how does DIBS works? how much must i pay per month? any idea why MCT said cannot buy without DIBS.
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D'pristine
- Thread starter jamesho
- Start date
how does DIBS works? how much must i pay per month? any idea why MCT said cannot buy without DIBS.
No adv to take non dibs loan, unless u r concerned abt developer's default/late payment of interest to bank during construction srtge. Payment based on loan calculation derived from progress claim, loan tenure n loan amt...
If you picked the high floor.. it would be wise not to take DIBS.
My local agent told me that many buyers are having problems to secure the loan in malaysia banks. It took me about 6-8 weeks for my bank loan to get approved according to the loan officer that the maximum quantum of loan goes by the week and once it reaches the limit will need another week or so to be back in the race for loan.
80% is usually the max with the listed msia banks but they are strict with loans now. 80% is also not available now. I got 70% loan with dibs with uob. Based on the listed banks, they give the lowest rate of -2.2 to BLR with minimum at 4.4%. Sounds so exorbitant compared to sgp home loans, best is save up before 2017 for full settlement since dibs allows the loan amount to remain still at 70% by the time we collect the key.
By the way, why shld a high floor have an influence on not taking dibs?
By the way, why shld a high floor have an influence on not taking dibs?
Dibs pay nothing till top and loan amount remains the same coz MCT will pay for the interest to the bank during this period. They gave a list of banks which includes non DIBS banks as well. But its certainly more worth it to have dibs unless u take a sgp loan at the sgp low rate. But wont enjoy the FOC lawyer fees, loan fees and the goodies MCT provides for free with the listed banks by MCT.
Got a lot of rejected units. MY prev agent told me can pick units are prev release price..... Tower 1 the best price..... too bad for those who need to buy tower B. I m getting a 2 room at prev launch price
What were the reasons? Bank loans rejected or buyers having second thoughts? I thought it was a good location..
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80% is usually the max with the listed msia banks but they are strict with loans now. 80% is also not available now. I got 70% loan with dibs with uob. Based on the listed banks, they give the lowest rate of -2.2 to BLR with minimum at 4.4%. Sounds so exorbitant compared to sgp home loans, best is save up before 2017 for full settlement since dibs allows the loan amount to remain still at 70% by the time we collect the key.
By the way, why shld a high floor have an influence on not taking dibs?
Wow... 4.4%?! I was still thinking 4.2% is so darn high already. Yah, think we too used to Singapore's loan amount. I heard next yr it could increase by up to 0.5%!
If you calculate just the interest alone, it will be even a shocker. Total interest paid will be in the region of a few hundred thousand $$$.
Wow... 4.4%?! I was still thinking 4.2% is so darn high already. Yah, think we too used to Singapore's loan amount. I heard next yr it could increase by up to 0.5%!
If you calculate just the interest alone, it will be even a shocker. Total interest paid will be in the region of a few hundred thousand $$$.
Have you factored in renovation cost, which is typically 20%+ of the price of a house in Johor? If your house is $1mil RM, then it will be around $200k RM easily. Everything is expensive nowadays.
Based on the brochure there is nothing much to renovate since its built into the unit. Comes with aircon heater wardrobe etc. Just as any condo launch in sgp. 771 for two bedder seems small but its the usual size of a two bedder in sgp now. For me it was more attractive to get a 644 one bedder coz you can hardly find such spacious one bedder in sgp anymore.
Regarding the interest, yes, it is very high, thats why it id best to get dibs loan and pay off the loan in 2017 when the amount is still wt 470 kRM/190kSGD. Otherwise with the 30 year loan the house is actually double in price if you add in the interest, unless u intend to rent it out to expats or students to cover the money instalments then its easier to service the loan
looks like MCT has come up with the website now, http://www.dpristinemedini.com/
80% is usually the max with the listed msia banks but they are strict with loans now. 80% is also not available now. I got 70% loan with dibs with uob. Based on the listed banks, they give the lowest rate of -2.2 to BLR with minimum at 4.4%. Sounds so exorbitant compared to sgp home loans, best is save up before 2017 for full settlement since dibs allows the loan amount to remain still at 70% by the time we collect the key.
By the way, why shld a high floor have an influence on not taking dibs?
The key advantage of DIBS is interest free during construction period. During this period, your developer will pay interest for you. The catch, purchase price typically 5% above price without DIBS.
Typically, you have to pay
10% after SPA done. All buyers paid around the same time
10% when/after ground level done. All buyers paid around the same time
Follow by structural of your unit done. From here onward.. the payment will be varies among buyers subjecting to your unit's level.the higher your unit are.. the later you will pay to develope and it also mean you will pay interest later than most.
Say a project has 40 level. All buyers will pay 20% around the same time.
If your unit are at level 2, You will definitely be the firat to pay 3rd 10% as your structural will be the first to complete. If your's are level 36, your third 10% will be the last batch to pay.
What does this means to you?
Assuming you pay 5% extra on top a 1 mil property. You will pay 50k extra to developer for DIBS SCHEME. In this case, your interest expense during the construction period will be fixed at 50k. If you are low floor and given the delay culture, DIBS WILL be a good option.
However, if you's are high floor/penthouse, your payment will be the very late becos by that time, the construction is almost nearing the end stage.. you will probaly pay between 30 to 40k subjecting to interest rate fluctuation and this amount is typically lower than the 50k amount. Caveat, fluctuations in exchange rate will affect the net saving too. But with the amount range between 30 to 40k, the impact will not be difference by alot.
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