Newbie questions

[Mingchye]

Re: Buying Resale Properties in JB

Are there a lot of other fees/ charges for buying resale? Are we better off buying from developer then?

The following fees are payable whenever one buys a property:
1) Sales and purchase(SPA) legal fees, stamp duty for SPA, disbursements to do up this legal document and make it legal.
2) Stamp duty for Memorandum of transfer (MOT) to allow the title to transfer to your name.
3) Loan agreement if u take up bank loan. There are legal fees, stamp duty and disbursements for drawing up this legal document and making it legal. Just like what was done for SPA.

Developer typically absorbs one or more of the above. Some may absorb bank loan interest during construction thru their DIBS scheme. There may be other freebies free maintenance fees for a period, rebates or discounts. Bank valuation is also 100% according to developer selling price. Resale usually have a higher asking price over bank valuation.

 

[wuqi256]

Re: Buying Resale Properties in JB

Would anyone here buy a tenanted out resale house without viewing the actual unit itself just because the seller or agent told you that tenant refuse to allow viewing?

I actually bought 2 units that way and so did some of my friends here but it is risky. If its tenanted though, chances are high that it is livable else most tenants would have raised it and a strong impetus is always on the owner to fix as tenant can always withhold rent. If its tenanted, then likely i will still buy.

I would inspect at least the front and back before making my decision. Perharps because i have already been through maintenance of houses, so i know roughly how much i need to spend.

Its all a matter of how you view the property market. If i know for sure the property in that area is still going strong or going up, i will negotiate the price and get it since any potential gains can easily offset any potential bits i need to fix.

 

[wuqi256]

Re: Buying Resale Properties in JB

Are there a lot of other fees/ charges for buying resale? Are we better off buying from developer then?

Mingchye has already answered your questions and very well i might add. Probably the only thing i can add here is that if you are buying resale, there is normally no absorption of any of the S&P costs so you need to do all these yourself. One way to check is to ask if the owner is still having a lock in loan and if he is, negotiate to see if he/she can lower down the price and you use back their bank so that they won't have to pay the penalty. Of course, this is still subject to bank approval as well as whether you are comfortable with the loan quantum from the bank.

 

[wuqi256]

Re: Selling property in Malaysia. Tips and tricks to share.

To pay the agent's commission at S&P stage seems risky. What if the Approval is NOT granted?

Definitely has its risks so you may want to pay them a certain percentage first. Most however will still insist to take the comms at that time if the buyer is:

1. Local - No state consent is normally required
2. Singaporean - State consent is quite straightforward and most regard it as a formality as it is very seldom (touch wood) not granted.

Good to usually check on the agreement with the agent if there is a clause to claim back from the company if the approval is not granted.

 

[FHBH12]

Anyone can share contacts of reliable transport company in Johor that can move funiture from Singapore to Johor or vice versa? Thanks.

 

[wuqi256]

Anyone can share contacts of reliable transport company in Johor that can move funiture from Singapore to Johor or vice versa? Thanks.

Every other month, this question will come up.

Just one of the past threads on this:
http://www.sammyboy.com/showthread.php?110630-Movers-from-singapore-to-jb-recommendations

You can call one of them: http://www.chlhousemovers.com/

 

[FHBH12]

Great info

 

[potter]

Every other month, this question will come up.

Just one of the past threads on this:
http://www.sammyboy.com/showthread.php?110630-Movers-from-singapore-to-jb-recommendations

You can call one of them: http://www.chlhousemovers.com/

notice long ago..many recurrence standard questions, can buy bumi lot huh?, how to buy resale unit/new unit, macs lar, bring cat n dog lar, mm2h lar, buy cars lar, blar..blar.. can place a sticky bit right? :*:

 

[wuqi256]

notice long ago..many recurrence standard questions, can buy bumi lot huh?, how to buy resale unit/new unit, macs lar, bring cat n dog lar, mm2h lar, buy cars lar, blar..blar.. can place a sticky bit right? :*:

Yes, thats what this thread is for, newbie questions. Its a sticky thread.

 

[newtown]

oops.. i just post in the banking and finance thread.

i wonder if this consider a newbie question:

May i know what criteria do we need to meet in order to get a bank loan approval if a foreigner/Singaporean need to buy a property in Malaysia?

 

[wuqi256]

oops.. i just post in the banking and finance thread.

i wonder if this consider a newbie question:

May i know what criteria do we need to meet in order to get a bank loan approval if a foreigner/Singaporean need to buy a property in Malaysia?

Welcome to Malaysia. You need to prove that you are gainfully employed and able to meet the loan with a percentage of your pay (normally about 30%) or self employed and with stable monthly income to meet your loan requirements. They will normally use your current pay and net worth to guage how much to lend to you and with what interest rate.

 

[newtown]

Welcome to Malaysia. You need to prove that you are gainfully employed and able to meet the loan with a percentage of your pay (normally about 30%) or self employed and with stable monthly income to meet your loan requirements. They will normally use your current pay and net worth to guage how much to lend to you and with what interest rate.

For self-employed, how many months are they checking over.. 12 months? and they look at my personal or business bank statement?

 

[potter]

Yes, thats what this thread is for, newbie questions. Its a sticky thread.

Paisei wuqi ke ke, what i meant is a referencing page like "How to..". Just like SOP

 

[Funniman]

For Malaysian bank loan applications:

Employee: An income statement such as payslip, Income tax submissions and proof of your liquid cash eg. fixed deposit slips, bank book, etc.

Self employed: 6 months bank statements, 3 years company annual returns, shareholding return, company registration M&A, proof of your liquid cash eg. fixed deposit slips, bank book, etc.

You also need to provide photocopies of your identity card / passport.

Banks normally check through the credit history, the amount of loans you are having presently and the ability to service your loans. They normally will get the nett income (gross income less all the present commitments) x 30%. That should be the guide for the amount of loan installments you are entitled for.

For self-employed, how many months are they checking over.. 12 months? and they look at my personal or business bank statement?

 

[newtown]

For Malaysian bank loan applications:

Employee: An income statement such as payslip, Income tax submissions and proof of your liquid cash eg. fixed deposit slips, bank book, etc.

Self employed: 6 months bank statements, 3 years company annual returns, shareholding return, company registration M&A, proof of your liquid cash eg. fixed deposit slips, bank book, etc.

You also need to provide photocopies of your identity card / passport.

Banks normally check through the credit history, the amount of loans you are having presently and the ability to service your loans. They normally will get the nett income (gross income less all the present commitments) x 30%. That should be the guide for the amount of loan installments you are entitled for.

Is this the general or a strict guidelines for all banks on housing loan?

 

[shctaw]

Is this the general or a strict guidelines for all banks on housing loan?

Mr Funniman miss out one item if you are Singaporean.

A copy of your credit report. You can purchase your own record from the website below.
http://www.creditbureau.com.sg

My bank always do a check on my financial health before they loan to me.

 

[Funniman]

You can't run away much from the procedures. If you are a big time privilege customer, you might get a bit of flexibility but normal SOP of the loan applications still applies.

What I normally do is to bare all and usually it is not a problem...my bankers know what I do and have in my accounts.

Is this the general or a strict guidelines for all banks on housing loan?

 

[Funniman]

Yeah, forgot about Singaporean requirements.
But in Malaysia, the banks have access to CCRIS and CITOS credit information sharing database.

Not only that, the Income Tax people will have access to information of what you buy and how you buy as well.

Mr Funniman miss out one item if you are Singaporean.

A copy of your credit report. You can purchase your own record from the website below.
http://www.creditbureau.com.sg

My bank always do a check on my financial health before they loan to me.

 

[shctaw]

You can't run away much from the procedures. If you are a big time privilege customer, you might get a bit of flexibility but normal SOP of the loan applications still applies.

Better service once you become "Pre-V-Lege customer".

You will get a more senior executive loan officers whom have more access and can bypass certain restriction.

Bank like you to "show them the money" before they loan you theirs.

 

[newtown]

You can't run away much from the procedures. If you are a big time privilege customer, you might get a bit of flexibility but normal SOP of the loan applications still applies.

What I normally do is to bare all and usually it is not a problem...my bankers know what I do and have in my accounts.

yah man, due to certain circumstances.. i might not be able to show a 3 year business return.. i wonder if 1.5 years is ok.