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100% loan

 
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batu



Joined: 25 Jun 2007
Posts: 4

PostPosted: Mon Jun 25, 2007 7:35 pm    Post subject: 100% loan Reply with quote

i'm buying a condo at puchong area.
i applied home loan with 2 banks.

Normally bank will approve 90% of the unit cost . What the developer did was marked up the price so that i don't have to pay for the 10% downpayment.

For example : the actual cost is RM 180,000.00
cost submit to bank RM 200,000.00
90 % of RM 200,000.00 will be RM 180,000.00 ( the actual unit cost)

So, what happened was the first bank's approved loan was RM 180,000.00 ( 90% loan )

But the second bank's approved loan was RM 200,000.00 ( 100% loan)

The actual cost for my unit is RM 180,000.00.

What should i do? Advise pls.
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boomerkk



Joined: 12 Oct 2006
Posts: 416
Location: K.L.

PostPosted: Mon Jun 25, 2007 7:51 pm    Post subject: Reply with quote

what is the property for?
investment or own stay?

either way, I'd choose the 100% loan (provided the rates are comparable).

there is so much you can do with the cash you have in hand.
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batu



Joined: 25 Jun 2007
Posts: 4

PostPosted: Mon Jun 25, 2007 7:58 pm    Post subject: Reply with quote

the rates is comparable. and for own stay.

the things is the bank will pay the amount to the developer right?

so, how to get the difference?
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boomerkk



Joined: 12 Oct 2006
Posts: 416
Location: K.L.

PostPosted: Tue Jun 26, 2007 3:34 am    Post subject: Reply with quote

batu wrote:
the rates is comparable. and for own stay.

the things is the bank will pay the amount to the developer right?

so, how to get the difference?


so u've paid the 10% already?
if you take up the 100% loan, make sure you have something in black&white from the developer saying that they will give you the 10% rebate.
don't worry, this is quite commonly done.
just make sure you're careful so that everything is in place.
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b00n



Joined: 22 Jan 2007
Posts: 70

PostPosted: Tue Jun 26, 2007 2:05 pm    Post subject: Reply with quote

but than again even for RM200,000 loan that's being approved by the bank doesn't necessary meant that you draw down 100% of that particular amount.
In your case; once developer had submit claims for all, it would still charged you only RM180,000 and that's the principle amount that you're going to pay back the bank as the bank only issued that much money.
So it's the same, unless you have an agreement with developer that the developer would bill those extra or additional amount that they quoted and gave it to you as cash.
Than again I don't think they would do it.

The first method; i.e. submission of higher purchase price and claim for 90% loan is widely used in the market (you pay either lesser downpayment or doesn't need to pay at all); as for new properties, usually there's discounts and stuffs.
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batu



Joined: 25 Jun 2007
Posts: 4

PostPosted: Tue Jun 26, 2007 5:32 pm    Post subject: Reply with quote

thank u very much
for the advice
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