-up first, and see what's the next.

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Added on October 19, 2010, 4:00 amHi cutealex,

If your house value is 300k, your loan size most prob is 270k. If the inclusion of legal fee and valuation fee financing cannot make the loan size > 300k, sorry to say, you should expect BLR -2.2% for your loan. For the 50k renovation financing, it comes with the loan but repayment will be seperated, in which this portion of loan tenure can only be 3~10 yrs depending on the arrangement of the banks. OCBC do have this kind of arrangement but they have quota on this.

Give me a call if you need to get this.

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Added on October 19, 2010, 4:05 amWell, to be precise, bankers obtain value from valuers, even within the same valuer firms, each individual valuers might give a different value. So, value provided might differ among valuers.

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Added on October 19, 2010, 4:17 amYes, there are, with conditions that you age <35 or professional/ degree qualification then you have a better chance in getting a 40 yrs tenure. Drawback? Yes, you pay MORE interest.

Just a note, not all banks can offer a loan to a specified under-con property. If the under-con property achieve >50% completion, it might be considered as sub-sales of completed property based on banks' discretion and some banks might require individual title to be issued / CF to be issued/ complete drawdown of previous financier for the loan to drawdown . Thus, the banks which offer 40 yrs tenure might not be able to offer you a loan. Need to look into your purchase details as well. Sorry to say there is no point of asking all loan package details without providing the necessary details to pre-check whether the bank can give you a loan or not.

Kindly provide:
(i) Project name
(ii) Developer name
(iii) % of completion, date of completion

for the bankers / brokers to have a check on whether their banks are offering loan to it or not.

Hope it helps.

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Added on October 19, 2010, 4:19 amYes, it might happen for this kind of scenario as the property is completed. CF available or not, not an issue.

This post has been edited by home_save: Oct 19 2010, 04:19 AM

Hi all,

Is it possible for a fresh grad to get home/mortgage loan?
my current pay is 2.6k and has been working for 4 months. I'm interested to purchase a unit at koi kinrara, either 310k unit or 270k unit. Sifu please advice

*possible to let my gf join in as co-borrower? but we haven't married yet.

i have i unit comercial property already, currenlty i am looking to buy my 1st house, terrece house cost 300k. am i considering buying "1st House" which entitle to have 50% off for stamp duty??

i am Ben, a mortgage consultant for OCBC.

you can! I bought my first house @ 175k earning 1.8k a month, my then Girlfriend (now wife) join name with me. altogether income is 3.6k

If let say u and gf are buying the house together, say she earns 2.6k also, you 2 are entitled to purchase house valued at 450k

btw, Koi Kinrara is not a bad choice. May I know you are buying into subsales or phase 2 units?


This post has been edited by kok_pun: Oct 19 2010, 11:43 AM

hi,

i just bought an apartment at prisma perdana, taman midah. the price is rm160k and we will be paying 10% down payment. so i am looking for rm144k loan. any good package to recommend?

Thanks.

Hi....I want to know the value of the house me and my wife entitled to.....planning to buy our first house.......interested in Setia Alam area

1. Household income 5.7k before tax and EPF........4.8k after tax and EPF
2. Car loan.....RM652 monthly
3. Personal loan......total of RM490 monthly

Also want to know maximum loan I can get

Thanks

Pushing it to highest limit, both of you can get a loan of 450k (only for some banks), provided it is with tenure 40 yrs at rate BLR -2.3%. Should have no problem in getting a 2 sty house over Setia Alam.

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Added on October 19, 2010, 4:15 pmPBB, BLR -2.1 ~ BLR -2.2% provided with good credit profile and adequate value of financial asset in hand. Let me know if you do need a loan with PBB.

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Added on October 19, 2010, 4:17 pmYes, but there is a cap over the price of the 1st house. Going beyond that, there will be no rebate on the stamp duty.

This post has been edited by home_save: Oct 19 2010, 04:17 PM

Hi home_save.......thanks for the info.......can you please provide me which bank I can get loan with that amount or at least 400k.....also roughly how much will i be paying monthly for loan amount at least 400k with tenure 40 yrs at rate BLR -2.3%.....newbie here ......thanks

Dear Home_Save,

Thanks for your precise explanation. As for the loan, like u mentioned, no1 knows what will happen next.

Btw, i have some doubts hoping that you can clarify...

1) Is there any pros and cons if my developer will absorb the S&P charges? Im not sure whether will they absorb all the fees including the stamp duty or not as i have yet to clarify with them.
2) Do i need to sign the S&P anytime soon since the developer has yet to obtain the OP?
3) If the house was bought jointly by me and my gf, we wouldnt be able to get the EPF accounts II withdraw to settle for DP rite? (Juz to double confirm)

Thank you.

Dear Destroyer,

Advice for the selection of bank require a study on your profile and the property that you bought as the specifications that you are looking at, require certain conditions to be met. Sorry to say, we won't simply suggest a bank to our client if there is too much uncertainty associated with a case. For a loan amount of 400k, tenure 40 yrs, BLR -2.3% would need you to commit a minimum monthly installment of RM 1,672. Just an estimation.

Thanks homesave for the explanation. I'll have to check with the bank regarding their requirements for the loan draw-down as per my case. It is now just a bit complicated considering that the strata title is out and the seller has not registered the strata under his name with the land office. Fingers crossed, hopefully this simultaneous transfer could work out well within the 3 months as I've already signed the S&P Agreement. Appreciate your advise and help homesave.

yo !!

to answer your questions:

1) If the developer finance all the LVS charges (legal, valuation, stamp duty), that is a treat to me. The only con is that, there will always be a clause saying that "you may only sell your property upon the project completion"... meaning to say that, you are locked within the construction period
2) please check with home_save
3) I did in my case, i withdraw half the amount for DP, my wife withdraw half the payment for DP. I recall i need to provide certificate of Marriage also to proof our relationship as joint holders. that should not be a problem. But i see there might be a difficulty arises where your wife and you might not have the same amount available for withdrawal, so you better check with EPF

Dear yiivei,

(i) There is circumstance whereby the under-con properties' legal fee for SPA and loan doc are being "absorbed" by developer (ie. Kinrara Residence at BK6 by Mah Sing). If the developer inform you that they are going to have this kind of arrangement, normally, the legal firm which issue the booking receipt will be the one who tied up with the project. Just ask the developer which legal firm that they appointed to prepare the SPA and call the legal firm to double confirm whether such arrangement is true or not. Normally, the developer will only absorb the legal fee while the stamp duty and disbursement fee are paid by the purchasers. There is no pro and con for the developer to absorb the SPA charges as I think they had factored it into your purchase of property. If they do offer it, then utilize it.

(ii) A question, what is your OP stands for?

(iii) Both of your relationship need to be officially declared as husband and wife to execute the withdrawal from Acc II to pay for the DP.

I'm buying a sub-sale condo at 290k and looking for loan package. what is the best rate I can get for 90% financing?

BLR -2.2% OCBC. pm me if interested

hi, just wanna know how much is the bLR now?

BLR is 6.30% now..

http://www.meshio.com/base-lending-rate/

Post moved to Article 3. Is BLR is going to rise? - Past, current and future

This post has been edited by home_save: Dec 20 2010, 12:46 AM


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Tq once again for the precise explanation. Btw, OP stands for operational permit.