I don't think you can get a loan with salary 2.6k.
As your information, 300k loan for 30years, BLR-2.2%, already RM1323 per month.
It's more then 50% amount of your salary. It will be very hard to get the loan approve.

With 30k saving and 10k from EFP, it's surely not enough to get a RM300k house ready to stay.
10% Down payment, Renovation, Furniture and etc etc.

Hope you think twice before commit in.

Yea..i know it's rather ambitious. That's y joint purchase with girlfriend.

Hey guys,

I got offer from Alliance bank on -2.15% on Islamic flexi loan , besides, i also got PBB terms loan offer on -2.25%

Not sure which one should go .... Alliance bank offer will not need to paid RM10 as maintenance and setup fees ...

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Added on June 8, 2009, 2:26 pmi think this is the best offer i got so far .....

This post has been edited by officeBoy: Jun 8 2009, 02:26 PM

I am in the midst of purchasing my first home

Developer: Securiservices
Project: 1Petaling@Sg. Besi
Encumbrance: No
Property Price: RM249,888


I am currently secured a loan package which is:
0% - 1st Year
BLR-2% - Thereafter
First 3 years progressive interest will be on developer. Pay nothing until VP.

Any one here has better loan package information to shared?

I've visited the 1petaling's show unit, looks very nice
I think it's the best you can get as it's offer from the panel bank. All 3 panel banks also offer the same rate.
Unless you looking for somethings extra.

My personal advise,start pay your installment right after you get the loan, to enjoy the 0% interest instead of paying nothing and start paying interest with -2% at full loan amount. All the money you paying when 0% interest,100% will go to principle.

Hoho, I wish I can do so. FYI, I have talked to the banker, they said if I start the installment before the last disbursement, I may not be able to get the free interest during construction period, means I have to pay the progressive interest.

Anyway, my personal view, is not to start paying now. I will saved up (or even invest) $1000/month for 3years = $36000, then at my 1st installment after I have obtained VP, make a lumpsum prepayment. It should save more interest by this way, somehow equal to 2nd chance for downpayment.

Correct me if I am wrong or I am to naive to believe bank will allows me to do so.

Ya,that's the way to do that if the bank not allow to start pay when the loan start.
Just start keeping the monthly installment from the loan starting and once the loan fully disburse, take the money that saved and make a prepayment.

Thanks for your confirmation.

Actually I contacted Hong Leong too, but they seems not very interest in getting the project into their system. Somehow, I am still not able get a deal better than BLR-2% with Developer Interest Bearing Schema (and it is NZMC!).

Get another back with same package but ZMC is my dream now..

Normally only the panel bank of the new project will be offer ZEC with special rate like 0% first few years.
Others then the panel bank, they wouldn't take so much risk to offer better because they dunno what's the company profile and what will be the value for the property when finish build.

Just for your info, 1Petaling panel banks do not offer ZMC.

any housing loan agent from HSBC? PM me plz. THanks.

First 3 years interest by developer:
Jun 09 -> Jun 10 : No need pay bank
Jun 10 -> Jun 11 : No need pay bank
Jun 11 -> Jun 12 : No need pay bank
Jun 12 -> Jun 13 : 0% First year = No need pay bank
Jun 13 onwards : BLR - 2. Start pay bank loan.

Is this correct? Sounds good.

If like that, that mean we can save up to 4 years instalment and use it as our 2nd deposit. Hence, lower interest charges..

Hiya,

i am interested in getting a loan and mortgage as well.

do contact me via PM.

thanks

No No. Too good to be true.

Actual scene:

First 3 years interest by developer:
Jun 09 -> Jun 10 : 0% First year, no one need to pay.
Jun 10 -> Jun 11 : BLR - 2, Pay by developer
Jun 11 -> Jun 12 : BLR - 2, Pay by developer
Jun 12 onwards : BLR - 2 Start installment

The plus point is, can save up 3 years installment for a lumpsum prepayment (like top up downpayment)..... Although who knows after 3 years what is the rate of BLR...

Hi,

With reference to http://forum.lowyat.net/topic/974761, I have a couple of questions in regards to paying instalments during construction period.

Please refer to the last post of the thread.

Thank you.

Regards,
Yong Hwee

Usually this offers is for under-con development.
I.e. during the under-con period; developer would pay the interest charged.

which package should i go for? If i do the calculation in the full 20 years term, I will save more with package B but lets say I refinance again in 6 years time, then will package A be better? Opinions please - thank you

A
1. principle - 439k
2. term - 20 years
3. free moving cost
4. BLR-2.2%
5. Lock in period - 5 years
6. penalty for early settlement - 5%


or


B
1. principle - 439k + 6.9k= 445,900
2. term - 20 years
3. moving cost ownself pay by adding RM6900 to principle
4. BLR-2.4%
5. Lockin period - 5 years
6. Penalty - 3%

This post has been edited by idoblu: Jun 18 2009, 03:48 PM

For me, I'll go with package B anytime.
First of all, you don't know what's going to happen in the future, Lets say you want to refinance or settle after 3 years, then you won't be hit by the penalty if you're taking package B. And the penalty is 3% for B vs. 5% for A, not to mention the lock in period.
Just my 2 sens.

By the way, which bank is this? Is it OCBC?

I am in the midst of studying the terms involved in purchasing house, therefore i would like to know what is the meaning of below terms.

1. Lock in period ?

2. Choice of term loan or combination of term loan and overdraft
what is that term loan? overdraft?

3. Redraw facility available?

If someone could enlighten really appreciated :0