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10% down and no further payment until handover

 
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jimliew



Joined: 07 Jun 2005
Posts: 87

PostPosted: Fri Jun 10, 2005 4:06 pm    Post subject: 10% down and no further payment until handover Reply with quote

Nowadays, developers have teamed up with banks offering a 10% downpayment and then no further payments until the property completed.

Whats the catch here, if any?

Comments please.
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Fri Jun 10, 2005 4:47 pm    Post subject: Reply with quote

The property is probably a commercial property or the interest is already factored in to the price, or more likely, both. I think the developers are not allowed to vary the payment schedule for residential units because this is controlled by the HDA. Hope this answer your question, let me know if i am correct.
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tazochai



Joined: 17 May 2005
Posts: 102

PostPosted: Fri Jun 10, 2005 6:32 pm    Post subject: Reply with quote

i think the bank gives the buyer a 90% margin of finance and pays the developer according to the architect certification. interest payable will be borne by the developer, rather than the buyer, probably in the second year onwards since banks are already giving 0% interest in the first year anyway.

or (unlikely though), is this the much tauted build-then-sell concept now promoted by HBA!?
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candic3



Joined: 07 Jun 2005
Posts: 96
Location: Alliance (Mortgage)

PostPosted: Sat Jun 11, 2005 12:30 am    Post subject: Reply with quote

tazochai wrote:
i think the bank gives the buyer a 90% margin of finance and pays the developer according to the architect certification. interest payable will be borne by the developer, rather than the buyer, probably in the second year onwards since banks are already giving 0% interest in the first year anyway.

or (unlikely though), is this the much tauted build-then-sell concept now promoted by HBA!?

quite true, like Public bank and UOB giving 0% but only for 1st year.
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aramis



Joined: 02 Jun 2005
Posts: 156
Location: Cyberjaya / Old Klang Road

PostPosted: Sat Jun 11, 2005 12:39 am    Post subject: Re: 10% down and no further payment until handover Reply with quote

jimliew wrote:
Nowadays, developers have teamed up with banks offering a 10% downpayment and then no further payments until the property completed.

Whats the catch here, if any?

Comments please.


I went to Bandar Botanic sometime last year and they were offering this package, i.e. pay 10% and no payment till property is completed.

Why dont you give them a call?
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my44



Joined: 03 May 2005
Posts: 430

PostPosted: Sat Jun 11, 2005 2:48 am    Post subject: Reply with quote

Yes, I did see in Bandar Botanic advertisement also about pay 10% and wait till completion.
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nick1994



Joined: 24 Apr 2005
Posts: 6116

PostPosted: Sat Jun 11, 2005 4:35 pm    Post subject: Reply with quote

M'sia is slow as always.........S'pore dvelopers alredi had this scheme 2 to 3 yrs back........deferred pymt scheme....pay 10% down, nothing else.....

...but at the end of the day, i always believe everything is priced in alredi.....
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satyromaniaman



Joined: 14 Jul 2005
Posts: 14

PostPosted: Thu Jul 14, 2005 11:22 pm    Post subject: Reply with quote

probably hiked up purchse price..plus got a cheaper rate from bank for first three years.. so they wont have to pay much
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jimliew



Joined: 07 Jun 2005
Posts: 87

PostPosted: Fri Jul 22, 2005 1:28 pm    Post subject: Reply with quote

based on this i bought a 24x70 double storey for $298K opposite Equine Park
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