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sunrain
Joined: 01 Jul 2007
Posts: 65
Location: KL
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 Posted: Tue Sep 09, 2008 12:20 am Post subject: Zero Login Period? |
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anyone out there knows whether banks in malaysia still offer ZERO LOGIN PERIOD for properties under construction?
sunnykhoong@yahoo.com
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far83v2
Joined: 23 Mar 2008
Posts: 73
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| Posted: Tue Sep 09, 2008 6:15 am Post subject: Re: Zero Login Period? |
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| sunrain wrote: | anyone out there knows whether banks in malaysia still offer ZERO LOGIN PERIOD for properties under construction?
sunnykhoong@yahoo.com
TQ |
Did u mean no lock in period? i dont know other bank but so far CIMB bank did not offer yet.. However, it let you settle the loan even before 5 years but not allowed to close the loan account yet. This apply in Home Flexi.
For more information, you can email to me at azlancimb@yahoo.com. I'm also available online at Yahoo Mesengger |
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emyght
Joined: 06 Dec 2006
Posts: 56
Location: KL
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| Posted: Tue Sep 09, 2008 10:05 am Post subject: Re: Zero Login Period? |
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| sunrain wrote: | anyone out there knows whether banks in malaysia still offer ZERO LOGIN PERIOD for properties under construction?
sunnykhoong@yahoo.com
TQ |
sunrain
if you are referring to 'zero lock-in' that comes with 'zero entry cost', i don't think there's any of such package around even for completed properties. to be fair, the lenders need to recover their costs by holding you back with penalty on early-exit.
as for 'non-zero entry cost', you may wish to explore some islamic packages that allows you to pre-exit by imposing a nominal 'admin' fee.
btw, if you intend to flip upon completion, try explore the insurance lenders i.e. aia / ing. they allow 'redemption' through cash or sale during the lock-in without any penalty charges but you cannot escape if you are 'refinancing'. good luck..
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sunrain
Joined: 01 Jul 2007
Posts: 65
Location: KL
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| Posted: Tue Sep 09, 2008 11:33 am Post subject: Re: Zero Login Period? |
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| far83v2 wrote: | | sunrain wrote: | anyone out there knows whether banks in malaysia still offer ZERO LOGIN PERIOD for properties under construction?
sunnykhoong@yahoo.com
TQ |
Did u mean no lock in period? i dont know other bank but so far CIMB bank did not offer yet.. However, it let you settle the loan even before 5 years but not allowed to close the loan account yet. This apply in Home Flexi.
For more information, you can email to me at azlancimb@yahoo.com. I'm also available online at Yahoo Mesengger |
my intention is what if i sell during construction or upon completion...
most charges penalty of 1.8-2.0%, rite?
i can sell the property and not close the loan acc? dun think so, rite?
and CIMB charges RM10 a month for the loan acc? |
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sunrain
Joined: 01 Jul 2007
Posts: 65
Location: KL
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| Posted: Tue Sep 09, 2008 11:36 am Post subject: Re: Zero Login Period? |
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| emyght wrote: | | sunrain wrote: | anyone out there knows whether banks in malaysia still offer ZERO LOGIN PERIOD for properties under construction?
sunnykhoong@yahoo.com
TQ |
sunrain
if you are referring to 'zero lock-in' that comes with 'zero entry cost', i don't think there's any of such package around even for completed properties. to be fair, the lenders need to recover their costs by holding you back with penalty on early-exit.
as for 'non-zero entry cost', you may wish to explore some islamic packages that allows you to pre-exit by imposing a nominal 'admin' fee.
btw, if you intend to flip upon completion, try explore the insurance lenders i.e. aia / ing. they allow 'redemption' through cash or sale during the lock-in without any penalty charges but you cannot escape if you are 'refinancing'. good luck.. |
yes... zero lock-in period... dun mind whether it's ZEC or non ZEC...
i dun mind being charged higher interest rate as most prob i'll flip upon completion of maybe even let go during construction.
anyway, if i decide to keep it, i can always refinance.
insurance, they need u to have a policy with them, rite? |
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emyght
Joined: 06 Dec 2006
Posts: 56
Location: KL
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| Posted: Tue Sep 09, 2008 11:52 am Post subject: |
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selling during the construction stage depends on whether you can get the consent from the developer and there are a few other rules to it.. find out more.
yes, insurance lenders will compel you to have a policy with them. if existing, the coverage must match loan exposure and you need to assign it to the loan or else, have to buy new policy from them.
u may also wish to do some research on buying the property under an entity, sell the company 'lsb' with the property and mortgage together later. then again, usually the lenders will exercise certain restrictions over this type of deal but it's not impossible to structure such a transaction. you just have to find a buyer with sufficient interim cash..
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jasonlaiSCB
Joined: 04 Jul 2008
Posts: 41
Location: PJ, KL
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| Posted: Tue Sep 09, 2008 1:56 pm Post subject: |
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Standard Chartered Bank offer Investor Package with no lock in period but with non-Zero Cost.
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derrickc
Joined: 04 Sep 2008
Posts: 53
Location: PJ
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| Posted: Tue Sep 09, 2008 4:26 pm Post subject: |
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public bank do offer the no locking period also... is none zero moving cost. but is better for commercial loan... housing is abit hard .. case to case basis
derrick
public bank
derrickwinc@hotmail.com |
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sunrain
Joined: 01 Jul 2007
Posts: 65
Location: KL
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| Posted: Tue Sep 09, 2008 6:29 pm Post subject: |
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| emyght wrote: | selling during the construction stage depends on whether you can get the consent from the developer and there are a few other rules to it.. find out more.
yes, insurance lenders will compel you to have a policy with them. if existing, the coverage must match loan exposure and you need to assign it to the loan or else, have to buy new policy from them.
u may also wish to do some research on buying the property under an entity, sell the company 'lsb' with the property and mortgage together later. then again, usually the lenders will exercise certain restrictions over this type of deal but it's not impossible to structure such a transaction. you just have to find a buyer with sufficient interim cash.. |
thanks emyght... still a noob in property investment...  |
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marvinteow
Joined: 26 Aug 2008
Posts: 23
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| Posted: Wed Sep 10, 2008 6:23 am Post subject: Re: Zero Login Period? |
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| sunrain wrote: | | emyght wrote: | | sunrain wrote: | anyone out there knows whether banks in malaysia still offer ZERO LOGIN PERIOD for properties under construction?
sunnykhoong@yahoo.com
TQ |
sunrain
if you are referring to 'zero lock-in' that comes with 'zero entry cost', i don't think there's any of such package around even for completed properties. to be fair, the lenders need to recover their costs by holding you back with penalty on early-exit.
as for 'non-zero entry cost', you may wish to explore some islamic packages that allows you to pre-exit by imposing a nominal 'admin' fee.
btw, if you intend to flip upon completion, try explore the insurance lenders i.e. aia / ing. they allow 'redemption' through cash or sale during the lock-in without any penalty charges but you cannot escape if you are 'refinancing'. good luck.. |
yes... zero lock-in period... dun mind whether it's ZEC or non ZEC...
i dun mind being charged higher interest rate as most prob i'll flip upon completion of maybe even let go during construction.
anyway, if i decide to keep it, i can always refinance.
insurance, they need u to have a policy with them, rite? |
brother, u lucky man, u go to take Hong Leong Islamic Financing package, now they have revise the rates recently, somemore is ZERO LOCK IN (some more is ZERO ENTRY COST PACKAGE!!!) , just that as per your understanding: "imposing a nominal 'admin' fee" around 5k like that. any further details, please call my friend , Michael Low 0122698863 (he is a kind and generous Mortgage Consultant)  |
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erikko
Joined: 09 Jul 2008
Posts: 29
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| Posted: Wed Sep 10, 2008 12:11 pm Post subject: |
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| jasonlaiSCB wrote: | | Standard Chartered Bank offer Investor Package with no lock in period but with non-Zero Cost. |
that's true in fact my friend got that loan for months
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