Living in JB

[vincentck]

Dear Bros,

Something for discussion.

If you are approved 90% loan margin but you later realize you can afford to pay 20% of purchase price as downpayment, will you choose to still get the loan for the 90% (i.e. paying only 10% of the purchase price) at the expense of paying more interest and put the remaining 10% cash/savings to other uses (for example, for renovation, further investment etc.)? Another question is if you are approved 90% loan margin, can you choose to reduce the loan amount to 80% of purchase price? Thanks.

I would still take the 90% loan and have the remianing 10% cash for savings or other things. For me, I prefer to take max loan so that I can accumulate more properties. And like bro LeMans2011 said, you can also park the spare cash into the current account of your flexi loan to offset/reduce the interest charged. I think the bank should be able to reduce the loan to 80% if you ask them.

 

[vincentck]

I am curious for your views on condo ownership. Theres lots of Terrace,semi-D and bungalow owners already but little mention of condos in the
Iskandar projects. Grateful for your views as I am looking at these since landed prices have already started to climb

Firstly, there are more landed projects than high-rise projects in the residential areas near Bkt Indah. Initially, landed properties were very affordable (2-3 years ago) and currently, some areas like NI & others are still affordable. Prices in HH has risen steadily and now commands a high price due to the reputation it has built with having good security features. For condos, it is still cheaper than landed properties, but the developers are now pricing it above RM500k to cater for the foreigners i.e. Singaporeans. That makes it really unattractive to me because it is too high a price to pay for a box in the sky, in a location with so much land around. If you are a foreigner, try looking at HH for resale units above RM500k. There are a lot of empty units for rent/sale in The Gateway precinct; you will probably need to renovate and fix some defects that were not fix by the owner.

 

[vincentck]

List of forummers who have purchased or intend to purchase property in Johor. Hope those guests who are following this thread actively will also create their own account and join 'The List'.
Please add your nick to the list. (Copy the whole list including this heading. Click 'Reply to Thread'. Paste this post in your reply and add your nick to the list.)
# IMPORTANT - For new members, please try to post your first 10 replies anywhere else in the forum before adding your nick to this list.

1. Wuqi256 - Nusajaya, Wuqi256 sisters, sister bf. Wuqi256's relatives, friends and colleagues - Total 27 bought so far in Nusajaya
2. Analytical Professor - Kempas
3. Investor - Nusajaya
4. Sanur - Leisure farm/polo view
5. Sanur's mum - Leisure Farm/bayou water village
6. Sanur's SIL - Leisure Farm/polo view
7. Jasonjst - Sutera Utama
8. Tansi - Leisure Farm
9. relaxmannn - Nusajaya
10. nusajayaphile - The Hills Precinct, Horizon Hills
11. Mahesh - Leisure Farm/pinggiran bayou
12. East539 - Nusajaya
13. East539's Sis - EL/LF
14. JazJoz - Horizon Hills
15. Lynn - east Ledang
16. TheGolf - HH
17. Grago. - Horizon Hills
18. Arsenal - Horizon Hills
19. Vincentck & Wife - NI
20. mathstub- Horizon Hills
21. ShawnLow - Bestari Heights
22. Skippy - Horizon Hill The Golf
23. LastResort Family - Horizon Hills, The Gateway, The Hills & Fairway Suites
24. Kaeel - Nusa Idaman , Hill side Semi D
25. Lord Aragorn - The Straits View Residences, Permas Jaya
26. cathylmg - Kempas
27. captw - Bukit Indah, Amelia 1
28. mallow - Nusajaya
29. IskandarRocks - East Ledang, Imperia@Puteri Harbour
30. euphony - LF & mt. austin
31. narmi - NI
32. maxpark - Fairway Suites, Indahwalk3
33. Avalon74- Setia Eco Garden
34. Yonglip - Bestari Heights
35. AbuGumGum - Sungai Chat, Johor Bahru
36. 2bFree - HH
37.

Missed out IskandarRocks and I moved bro mathstub to #20.

 

[mathstub]

I would still take the 90% loan and have the remianing 10% cash for savings or other things. For me, I prefer to take max loan so that I can accumulate more properties. And like bro LeMans2011 said, you can also park the spare cash into the current account of your flexi loan to offset/reduce the interest charged. I think the bank should be able to reduce the loan to 80% if you ask them.

Thank you very much, Bros Vincentck and LeMans2011. Previously before the loan was approved, I was thinking about focusing only one property and paying off the loan as soon as possible. But recently my heart points me more towards accepting 90% loan and the underlying reason is thinking of the possibility of putting the remaining cash into other uses (one possibility is like what Bro Vincentck said.) Any Bros here have got 90% loan margin for their second property while they are still at the beginning stage of paying the loan for their first property?

 

[mathstub]

Dear Bro Vincentck, actually I waited until the list arrived at number 36 to put my name in because 36 is my lucky number. But I think 20 is also fine for me since I am ranked higher.

 

[wuqi256]

Thanks Vincent, really glad you felt that way. I am just someone who found some bearings in life and hope to share what i found.

 

[wuqi256]

Mathstub, if the person getting the loan is still young, i would get as much loan as i can so that i can save the rest for the next property like Vincentck.
It was less than 2 months after it completed before i got my 2nd one and the third even sooner. S&P document is enough for most purposes like MACS.

 

[wuqi256]

The first loan will take a little more time to process if you have no record of finances in Malaysia. The second loan can be done within a week, a lot faster because having taken the first loan, you are no longer classified as a "virgin" borrower. It does not matter how much time in between as long as your income permits. It also does not matter whether you are borrowing from the same bank or different. Take note however, every loan application you make is recorded in the Malaysian Credit Bureau. If you apply for 1m from 3 banks, a search will show that you have 3m loan application in process. Hence the officer helping you gotta be experience and smart and know how to submit your loan. From my experience the Maybank officers are not very bright.

Agreed absolutely with this. They do have a quite effiicient Credit Bureau over there. Most banks in Johore though, have to take direction from KL for almost everything.

 

[mathstub]

Thanks Vincent, really glad you felt that way. I am just someone who found some bearings in life and hope to share what i found.

Bro Wuqi, I think you are a good role model for all of us here as how to be a son, a husband, a friend and a human being in general.

I think you deserve all the compliments.

 

[mathstub]

Bro Wuqi, thank you very much. would you mind sharing the loan margin you got for your second property? I was going through the pages of this thread again to check. I vaguely remembered you mentioned something about loan margin before. Thanks

 

[wuqi256]

Once you are cleared on doubts about a place and decided to buy,
this is my humble 2 cents worth:

Even if you have money but in a foreign land, get a loan and buy.
No one would lend you money or give you the time of the day once you
are past a certain age. They won't even lend you any to buy a car let
alone a house.

Depending on the situation, get the maximum loan possible, if you are waiting
to rent it out/capital appreciation, then don't worry too much about the interest rate
although you should still keep an eye on it for the long term. If for own stay, try
to get those that allows you to repay interest directly by despositing money into the
account (some banks do charge a monthly fee for this)

Remember, the location is something you cannot change but internal,
design and asthetics, you can always change (provided not Strata title)

Buy the biggest you can afford if for own stay.

Buy a mix if you are doing for investment and own stay

Buy a certain group if you feel the growth potential but
still do divest a little.

There will always be people saying you don't need to but experienced locals and learned
friends only prefers gated and guarded, its not 100% but at least makes it easier on the mind.

 

[wuqi256]

Thanks Mathstub for your kind words.

It was 85% but i repaid that shortly after a year as i felt really good about the place. The next one was 80% and the rest at 70%.

For those who really like to gear and both husband and wife working. You can buy 3 properties with only one name and another 3
in the others name so that you can get 80% loan for all 6 houses.

Recommended only for those who are so inclined and able. Not for the faint of heart and not recommended, just that this is a possibility
that some have already done.

 

[mathstub]

You're welcome, Bro Wuqi.

Repaying 85% shortly after a year? I wish I would be able to do that too.

Thanks Mathstub for your kind words.

It was 85% but i repaid that shortly after a year as i felt really good about the place. The next one was 80% and the rest at 70%.

For those who really like to gear and both husband and wife working. You can buy 3 properties with only one name and another 3
in the others name so that you can get 80% loan for all 6 houses.

Recommended only for those who are so inclined and able. Not for the faint of heart and not recommended, just that this is a possibility
that some have already done.

 

[avalon74]

Alot of times, the pple who are in the squeeze are pple who does not have the financial means to afford to buy properties overseas to have alternate lifestyle.. remember that we do not have epf like malaysians..
Thought that we can still buy HDB from resale markets even having private homes..

Though not reaching 55, read up the CPF min sum & withdrawal amounts upon reaching 55..
The main concerns for me would be the following:
1. Increasing min sum amt that 70% of population will not be able to draw out more than 50K unless they pledge their HDB.
2. Increasing the draw down age for CPF life from 65.
3. Enough cash to last from retirement age to 65 where CPF life DDA kickstarts in..

Confirmed that cannot buy resale HDB unless dispose private property.. wonder if KBW will change the crap rules introduced by MBT

 

[Sanur]

Good morning!! Perhaps someone can start a Facebook account for living in Jb..

 

[Sanur]

I found a clean n good dentist at bukit indah, u guys residing there should know. Just in Case anyone needs the contact

 

[vincentck]

Dear Bro Vincentck, actually I waited until the list arrived at number 36 to put my name in because 36 is my lucky number. But I think 20 is also fine for me since I am ranked higher.

Oops my bad bro mathstub. I think it shouldn't be an issue to change the numbering... heheh... sorry

 

[matix]

Buy the biggest you can afford if for own stay.

QUOTE]

Hi Wuqi

I am curious as to the rationale for this advice. Is it for capital appreciation? As we have no kids, we bought only a corner terrace at EL as we find the twin villa too big. But then again, now wifey salivating on the Melody bungalows... but common sense prevail again that it is TOO BIG!

 

[checkers]

I found a clean n good dentist at bukit indah, u guys residing there should know. Just in Case anyone needs the contact

Hi Sanur, care to share ? Thanks

 

[thegolf]

Picture taken from clubhouse. Aug 2011.


On the left show 'The Hills Bungalow' and further down will be "The Golf South" under construction with mobile crane.


"The Golf South" will have a view of the Club house as well. Note that mobile crane here and the first picture.