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Any additional loan package?

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Joined: 24 Nov 2005
Posts: 20
Location: KL

PostPosted: Mon Jan 22, 2007 2:23 am    Post subject: Any additional loan package? Reply with quote

Hi all, I plan to get an apartment for my own stay, I'm facing some problems whereby I'm paying more than market rate for that property as the current owner has spent vast amount of money to renovate it.

The market value rated by bank vary from 180-185k, which means I can get roughly 165k loan if they loaning out 90% out of the value of the property, but the owner is asking for 215k which I need to prepare almost 50k upfront for the down payment.

Do you guys have any recommendation on which bank we can get a higher rate (says 95% out of the estimated value?). It is a completed an 5years old apartment. I'm planning to get some valuers, I met two of them but both of them mentioned that its hard to estimate higher as normally the renovation cost is not included when they value a property, even can, the amount would not be much.

Any recommendation for me?
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