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Added on September 21, 2010, 10:55 pm

i guess no bank would absorb the progressive interest.  It is normally paid by the Developer as a gimmick.

meaning the developer wil bear the interest, normally for 1st 3 years and hence, DISB

I have some options at the moment after checking with a 3 banks below.

Bank A

BLR -2.2
36 years
Lockdown 3 years (after 1st drawdown)
MLTR 5 years
Legal fees not covered, can be financed
loan exit 3%

Bank B

BLR -2.1
35 years
Lockdown 5 years (after full drawdown)
MLTR 5 years
Legal fees absorbed
loan exit 3%

Bank C

Option A
BLR -2.3
up to 45 years
Lockdown 5 years (after 1st drawdown) / 3 years lockdown BLR -2.2
MLTR 5 years
Legal fees not covered, can be financed
Loan exit 2%

Option B
BLR -2.0
up to 45 years
Lockdown 3 years (after 1st drawdown) / 5 years lockdown BLR -2.1
MLTR 5 years
Legal fees absorbed
Loan exit 4%

I'm still checking with other banks at the moment. Loan amnt is about 365k

Hi r47z,

Could you please share with me on the purpose of your purchase (residential, rental?) ? And, are you buying a under-con or completed property?

If it is going to be residential, you stay in it and didn't plan to sell it off within 5 years and plan to have the lowest monthly installment. OCBC might be a good choice as it can offer BLR-2.3%, 5 yrs lock in, legal fee financing and max 40 yrs tenure.

For all applicants, it is advisable to apply all the available packages in the town if you are not sure which one is suitable for you. By the time Letter of Offer is ready, then you decide whether you want the offer or not. It is just wasting your time in loan hunting (going from bank and bank to ask) while you are not sure whether the bank is going to grant you with your preference or not. Most of the time, you will encounter a situation whereby you want this package of this bank but they don't want you.

Let me know if you do need any help on this. You are welcome to call me and we can arrange a casual appointment to talk about this.

Have a good day.
Regards,

Chris, Looi
Lead Mortgage Consultant
Virtual Mortgage Consultancy
Home Save, Mortgage Division
6 012 6058817

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[attachmentid=1798867]

Where is the property location?

Hi,

For your understanding, when a bank doesn't offer loan to the particular development could be a reason that the location of development doesn't have good rating. This normally happens to foreign bank. Normally, bank that doesn't offer loan could be the reason of non panel or non ad-hoc. For a bank to offer loan, they gotta be ad-hoc basis or panel (under construction property)

When comes to quota, it is because a bank could not finance 100% of the development due to certain risk and policies. That's why you could see a list of banks that finance a project.

For a subsales purchase, shouldn't be a problem to any bank. Subsales purchase are open to most of the banks. even bukit beruntung or bukit jelutong which famous as failure area I could get bank to offer loan.

Should you have doubts with getting a loan, you're welcome to drop me a message or email. Thanks!

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Added on September 27, 2010, 9:34 pmWhich development? Under construction or subsales? Which banks being panel? Maybe I could help.

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Added on September 28, 2010, 4:05 am

Hi r47z,

Just help you to survey 5 banks listing, O, HL, RXX, ABB, Tiger. Only RXX is panel. Seemed like is a limited-panels development project. I think you are aching in getting a good package right? Well, sorry about that. Under-con cases have to go back to their panels for financing. If the developer is doing a good job, they should have almost all the banks to offer financing for their buyers. If they don't, I am afraid you have limited choice in choosing a bank package. Sometimes, it would be better if you buy from a reputable developer with many end financiers. Take this into consideration for your future purchases as it will imply better marketability for your property in the future.

Hope it helps.