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90% financing of 420K property

 
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jepakazoid



Joined: 12 Sep 2007
Posts: 15
Location: kuala lumpur

PostPosted: Thu Sep 11, 2008 11:45 am    Post subject: 90% financing of 420K property Reply with quote

Dear All,

I am a newbie in purchasing property. Planning to buy an apartment that cost 420K. So far I get around BLR-2.88% for first year and BLR-1.95% thereafter from Maybank. They said they only cover the loan documentation up to 3% of purchase price. Is there any bank out there that covers SNP too? I understand it has nothing to do with the bank. Just wondering.

What is the benefit of daily based interest rate compared to monthly? Please if there are any people that can help me out there I really appreciate it a lot. Thank you.
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famous



Joined: 18 Aug 2008
Posts: 8

PostPosted: Thu Sep 11, 2008 11:56 am    Post subject: financing Reply with quote

maybe u can give me ur email the least? =) thanks
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far83v2



Joined: 23 Mar 2008
Posts: 93

PostPosted: Thu Sep 11, 2008 12:06 pm    Post subject: Re: 90% financing of 420K property Reply with quote

jepakazoid wrote:
Dear All,

I am a newbie in purchasing property. Planning to buy an apartment that cost 420K. So far I get around BLR-2.88% for first year and BLR-1.95% thereafter from Maybank. They said they only cover the loan documentation up to 3% of purchase price. Is there any bank out there that covers SNP too? I understand it has nothing to do with the bank. Just wondering.

What is the benefit of daily based interest rate compared to monthly? Please if there are any people that can help me out there I really appreciate it a lot. Thank you.


Hello Jepakazoid

My name Azlan from CIMB. I'm incharge of loan. May i know what do u mean "They said they only cover the loan documentation up to 3%", this mean Maybank only cover bank documenation up to 3%? Is Maybank cover the legal fee for you?

It up to banker whether they can get approval or not to cover the S&P. But so far i'm never get such request. i always advice my customer for those signing loan documentation with the lawyer, ask the same lawyer to do S&P for you. Sure they can "KowTim" to give a discount for you. Some lawyer also can let you pay the fee via 2 time, 3 time etc. Depend on lawyer.



Let me share what CIMB package have so far

Our interest is at BLR-1.90% for Free Moving Cost
and BLR-2.1 for Non Free Moving Cost

Please note that, since you are mention apartment, we offer different margin for certain apartment. If it is under Service Apartment, we can only give 75% but if it is normal apartment, we give at 90%.

For more detail why not i contact you for further detail. You can sms/call me via 017-2449305 or email/yahoo messenger at azlancimb@yahoo.com

Thanks
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jepakazoid



Joined: 12 Sep 2007
Posts: 15
Location: kuala lumpur

PostPosted: Thu Sep 11, 2008 12:29 pm    Post subject: Re: financing Reply with quote

famous wrote:
maybe u can give me ur email the least? =) thanks


My email is jepakazoid@hotmail.com
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derrickc



Joined: 04 Sep 2008
Posts: 53
Location: PJ

PostPosted: Thu Sep 11, 2008 3:43 pm    Post subject: Reply with quote

hi jepakazoid,

i'm derrick here.. for your case. may we know the location for your apartment. location also another issue for bank to consider the rate to go. our bank can reach BLR-2% with zero moving cost. do you know why bank always state the issue on legal fees absorb... because most of the big developer wan bank to do private caveat on the proverty to disburse the loan before cosent or name to be transfer. there normally cost around 800 plus for doing that. is more to legal site and land office issue.. and last you say daily and montly rest which is daily is daily calculation... let say your loan 100k and today 11 sept you pay 5k then start tomorrow your loan will be 95k times your interest like 6.75% X 95k / 365 days and monthly rest is where paid today but the interest still on 100k calculation basis and only until 1 of oct then only start to cal 95k with interest. you can follow??

anything just leave me an email derrickwinc@hotmail.com or call 0163230441

regards
derrick
public bank
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jepakazoid



Joined: 12 Sep 2007
Posts: 15
Location: kuala lumpur

PostPosted: Thu Sep 11, 2008 9:38 pm    Post subject: Reply with quote

derrickc wrote:
hi jepakazoid,

i'm derrick here.. for your case. may we know the location for your apartment. location also another issue for bank to consider the rate to go. our bank can reach BLR-2% with zero moving cost. do you know why bank always state the issue on legal fees absorb... because most of the big developer wan bank to do private caveat on the proverty to disburse the loan before cosent or name to be transfer. there normally cost around 800 plus for doing that. is more to legal site and land office issue.. and last you say daily and montly rest which is daily is daily calculation... let say your loan 100k and today 11 sept you pay 5k then start tomorrow your loan will be 95k times your interest like 6.75% X 95k / 365 days and monthly rest is where paid today but the interest still on 100k calculation basis and only until 1 of oct then only start to cal 95k with interest. you can follow??

anything just leave me an email derrickwinc@hotmail.com or call 0163230441

regards
derrick
public bank


The property is Villa Flora (condo) located at Taman Tun Dr Ismail with built up of 1250 sq ft.
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derrickc



Joined: 04 Sep 2008
Posts: 53
Location: PJ

PostPosted: Fri Sep 12, 2008 4:15 pm    Post subject: Reply with quote

okie... i will figure out the package for you soon... sorry i need to check the property.. our bank just got out a list of highlighted unfavor developer due to their stop construction issue.

regards
derrick
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jepakazoid



Joined: 12 Sep 2007
Posts: 15
Location: kuala lumpur

PostPosted: Fri Sep 12, 2008 11:07 pm    Post subject: Reply with quote

derrickc wrote:
okie... i will figure out the package for you soon... sorry i need to check the property.. our bank just got out a list of highlighted unfavor developer due to their stop construction issue.

regards
derrick


Gents, quick question, if I buy a completed property, is it necessary to have a valuation report done on the property?
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derrickc



Joined: 04 Sep 2008
Posts: 53
Location: PJ

PostPosted: Sun Sep 14, 2008 8:41 pm    Post subject: Reply with quote

for under construction... no need to do valuation report... but complete property yes unless you buy the property so called not standard unit price...meaning is those standard unit cost 250k but renovation 100k so selling price like 320k... cost the house so unique on thier own renovation so no bank can get the value so only way to get value is do valuation report.

derrick
public bank
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