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100% loan for 2nd hand house?

 
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jolie



Joined: 26 Jul 2005
Posts: 65

PostPosted: Sat Jul 30, 2005 8:06 pm    Post subject: 100% loan for 2nd hand house? Reply with quote

Can i get a 100% loan if i buy a second hand double storey house price around 300K++?
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Mon Aug 01, 2005 7:55 pm    Post subject: Reply with quote

Ur question is very subjective. U need 2 check verbal indication for average mkt value with any of the valuation firm. If d purchased price is below mkt value u can try 2 mark up the S&P price. (providing the vendor agree 2 let u mark up).

Example :
Actual Selling Price = RM300,000
Est. Market Value = RM335,000
Mark S&P Price = RM335,000
Loan Amount (90%) = RM301,500 = 301,500/300,000 =100.5%

Now a day most financial institutional offer 90% pure financing + 5% is Mortgage protection financing.
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Pai



Joined: 28 Aug 2005
Posts: 902

PostPosted: Tue Oct 18, 2005 12:50 pm    Post subject: Reply with quote

Homelink wrote:
Ur question is very subjective. U need 2 check verbal indication for average mkt value with any of the valuation firm. If d purchased price is below mkt value u can try 2 mark up the S&P price. (providing the vendor agree 2 let u mark up).

Example :
Actual Selling Price = RM300,000
Est. Market Value = RM335,000
Mark S&P Price = RM335,000
Loan Amount (90%) = RM301,500 = 301,500/300,000 =100.5%

Now a day most financial institutional offer 90% pure financing + 5% is Mortgage protection financing.


Can this be applied for auction properties as well? Im thinking of getting a 100% loan for an auction property. Smile
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Homelink



Joined: 19 Jun 2005
Posts: 268
Location: Kuala Lumpur

PostPosted: Tue Oct 18, 2005 5:02 pm    Post subject: Reply with quote

Same situation applied 4 auction property, u must check with ur auctioner if it is posibble to markup the proclaim of sales pricing or not. if possible the u can entitle for 100% loan.
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