The different package serves different purposes. Package from Bank A is suitable for investors who want to sell upon VP. For this group of people, minimal payments during construction is best. If the developer provides DIBS even better for them.
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Banking & Finance (includes credit cards posting)
- Thread starter rhino
- Start date
The different package serves different purposes. Package from Bank A is suitable for investors who want to sell upon VP. For this group of people, minimal payments during construction is best. If the developer provides DIBS even better for them.
Well put, its serving different sectors of the market so they package and market it differently. More and more developer don't provide DIBS or any form of deferred payment these days.
Thks Wuqi and Mingchye.
I am sure there are reasons why different banks offer different packages. But having spent almost an hour with bank A, going through all my particulars and documents, he should already know that i am buying for home stay. Furthermore i kept emphasizing i dont like the idea of paying interest for 2 years and my instalment only starts from TOP. Cos instead of quoting me 7 yrs, hes quoting me 2 + 7 = 9 years loan instalment! He should give me other alternative packages ie. if there is.
May i know what is VP and DIBS?
I am sure there are reasons why different banks offer different packages. But having spent almost an hour with bank A, going through all my particulars and documents, he should already know that i am buying for home stay. Furthermore i kept emphasizing i dont like the idea of paying interest for 2 years and my instalment only starts from TOP. Cos instead of quoting me 7 yrs, hes quoting me 2 + 7 = 9 years loan instalment! He should give me other alternative packages ie. if there is.
May i know what is VP and DIBS?
Thats true lah. The Banker never recommend u product according to your needs. I agree you would feel frustrated.
VP - Vacant Possession. This term is used in the Sales and Purchase Agreement. Have a look at it next time when you get it. I am always very surprised and amused when ppl anyhow ask questions and say wrong things and the information can easily be found in the SPA. They just need to go and read the SPA to understand what their rights and obligations are. Taking a good 15-30 mins is really very useful to know what are the things you can expect and what you can do in the event of late delivery etc. I think I should charge people for explaining to them the stuff just to penalise them for not making the effort to read and understand a very important doc they are signing.
DIBS - Developer interest bearing scheme. A private scheme where the developer offers to absorb interest charged by your home loan during construction period. Developers offer between 0% to 100% as part of their package.
But the developer also smart. I am sure they would have include the DIBS into the purchase price.
Btw Wuqi, wondering if u or any kind bros open a thread on a "List of Abbreviations & Acronyms"? Newbie like me would know what seniors here are talking about? Eg VP, DIBS, NI, PH etc etc. Better still, put it in sticky.
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Thks for the explanation Mingchye. But dont be so cruel lah to charge people.:o Some people, like me, only primary 6 education level. Hopefully words used in the SPA are not bombastic. Easily understood by layman like me.:(
Hi all,
Got a noob question to ask u guys.
1. I am already in my late 50s. Assuming i am taking a loan of M$500K. Mthly interest charge at 4.2%
2. Lets say I got S$100K in my retirement account earning at 4% pa. But i can withdraw S$50K.
My question is it prudent to withdraw S$50K and convert to M$ (assuming rate at $100 = M$2.5) and reduce my loan of M$500K? Or to just let the funds be in the CPF retirement a/c and earn annual interest of 4%?
Thank u guys.
Got a noob question to ask u guys.
1. I am already in my late 50s. Assuming i am taking a loan of M$500K. Mthly interest charge at 4.2%
2. Lets say I got S$100K in my retirement account earning at 4% pa. But i can withdraw S$50K.
My question is it prudent to withdraw S$50K and convert to M$ (assuming rate at $100 = M$2.5) and reduce my loan of M$500K? Or to just let the funds be in the CPF retirement a/c and earn annual interest of 4%?
Thank u guys.
I think it is good to take out and repay the loan since interest rate for loan higher. Unless there is mortgage insurance that will pay all remaining loan if anything happens.
Thanks ginfreely. I always thought since i am getting 4% interest earned on my RA, may be good to leave it there and get my returns upon reaching 62 or 65. The mortgage insurance only cover when one is in total disability or upon death. Only worry is partial disability, terminate by company, and left with no regular income.
Depends whether you are happy with the current conversion rate of 2.5. If you are, then consider reducing your loan.
Or buy another property in Msia with that 50k sgd as down payment. (Just joking :P)
Or buy another property in Msia with that 50k sgd as down payment. (Just joking :P)
I'm a Singaporean and looking to buy a place in Johor. The Malaysia banks seemed to place a limit of daily deposit of 10k RM.
To pay for a 1M RM unit will means I have to make many trips or remit many times just to have enough money in my Malaysia bank account.
How do you guys pay for your unit? If going to a Singapore bank and buy a bank cheque in RM will the Singapore local bank use the big elephant spread for rates?
To pay for a 1M RM unit will means I have to make many trips or remit many times just to have enough money in my Malaysia bank account.
How do you guys pay for your unit? If going to a Singapore bank and buy a bank cheque in RM will the Singapore local bank use the big elephant spread for rates?
Continue..
How about using remittance service to send money to my MY lawyer representing me? Can the S'pore remittance companies be trusted with handling the relatively big sum of money? Which remittance co has the track record of doing things right for you folks?
Thanks in advance.
How about using remittance service to send money to my MY lawyer representing me? Can the S'pore remittance companies be trusted with handling the relatively big sum of money? Which remittance co has the track record of doing things right for you folks?
Thanks in advance.
Paisei
Channel 5 http://www.horlic.com/mrta-vs-mlta-which-one-is-the-best-housing-loan-insurance/
Channel 8 http://www.nanyang.com/node/423965[/url][/QUOTE]
Paisei
Channel 5 http://www.horlic.com/mrta-vs-mlta-which-one-is-the-best-housing-loan-insurance/
Channel 8 http://www.nanyang.com/node/423965[/url]
Tks potter.
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No problem.
Before signing the dotted line, verify those clauses tat you are unsure about.
certain banks will change the BLR-2.4% to BLR-2.0%(for example) if missed e mortgage payments..nd others..That Hurts dude!
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