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Legal issues/questions - Anything to do with lawyers and banks
- Thread starter wuqi256
- Start date
wuqi was very fast to delete/censor my notti posts on notti boys and gals and syt theories. wonder if he is gonna censor this posting too?
Hi guys, went to Syed Alwi and Ng Co. the other day to check on their rates and was told that even though we have the means to pay the property in full, they recommend to take loan instead maybe a shorter tenure of let say 5 yrs as they say it will avoid us from paying income tax or something like that. Im puzzled as why is that so cause if we take bank loan then we have to pay interest and isnt that a waste? I mean why pay interest to a bank where we can pay in full? Or are maybe they want to earn additional comm. for asking us to take loan with bank?
Do you intend to stay, or rent out your property?
We intend to stay
Then no point to take loan. Taking loan makes sense for rental play, as the taxable rental income can be reduced, by offsetting againt loan interest. That's probably whar the lawyer meant.
Anyone can advise whether if it is legally acceptable to take up a Singapore Term Insurance (say 35 years for S$500000) in place of MRTA or MLTA for Johor property bank loan of RM600000? I was told that only insurance bought in Malaysia then can. But Malaysia insurance more expensive than Singapore. Is it die die must buy term insurance from Malaysia? I thought when you kaputz all that is important is you have money to pay off the loan? Why does one need to buy from Malaysia? Quick advice needed!
just sharing. Only Public Bank asked me if I wanted insurance and I would have to buy it from them if I wanted 85% financing. if 80%, didn't seem like it was needed. rest of the other banks only offered me 80% financing and no one asked me to buy any mortgage insurance from them.
You can take a flexi loan whihc means you offset your interest 100% if you put in the equivalent in your account, I am doing that. There is a belief in MY that if you pay in full, you attract attention from income tax.How true is it, I don't know. My family and even Setia staff have same idea.
Then did you take up any mortgage insurance? If so, from Malaysia or Singapore?
so at the end, is there any lawyer firm in jb which shows great service or very responsive from your past experience? i also also looking for a lawyer firm to deal with my BI subsale....
has anyone deal with this firm before? fadzilah, ong chee seong & associates?
has anyone deal with this firm before? fadzilah, ong chee seong & associates?
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it is 0.5% of the loan amount. RM585K X 0.5% = RM 2,925
Lawyer charge a singapore bankruptcy search for RM360, expensive?
My loan agreement fees for RM585000 come to RM9185 and after discount is RM8300. Is this reasonable?
Thanks but this is just checking those fees regulated by law. Was wanting to know if overall charge is reasonable.
You should ask for a breakdown, and then cross-check against the calculator. From your email, it isnt clear if the fees include stamp duty. Both purchase price and loans matter in calculating stamp duties....
I have a breakdown
RM5670 for facility agreement
RM2430 for disbursement and stamp duty
RM300 for registration fees
RM785 for other fees including bankruptcy search fee singapore of RM360
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