Banking & Finance (includes credit cards posting)

[myrsing]

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!

Will do and tks for that tip, potter.

 

[kienyap]

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?

Hi Nicholas,

Any answers to your queries below? I have a similar questions waiting for advise too.

 

[Whathefish]

do u guys mean monthly installment or initial purchase?

For initial purchase prior to loan disbursement, is pay direct to developer, so no need remit money, just use cheque or cash (i din't dare bring so much cash, so used cheque though rates not good).

For loan payment, then use remitance, i find it a chore too on the 10k limit, though i only need to go once every two months or so.

Any better ideas please share.

 

[crystal_tiong]

u can remit directly to developer's bank account and there isnt any limit ....

 

[Whathefish]

u can remit directly to developer's bank account and there isnt any limit ....

When u take loan, you're owing bank and not developer, how to pay direct to dev?

 

[crystal_tiong]

When u take loan, you're owing bank and not developer, how to pay direct to dev?

ok , i was replying to forummer abt Nicholas ...
Yr case either u can open up Cimb bank and u can remit to yr msia cimb bank , rates might be low.
Actually my msia uob mortgage bank did mentioned to me that i can also remit direct to their UOB account but i yet to try since i am just paying my monthly installment. u can check with yr mortgage bank too.
If not , just use back remittance coy in Jurong pt/Parkway with RM10k limit with a admin fee of $10 (we have discussed this in exchange rates thread)
Raffles no longer provide this service.

 

[abugumgum]

When u take loan, you're owing bank and not developer, how to pay direct to dev?

Can ask Sales of Developer for their Bank details for direct remittance / TT.

 

[Nicholas]

I have received a PM from a kind forumer whom basically outlined the remittance method. He used a remittance company in Hougang I think.

What Crystal mentioned is correct re. the JP remittance companies; Raffles does not handle remittance to Malaysia bank account held by Singaporean, and Dollar Exchange charges S$10 service fee to remit 9900 RM to Singaporean's Malaysia bank account.

The limit of 10k RM is causing some inconvenience to me.

If one is buying resale unit and not taking loan from Malaysian banks, I think remittance to one's Malaysian lawyer account is the cheapest way forward, and there is no 10k RM daily limit. Of the 2 JP remittance companies, Dollar Exchange provides evidence of remittance via email, whereas Raffles still insist on using the stone-age fax method (which essentially means that if you don't have a personal fax machine, you got to make trips to receive those evidence of remittance). Both the companies at JP waive the service charge if amount is beyond 10k RM.

That's what I have learnt..

Hi Nicholas,

Any answers to your queries below? I have a similar questions waiting for advise too.

 

[PalomaBlanca]

Hi, am new and need advice from all you experts.

I notice the usual docs required for loan appln incl - Latest 3 mths salary slip; Latest 3 mths salary crediting statement; Latest EPF statement; Latest BE Form +Tax payment receipt & S&P Agreement. Will IRAS' latest NOA suffice without the rest?

Reason being I stopped work and started own small biz so no salary slips for last 6 mths. But based on latest NOA, I should be able to qualify for a loan. Are they very strict abt such documentation?

 

[potter]

Can ask Sales of Developer for their Bank details for direct remittance / TT.

Direct TT to developer bank acct..u guys not scare scare mei?..

 

[siacw]

Hi, am new and need advice from all you experts.

I notice the usual docs required for loan appln incl - Latest 3 mths salary slip; Latest 3 mths salary crediting statement; Latest EPF statement; Latest BE Form +Tax payment receipt & S&P Agreement. Will IRAS' latest NOA suffice without the rest?

Reason being I stopped work and started own small biz so no salary slips for last 6 mths. But based on latest NOA, I should be able to qualify for a loan. Are they very strict abt such documentation?

let the bank staff know your situation when you apply loan. IRAS should be enough. They may also need your bank statement.

They are not too strict on the documentation, but any extra documentation or info will certainly speed up the process IMO.

 

[myrsing]

But the bank HQ or KL office may call your office and do some check and verification.

 

[PalomaBlanca]

Possible to obtain in-principle approval fr M'sian banks like what's done in S'pore?

If not, how much do I stand to lose if loan appln is not approved after I've booked a property?

 

[Eesee]

What are the pros and cons of Islamic Loan? When we applied for bank loan, the officer did not inform us that they were offering us Islamic Loan. We only realised that they were offering us Islamic Loan when we were about to sign the loan agreement. Was told that there was not much difference except that need to sign more documents for Islamic Loan. Can anyone give your personal opinion or advise what is the real disadvantage of taking Islamic Loan? Many thanks.

 

[potter]

What are the pros and cons of Islamic Loan? When we applied for bank loan, the officer did not inform us that they were offering us Islamic Loan. We only realised that they were offering us Islamic Loan when we were about to sign the loan agreement. Was told that there was not much difference except that need to sign more documents for Islamic Loan. Can anyone give your personal opinion or advise what is the real disadvantage of taking Islamic Loan? Many thanks.

For your reference http://forum.lowyat.net/index.php?showtopic=1096959&hl=islamic

when someone says "not much difference"... is always a different one.
Is it a duty for banker to explain what you are buying and vice versa.
Exercise caution whenever signing any dotted line there..

 

[Eesee]

For your reference http://forum.lowyat.net/index.php?showtopic=1096959&hl=islamic

when someone says "not much difference"... is always a different one.View attachment 7201
Is it a duty for banker to explain what you are buying and vice versa.
Exercise caution whenever signing any dotted line there..

Thank you very much, Potter.

 

[myrsing]

Any one can tell me estimated yearly fire insurance home coverage for properties at M$700K?

Tks

 

[ginfreely]

Any one can tell me estimated yearly fire insurance home coverage for properties at M$700K?

Tks

Can use this fire insurance calculator for estimation http://www.einsuran.com/B003010.aspx

 

[myrsing]

Can use this fire insurance calculator for estimation http://www.einsuran.com/B003010.aspx

Thanks, Sis ginfreely.

 

[summervale]

To do that, you need to have

-developer TT account.
-contact of sales personal that sold you the property.
-if possible, their finance contact person.

-let them know that you are TT the money to them.
-after you TT to the developer account.
-scan the receipt and email to both their sales and finance contact.
-it take a few days to clear, and once the account is clear, they will generate a receipt for you.

Direct TT to developer bank acct..u guys not scare scare mei?..
View attachment 7173