Ur frds r right. Some Msian banks do accept more than 10K as FD for Non-residents.
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Banking & Finance (includes credit cards posting)
- Thread starter rhino
- Start date
Ur frds r right. Some Msian banks do accept more than 10K as FD for Non-residents.
Done and thanks bro whoami.
Bank Negara is studying the risks arising from DIBS with a view of potentially imposing curbs on it
Posted on June 25, 2013 - Featured, Property News.
By GURMEET KAUR
[email protected]
PETALING JAYA: Bank Negara is studying the risks arising from the developer interest-bearing scheme (DIBS) with a view of potentially imposing curbs on it, sources said.
Although it is unclear if or when such curbs would be put in place, Hong Leong Investment Bank (HLIB) said that it may be “later this week”, adding that such a move would be a negative for future sales in the primary property market.
Other industry players think that the measures might be introduced in the second half of the year.
DIBS has become a popular easy financing package offered by property developers in joint-promotion activities with banks in recent years.
Under the scheme, buyers need not fork out much initial downpayment to buy properties, as the developer supposedly absorbs the initial interest. This is until the buyer takes possession of the property.
A high number of buyers enter this scheme with the intention of flipping the property when they gain possession of it, making a profit without having to come up with much capital in the process. Such a scenario fuels speculation.
“Typically, under the scheme, buyers only foot between 5% and 10% of the house price upon signing the sale and purchase (S&P) agreement and only begin payment when the project is completed,” a property consultant told StarBiz.
“There are caveats to this scheme, as buyers commit to a financial obligation upon the signing of the S&P and the interest cost has actually been already passed on to buyers via the higher selling prices.”
DIBS is mainly offered to the high-rise residential segment. Some property consultants have opined that the presence of DIBS in the market has caused prices to be set on an artificially higher trajectory.
Notably, the Singapore government banned DIBS in 2009.
“While the exact measures are yet to be revealed, we believe the curbs would impact this easy financing scheme,” HLIB said in a note yesterday.
According to analysts, most of the sales in the recent property bull cycle were tied to the attractive DIBS scheme at the expense of the secondary property market which has remained sluggish. And given the persistent rise in household debt, the Government is mulling over measures to limit it.
“In the recent past, Bank Negara has been compiling information on the scheme and studying its impact on the sector,” a source said.
Bank Negara had yet to respond to StarBiz’s queries as at press time.
“The difference between the non-DIBS and DIBS pricing can range from as low as 5% to as high as 30% if other incentives like early-bird discounts, stamp duty waivers and cash payments are taken into account,” said Elvin Fernandez, managing director of Khong & Jaafar group of companies.
He advocates regulators to compel developers to be transparent on the various incentives, as it may be difficult to do away with DIBS packages.
“Developers should inform buyers and bankers of the actual value of the discounts they are getting so that house buyers know the true value of the house they are buying,” he said.
UOB Kay Hian Research noted that new launches in selective high-rise projects in the suburbs of the Klang Valley were transacted at over RM1,000 per sq ft (psf) vis-a-vis RM450 psf two years ago.
“Household debt has risen to 80.5% of nominal gross domestic product as at end-December 2012, up from 60.4% as at end-2008.
“We also note that outstanding banking sector loans in the household sector has risen 3.6% year-to-date as at end-April to RM638.5bil from RM616.5bil as at December 2012. As the rise in consumer credit is partly linked to housing, curbs may be introduced to dampen speculation,” UOB Kay Hian said in a report yesterday.
On the financial impact of curbing DIBS on property companies, HLIB said that it would be “negative for future sales in the primary market but the extent of damage varies with the degree of exposure to the high-rise segment for each individual developer”.
UOB Kay Hian reckons that if DIBS or similar schemes were to be tightened, it could “significantly dampen new property launches as speculators will be filtered out”.
The company also does not rule out the possibility of a further upward revision in real properties gains tax (RPGT) to dampen speculation.
In Budget 2013, the Government had raised the RPGT for the second time since 2011, stipulating a 10% to 15% tax for the disposal of properties within two years of purchase, and 5% to 10% for the disposal of properties within three to five years. However, properties sold five years after purchase are exempted from the RPGT.
Posted on June 25, 2013 - Featured, Property News.
By GURMEET KAUR
[email protected]
PETALING JAYA: Bank Negara is studying the risks arising from the developer interest-bearing scheme (DIBS) with a view of potentially imposing curbs on it, sources said.
Although it is unclear if or when such curbs would be put in place, Hong Leong Investment Bank (HLIB) said that it may be “later this week”, adding that such a move would be a negative for future sales in the primary property market.
Other industry players think that the measures might be introduced in the second half of the year.
DIBS has become a popular easy financing package offered by property developers in joint-promotion activities with banks in recent years.
Under the scheme, buyers need not fork out much initial downpayment to buy properties, as the developer supposedly absorbs the initial interest. This is until the buyer takes possession of the property.
A high number of buyers enter this scheme with the intention of flipping the property when they gain possession of it, making a profit without having to come up with much capital in the process. Such a scenario fuels speculation.
“Typically, under the scheme, buyers only foot between 5% and 10% of the house price upon signing the sale and purchase (S&P) agreement and only begin payment when the project is completed,” a property consultant told StarBiz.
“There are caveats to this scheme, as buyers commit to a financial obligation upon the signing of the S&P and the interest cost has actually been already passed on to buyers via the higher selling prices.”
DIBS is mainly offered to the high-rise residential segment. Some property consultants have opined that the presence of DIBS in the market has caused prices to be set on an artificially higher trajectory.
Notably, the Singapore government banned DIBS in 2009.
“While the exact measures are yet to be revealed, we believe the curbs would impact this easy financing scheme,” HLIB said in a note yesterday.
According to analysts, most of the sales in the recent property bull cycle were tied to the attractive DIBS scheme at the expense of the secondary property market which has remained sluggish. And given the persistent rise in household debt, the Government is mulling over measures to limit it.
“In the recent past, Bank Negara has been compiling information on the scheme and studying its impact on the sector,” a source said.
Bank Negara had yet to respond to StarBiz’s queries as at press time.
“The difference between the non-DIBS and DIBS pricing can range from as low as 5% to as high as 30% if other incentives like early-bird discounts, stamp duty waivers and cash payments are taken into account,” said Elvin Fernandez, managing director of Khong & Jaafar group of companies.
He advocates regulators to compel developers to be transparent on the various incentives, as it may be difficult to do away with DIBS packages.
“Developers should inform buyers and bankers of the actual value of the discounts they are getting so that house buyers know the true value of the house they are buying,” he said.
UOB Kay Hian Research noted that new launches in selective high-rise projects in the suburbs of the Klang Valley were transacted at over RM1,000 per sq ft (psf) vis-a-vis RM450 psf two years ago.
“Household debt has risen to 80.5% of nominal gross domestic product as at end-December 2012, up from 60.4% as at end-2008.
“We also note that outstanding banking sector loans in the household sector has risen 3.6% year-to-date as at end-April to RM638.5bil from RM616.5bil as at December 2012. As the rise in consumer credit is partly linked to housing, curbs may be introduced to dampen speculation,” UOB Kay Hian said in a report yesterday.
On the financial impact of curbing DIBS on property companies, HLIB said that it would be “negative for future sales in the primary market but the extent of damage varies with the degree of exposure to the high-rise segment for each individual developer”.
UOB Kay Hian reckons that if DIBS or similar schemes were to be tightened, it could “significantly dampen new property launches as speculators will be filtered out”.
The company also does not rule out the possibility of a further upward revision in real properties gains tax (RPGT) to dampen speculation.
In Budget 2013, the Government had raised the RPGT for the second time since 2011, stipulating a 10% to 15% tax for the disposal of properties within two years of purchase, and 5% to 10% for the disposal of properties within three to five years. However, properties sold five years after purchase are exempted from the RPGT.
Thanks for sharing.
Last edited:
Here's a good primer on how property valuations are done in Msia:
http://www.starproperty.my/index.php/articles/investment/the-price-is-right-or-is-it/
Also recommended sites where you can check the past property transactions youself:
http://jpph.info/index.php
http://e-propertydata.net/
http://www.starproperty.my/index.php/articles/investment/the-price-is-right-or-is-it/
Also recommended sites where you can check the past property transactions youself:
http://jpph.info/index.php
http://e-propertydata.net/
M'sia tightens screws on personal loans, cards
Rising household debts, bankruptcies prompt tough action from central bank
BY PAULINE NG [email protected]
PUBLISHED JULY 06, 2013
Kuala Lumpur
WITH household debt escalating to a steep 83 per cent of gross domestic product (GDP) and the number of bankruptcies on the rise, Malaysia's central bank yesterday tightened the screws on financing a notch.
Under the new measures, the maximum tenure for personal loans is now 10 years, and for property loans - residential and non-residential - 35 years.
In addition, the offering of pre-approved personal financing products is no longer allowed.
Bank Negara said in a statement that the measures "are aimed at avoiding excessive household indebtedness and to reinforce responsible lending practices by key credit providers".
Earlier this week, second finance minister Ahmad Husni Hanadzlah had maintained that household debt was not at a worrying level and bad debt still under control. Even so, he indicated that the government was looking into the issue as it did not want the people's take-home pay to be "too low".
Because of the high collateral required for home loans, defaults are less of a concern for banks; personal loans and credit card debts are more of an issue.
In the past few years, domestic demand and consumption have helped compensate weak exports to drive the economy. However, easy credit policies have also played a part in transforming the nation's household debt to one of the highest.
Household debt has grown by an average 12 per cent in the past five years, the central bank said, noting that some home loans have been extended for up to 45 years, and personal financing even stretched to 25 years.
"While this may reduce the monthly repayments, in the long run this increases the overall debt burden of households," Bank Negara observed.
Indeed, on the day that Mr Ahmad reassured domestic debt was under control, the New Straits Times' front-paged the increasing debt burden of households and bankruptcies.
Housing loans comprise the bulk of household debt followed by vehicle loans, the latter being the main cause of bankruptcies. There are an estimated 240,000 declared bankrupts in the country of 28 million, with about one per cent of them under the age of 25.
The central bank assured the public that households with the financial capacity to take on additional borrowings would continue to enjoy access to financing. It said the new measures would take immediate effect but would not affect applications previously approved.
Bank Negara will gain more supervision and oversight of non-bank financial institutions under the Financial Services Act 2013 that came into force this week.
Bankers say these institutions are a cause for concern as they could have lent more aggressively but have been subjected to less oversight.
Civil servants are said to form a substantial portion of their customer base.
http://www.businesstimes.com.sg/pre...tightens-screws-personal-loans-cards-20130706
Rising household debts, bankruptcies prompt tough action from central bank
BY PAULINE NG [email protected]
PUBLISHED JULY 06, 2013
Kuala Lumpur
WITH household debt escalating to a steep 83 per cent of gross domestic product (GDP) and the number of bankruptcies on the rise, Malaysia's central bank yesterday tightened the screws on financing a notch.
Under the new measures, the maximum tenure for personal loans is now 10 years, and for property loans - residential and non-residential - 35 years.
In addition, the offering of pre-approved personal financing products is no longer allowed.
Bank Negara said in a statement that the measures "are aimed at avoiding excessive household indebtedness and to reinforce responsible lending practices by key credit providers".
Earlier this week, second finance minister Ahmad Husni Hanadzlah had maintained that household debt was not at a worrying level and bad debt still under control. Even so, he indicated that the government was looking into the issue as it did not want the people's take-home pay to be "too low".
Because of the high collateral required for home loans, defaults are less of a concern for banks; personal loans and credit card debts are more of an issue.
In the past few years, domestic demand and consumption have helped compensate weak exports to drive the economy. However, easy credit policies have also played a part in transforming the nation's household debt to one of the highest.
Household debt has grown by an average 12 per cent in the past five years, the central bank said, noting that some home loans have been extended for up to 45 years, and personal financing even stretched to 25 years.
"While this may reduce the monthly repayments, in the long run this increases the overall debt burden of households," Bank Negara observed.
Indeed, on the day that Mr Ahmad reassured domestic debt was under control, the New Straits Times' front-paged the increasing debt burden of households and bankruptcies.
Housing loans comprise the bulk of household debt followed by vehicle loans, the latter being the main cause of bankruptcies. There are an estimated 240,000 declared bankrupts in the country of 28 million, with about one per cent of them under the age of 25.
The central bank assured the public that households with the financial capacity to take on additional borrowings would continue to enjoy access to financing. It said the new measures would take immediate effect but would not affect applications previously approved.
Bank Negara will gain more supervision and oversight of non-bank financial institutions under the Financial Services Act 2013 that came into force this week.
Bankers say these institutions are a cause for concern as they could have lent more aggressively but have been subjected to less oversight.
Civil servants are said to form a substantial portion of their customer base.
http://www.businesstimes.com.sg/pre...tightens-screws-personal-loans-cards-20130706
anyone can advise which bank that allow foreigner to open bank account in msia?
i need to open bank account to issue cheque for booking fee, developer doesn't accept sg cheque. I've asked Maybank and AMbank but they do not allow account opening by foreigner without SnP or employment in Msia.
Without cheque, I need to buy bank draft with full cash which is troublesome.
i need to open bank account to issue cheque for booking fee, developer doesn't accept sg cheque. I've asked Maybank and AMbank but they do not allow account opening by foreigner without SnP or employment in Msia.
Without cheque, I need to buy bank draft with full cash which is troublesome.
I opened with Hong Leong Bank current account , no need introducer , best to call before u make a trip down.
This saturday they are operating in Nusa Bestari branch.
Bring along yr IC or passport and cash , prob 5k above at the moment , subsequently you can TT to this acct fr sg.
Thanks Crystal for the info. I'll give them a call.
HSBC - no problem to open bank account and get a cheque book.
Tried and tested: CIMB Jl Kuning and UOB Ponderosa
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