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Need help on loan agreement

 
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Vroom



Joined: 05 Oct 2005
Posts: 5

PostPosted: Fri Oct 28, 2005 3:36 pm    Post subject: Need help on loan agreement Reply with quote

Can anyone please help.

I have signed my SPA for a purchase for an under construction property and my loan has been approved. I need to appoint a lawyer to finalize the loan.

My question is, can I delay the loan agreement to be finalized until later?

My point is the longer I delay, the less interest I pay as the bank has not made any disbursement. Or will there be a backdate anyway?

Thanks in advance.
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goliath



Joined: 06 May 2005
Posts: 774

PostPosted: Fri Oct 28, 2005 5:58 pm    Post subject: Re: Need help on loan agreement Reply with quote

Vroom wrote:
Can anyone please help.

I have signed my SPA for a purchase for an under construction property and my loan has been approved. I need to appoint a lawyer to finalize the loan.

My question is, can I delay the loan agreement to be finalized until later?

My point is the longer I delay, the less interest I pay as the bank has not made any disbursement. Or will there be a backdate anyway?

Thanks in advance.


vroom...............if there is a progress payt claim.............yes u will save on bank interest if the bank haven't disburse yet................penny wise.

BUT.................the developer will claim late penalty of 10% which is way higher than ur bank interest................pound foolish.

Btw...................u'll need a lawyer who is on the bank panel.

my advised......................do it as soon as possible...................afterall the bank won't be charging u if there is no progress claim anyway.
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Vroom



Joined: 05 Oct 2005
Posts: 5

PostPosted: Fri Oct 28, 2005 11:16 pm    Post subject: Reply with quote

Thanks goliath.

Is there a time/grace period in which I will need to finalize the loan? And if there's a progress payment claim, is the grace period applicable?

Yeah, just being pound foolish... Embarassed

Thanks again.
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goliath



Joined: 06 May 2005
Posts: 774

PostPosted: Tue Nov 08, 2005 11:37 pm    Post subject: Reply with quote

Vroom wrote:
Thanks goliath.

Is there a time/grace period in which I will need to finalize the loan? And if there's a progress payment claim, is the grace period applicable?

Yeah, just being pound foolish... Embarassed

Thanks again.


...........sorry for the late reply..............only go online today.

vroom.............the bank panel lawyer will normally contact u within a week from the letter of offer...................I normally go for the same lawyer who is handling the SPA to expedite things.....................but I guess u would had sign everything by now............................
..............and there is a 21 working days grace period for progress pay't claim which a developer can exploit...................and normally when a project is already under way...................I will ask for a waiver from the developer b4 I sign the SPA.................knowing they will penalise buyer under the circumstances...................good luck. Very Happy
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