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 Jun 9 2009, 05:14 PM
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#1
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Junior Member
23 posts Joined: Jun 2009 
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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?  |
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Jun 10 2009, 06:14 PM
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#2
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Junior Member
23 posts Joined: Jun 2009
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QUOTE(onnying88 @ Jun 10 2009, 12:31 AM) I've visited the 1petaling's show unit, looks very nice 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. 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.  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.  |
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Jun 11 2009, 08:45 AM
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#3
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Junior Member
23 posts Joined: Jun 2009
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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..  |
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Jun 12 2009, 09:36 AM
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#4
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Junior Member
23 posts Joined: Jun 2009
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Just for your info, 1Petaling panel banks do not offer ZMC.
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Jun 15 2009, 12:40 PM
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#5
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Junior Member
23 posts Joined: Jun 2009
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QUOTE(yunalesca @ Jun 12 2009, 04:06 PM) First 3 years interest by developer: No No. Too good to be true.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. 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... |
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Jul 10 2009, 04:30 PM
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#6
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Junior Member
23 posts Joined: Jun 2009
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QUOTE(Mikken @ Jul 10 2009, 03:15 PM) Always buy top floor when buying condo for investment Yes. It is true regarding the progressive interest paid during construction period. Partial disbursement of your loan to the developer from your financial institute will only began as it reached your parcel structure, said 30% of the loan amount. Then you need to start paying interest for that particular 30% until completion. Of course, you may need to pay interest for 20-30% loan dedicated to completion of groundwork, piling etc (bank has released the amount to developer, so they start to charge you interest for the monies they drawout). You may check the schedule of payment.The pricing of condo by most developers is that as you go higher, the price will be higher. Some buyer choose higher floor because of better view and some investor will choose lower floor or not so high floor to take advantage of cheaper price. But are higher floors more expensive as far as investor is concerned, to me, it is not really so. The higher floor is costlier and not necessary more expensive. As the buyers are billed by developer according to stages of completion. The first 10% being upon signing of sale & purchase agreement, the second 10% being upon completion of foundation and the third 15% being upon completion of structure. If one is taking a 80% loan for the purchase of condo and if he is buying a top floor, then he may only need to pay 20% and loan release will only take place when the construction of structure reach top floor, thus saving on substantial amount of interest payment. If one is buying low floor, the billing for completion of structure and all subsequent billings will be much earlier and interest charges will incur. Therefore if an investor is buying lower floor, he will incur higher interest charges whereas if he buys higher floor, he has to pay a higher purchase price but buying higher floor offer an advantage in term of better cash flow for the investor as if the investor is taking only 80% loan, he may only need to service the loan when the overall structure is almost completed, i.e. when the overall project is probably 50% completed and the number of months where interest is charged till completion is also less considering that the remaining construction time needed is much shorter compared with if one is buying lower floor How true is this statement? Anyone care to enlighten me? |
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